A stronger-than-expected jobs report for May has increased the odds of monetary policy tightening by the Federal Reserve later this year as inflation remains elevated, Redfin said Friday. The US economy added 172,000 nonfarm jobs last month, official data showed Friday, almost double the 88,000 increase expected in a Bloomberg-compiled survey.
US equity indexes plunged as a strong jobs report slashed the odds for interest rate cuts this year, sending mega-cap chip names into a tailspin. The Nasdaq Composite slumped 3.8% to 25,818.6, with the S&P 500 down 2.4% to 7,399.8, and the Dow Jones Industrial Average lower by 1.3% to 50,908.5 ahead of Friday's close.
The May employment report was generally strong, with payrolls growth much larger than expected, the unemployment rate steady, and hourly earnings growth faster than the previous month. Nonfarm payrolls rose by 172,000 in May after a 179,000 gain in April and a 214,000 increase in March, both revised higher from their previous estimates by a combined 93,000.
* Indexes down: Dow 0.85%, S&P 1.82%, Nasdaq 3.07% * Semiconductors tank, set for biggest one-day drop since Liberation Day tariff announcement. * Nasdaq on course for largest single-day fall since October 10. * US adds 172,000 jobs in May, double analyst expectations. By Stephen Culp and Medha Singh.
US benchmark equity indexes were lower intraday amid a technology sector-led sell-off, while Treasury yields jumped as markets parsed the latest official jobs report. The Nasdaq Composite was down 3.2% at 25,950.7 after midday Friday, while the S&P 500 fell 2% to 7,434.3. The Dow Jones Industrial Average shed 0.9% to 51,109, after closing at a record high in the previous session.
* US economy added 172,000 jobs last month. * Gold headed for weekly drop. * Markets see 72% chance of rate hike in December. * Silver, platinum, palladium headed for weekly declines. By Anjana Anil.
U.S. President Donald Trump said on Friday that he would like to see lower interest rates and will leave the decision on a possible rate cut to Federal Reserve Chair Kevin Warsh during the October meeting.
US equity indexes sank amid a slide in mega-cap chip names and government bonds, as strong jobs slashed the odds for monetary policy easing this year. The Nasdaq Composite slumped 3% to 26,024.3, with the S&P 500 down 1.8% to 7,448.9, and the Dow Jones Industrial Average lower by 0.8% to 51,148.2 after midday Friday.
US equity indexes slumped amid a sell-off in mega-cap chip names and government bonds, as a strong jobs report lifted the odds for an interest rate increase this year. The Nasdaq Composite sank 2.4% to 26,209.1, with the S&P 500 down 1.4% to 7,478.3, and the Dow Jones Industrial Average lower by 0.6% to 51,277.2 in Friday's midday trading.
India has reappointed Swaminathan Janakiraman as its central bank deputy governor for a further period of two years, a Reserve Bank of India statement said on Friday. The reappointment will be with effect from June 26, the statement said.
* Businessmen say authorities pushed economy into stagnation. * Uralchem owner likens central bank to hostile Western countries. * Sberbank CEO says some growth 'already a miracle' By Gleb Bryanski.
The European stock markets closed mixed Friday as the Stoxx Europe declined 0.2%, Germany's DAX was down 0.6%, the FTSE 100 gained 0.2%, France's CAC was off 0.3%, and the Swiss Market Index increased 0.3%. Seasonally adjusted GDP declined by 0.2% in the euro area and by 0.1% in the EU in Q1, compared with the previous quarter, according to estimates from Eurostat, the statistical office of the...
The US economy added more jobs than projected in May, while economists said upward revisions to payrolls growth in the two prior months indicated momentum in hiring activity. Total nonfarm payrolls rose by 172,000 last month, the Bureau of Labor Statistics said Friday, nearly double the 88,000 increase expected in a Bloomberg-compiled survey.
Major tech employment metrics show positive results in May DOWNERS GROVE, Ill. 1 An estimated 5.9 million people work in tech occupations across the country. The unemployment rate for tech occupations is 3.1%, a drop from April's 3.5% rate.
* Index on track to slip after two weeks of gains. * Canadian job growth beats expectations. By Tharuniyaa Lakshmi. Canada's main stock index fell more than 1% on Friday, tracking losses on Wall Street, as stronger-than-expected U.S. and domestic payrolls data fueled expectations of a tighter monetary policy.
* US economy added 172,000 jobs last month. * Gold headed for weekly drop. * Markets see 68% chance of rate hike in December. * Silver, platinum, palladium headed for weekly declines. By Anjana Anil.
The U.S. economy posted a third straight month of strong job gains in May, confirming the labor market was gaining traction after stumbling last year and giving the Federal Reserve more room to keep interest rates unchanged amid rising inflation due to the war in the Middle East. The closely watched employment report from the Labor Department on Friday painted an upbeat picture of the jobs market.
A blowout May jobs report is likely to further ease concerns among U.S. Federal Reserve officials about weakness in the labor market and focus attention on inflation risks, leaving incoming Chairman Kevin Warsh to manage growing support among his colleagues for possible rate hikes.
Canadian economic activity expanded at a faster pace in May and inflation pressures heated up, Ivey Purchasing Managers Index data showed on Friday. The seasonally adjusted index rose to 58.2 from 57.7 in April, marking the highest level since September. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada.
* Indexes down: Dow 0.25%, S&P 0.85%, Nasdaq 1.39% * Semiconductors slide after strong rally. * U.S. jobs increase more than expected in May. * S&P Global to not change index entry eligibility for megacap IPOs. By Medha Singh and Twesha Dikshit.
The 2026 FIFA World Cup will inject billions of dollars into host economies, driven by a massive consumption surge that will benefit sectors as varied as tourism to retail and athletic wear, according to analysts. The iconic tournament, scheduled for June 11 to July 19 and set to be the largest soccer event ever, could power consumer spending at a time when broader demand remains fragile.
The 2026 FIFA World Cup will inject billions of dollars into host economies, driven by a massive consumption surge that will benefit sectors as varied as tourism to retail and athletic wear, according to analysts. The iconic tournament, scheduled for June 11 to July 19 and set to be the largest soccer event ever, could power consumer spending at a time when broader demand remains fragile.
* May jobs report shows 172,000 jobs added, double expectations, jobless rate steady at 4.3% * Analysts say strong labor data increases likelihood of Fed rate hike by December. * 2-year Treasury yield hits 15-month high, yield curve flattens to narrowest since March. By Karen Brettell.
* US economy added 172,000 jobs last month. * Gold headed for weekly drop. * Markets see 68% chance of rate hike in December. * Silver, platinum, palladium headed for weekly declines. By Anjana Anil.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust retreated by 1.3% in Friday's premarket activity, after the May jobs report. US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 1% before the start of regular trading.
The Canadian labor market sparked back to life in May, with the 88,000 gain in jobs well above consensus expectations and taking the unemployment rate back down to 6.6%, said CIBC after Friday's Labour Force Survey.
U.S. interest rate futures on Friday increased the chances that the Federal Reserve will raise interest rates by the December policy meeting after a blockbuster payrolls number for May, which sharply exceeded market expectations. The rate futures market has now priced in a 68.4% chance of Fed tightening in December, compared with 52% late on Thursday, according to CME's FedWatch.
U.S. interest rate futures on Friday increased the chances that the Federal Reserves will raise interest rates by the December policy meeting after a blockbuster payrolls number for May, which sharply exceeded market expectations. The rate futures market has now priced in a 65% chance of Fed tightening in December, compared with just 48% before the jobs report, according to LSEG estimates.
The May employment report showed nonfarm payrolls rose by 172,000, well above the 88,000 jobs increase expected in a survey compiled by Bloomberg as of 7:30 am ET, while April payrolls were revised upwards to a 179,000 increase and March payrolls were revised upwards to a 214,000 increase, for a net upward revision of 93,000 jobs.
Canada's employment increased by 88,000, or 0.4% month over month, in May and the unemployment rate fell 0.3 percentage point to 6.6%, said the country's statistical agency on Friday. The job gains and unemployment rate were better than the consensus gain of 10,100 and a consensus jobless rate of 6.9% provided by MUFG.
Several Chinese banks have raised dollar deposit rates in recent weeks, sources said, in a move some traders say is likely aimed at slowing the pace of yuan appreciation. At least five commercial banks, ranging from state-owned lenders to smaller joint-stock banks, have lifted the dollar deposit rates they offered to their clients, according to the sources with knowledge of the matter.
U.S. stock index futures extended declines on Friday after a stronger-than-expected jobs report further fueled expectations for the Federal Reserve to hike interest rates this year. A Labor Department report showed the U.S. economy added 172,000 jobs last month, compared with economists' estimates for a rise of 85,000.
The U.S. economy posted a third straight month of strong job gains in May, confirming the labor market was gaining traction after stumbling last year and giving the Federal Reserve more room to keep interest rates unchanged amid rising inflation due to the war in the Middle East. The closely watched employment report from the Labor Department on Friday painted an upbeat picture of the job market.
U.S. stock index futures extended declines on Friday after a stronger-than-expected jobs report further fueled expectations for the Federal Reserve to hike interest rates this year. A Labor Department report showed the U.S. economy added 172,000 jobs last month, compared with economists' estimates for a rise of 85,000.
Canadian inflation readings for April have come in below market expectations, while the USMCA trade deal negotiations deadline of July 1 is approaching fast, said UBS. This follows a period of generally weaker economic data from Canada, as evidenced by a sharp decline in economic surprise indexes, writes the bank in a note to clients.
* Job growth offsets almost all losses since start of 2026. * Unemployment rate falls to its lowest level since January. * Job gains concentrated entirely in full-time employment, StatsCan said. * Youth unemployment declined 0.9 percentage points to 13.4% By Promit Mukherjee.
Nomura said it expects the Bank of Canada to keep rates unchanged, including the policy interest rate at 2.25%, at next week's policy meeting. Canada's central bank is slated to release its policy statement at 9:45 a.m. ET on Wednesday. Data released since the April meeting has been dovish, noted Nomura.
The US dollar fell against its major trading partners early Friday ahead of the release of May employment data at 8:30 am ET. Nonfarm payrolls are expected to rise by 88,000 in May after a 115,000 increase in the previous month, while the unemployment rate is forecast to remain at 4.3%, and hourly earnings are forecast to rise by 0.3% after a 0.2% gain.
* Businessmen say authorities pushed economy into stagnation. * Uralchem owner likens central bank to hostile Western countries. * Sberbank CEO says some growth 'already a miracle' By Gleb Bryanski.
The benchmark US stock measures were mostly tracking in the red before the open Friday as traders await a key employment report for May. The S&P 500 decreased 0.5% and the Nasdaq was off 1% in premarket activity, while the Dow Jones Industrial Average edged up 0.1%. The indexes finished the previous trading session mostly up, with the Dow recording a fresh closing high.
Copper prices fell to a one-week low on Friday, pressured by a rising dollar and growing inflation fears, after a stronger-than-expected U.S. jobs report fuelled bets of a rate hike by the U.S. Federal Reserve.
Canada releases May's Labour Force Survey at 8:30 a.m. ET on Friday, at the same time as the United States jobs report, said ING. The narrative in Canada has been "less constructive" than in the U.S., writes the bank in a note. Consensus is looking at stabilization on Friday: 6.9% and 10,000 job gains.
Wall Street tumbled on Friday as semiconductors extended their selloff while a robust employment report fueled fears of a hawkish policy pivot from the Federal Reserve.
The blowout U.S. job report released on Friday is likely to further ease concerns among Federal Reserve officials about labor market weakness and focus their attention on inflation risks, leaving new Fed Chairman Kevin Warsh to manage growing support among his colleagues and rising expectations among investors for possible interest rate hikes.
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