Wall St slips as bumper payrolls data fans rate-cut worries
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Nonfarm Payrolls increase 272,000 in May versus 185,000 forecast
GameStop slides on likely stock offering, quarterly sales drop
Nvidia falls; market cap back below $3 trillion
Lyft gains after forecasting annual growth in bookings
Indexes down: Dow 0.02%, S&P 0.17%, Nasdaq 0.29%
Updated at 9:45 a.m. ET/13:45 GMT
By Lisa Pauline Mattackal and Johann M Cherian
June 7 (Reuters) - Wall Street's main indexes dropped on Friday after a much stronger-than-expected employment report signaled that the labor market remains robust, dimming hopes of a September start to policy easing by the U.S. Federal Reserve.
The Labor Department's report showed Nonfarm Payrolls rose by 272,000 jobs in May, against expectations of an increase of 185,000. Average hourly earnings rose 0.4% on a monthly basis, compared to an expectation of 0.3% growth.
Interest rate traders slashed bets on a September rate reduction, now seeing a roughly 56% chance, versus 68% before the data, according to the CME's FedWatch tool.
"It's the type of report that's not going to cause the Fed to want to change the course that it has been on, which is to describe the need for higher interest rates and the potential for strong job creation to keep upward pressure on inflation," said Brian Nick, senior investment strategist at The Macro Institute.
However, the unemployment rate rose to 4%, versus an expected 3.9%. Nonfarm Payroll numbers for April and March, too, were revised lower.
"The fact that you have these two figures, saying such different things, makes it very hard for investors and even harder for central bankers to know exactly what's going on," Nick said.
All eight S&P 500 sectors were in decline, led by rate-sensitive real-estate stocks .SPLRCL. The small-cap Russell 2000 index .RUT dropped 0.7 % to a one-month low, while the PHLX Housing Index .HGX fell 1.4 %.
Friday's numbers pointed to underlying strength in the U.S. labor market, offsetting a string of data over the past two weeks that indicated potential weakness and caused investors to increase bets on a September rate cut.
Among individual names, GameStop GME.N dropped 1.7% in volatile trading after announcing a potential stock offering and adrop in quarterly sales. The retailer'sshares had initially surgedafter stock influencer "Roaring Kitty" looked set to return to YouTube.
Other so-called meme stocks also fell, withAMC Entertainment AMC.N and Koss Corp KOSS.O down 2.4% and 4.3%, respectively. Retail-focused trading platform Robinhood HOOD.O gained 1.0%.
At9:45 a.m. ET, the Dow Jones Industrial Average .DJIwas down 9.24 points, or 0.02%, at 38,876.93, the S&P 500 .SPXwas down 9.05 points, or 0.17%, at 5,343.91, and the Nasdaq Composite .IXICwas down 49.22 points, or 0.29%, at 17,123.91.
Still, all the three indexes were on track for a weekly rise, underpinned by gains logged earlier in the week.
Meanwhile, AI darling Nvidia <NVDA.O> slipped 1.8%, on track to extend the previous session's losses, with its valuation again dipping below the $3 trillion mark.
The chipmaker's highly anticipated 10-for-1 share split is due after markets close and could make the more-than-$1,000 stock cheaper for investors.
Lyft LYFT.O shares rose 5.3%, following a forecast of 15% annual growth in its gross bookings through 2027 after markets closed on Thursday.
Declining issues outnumbered advancers by a 4.00-to-1 ratio on the NYSE , and by a 2.73-to-1 ratio on the Nasdaq .
The S&P index recorded seven new 52-week highs and five new lows, while the Nasdaq recorded 11 new highs and 54 new lows.
The Fed's broad projection range The Fed's broad projection range https://reut.rs/3UMkU7m
US unemployment rate https://reut.rs/3xiw4su
Reporting by Lisa Mattackal and Johann M Cherian in Bengaluru, Editing by Pooja Desai
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
