The stock market pullback that began in the latter half of July is pumping the brakes full force on Friday after US Nonfarm Payrolls for last month surprised to the downside.
US economy adds 114K jobs in July, well below Wall Street expectations. US indices reel on news as Unemployment rises to 4.3%. Market now expects three interest rate cuts by Fed this year, 50 bps cut in September. Elliot Management calls AI narrative overhyped. With Wall Street expecting an already low figure of 175K, US payrolls added just 114K positions in July, and June’s figures of 206K new jobs was revised down to 179K. The Unemployment Rate rose from 4.1% to 4.3%.
news All the bright spots in the summer narrative are now being discarded. Hedge fund Elliot Management released an editorial in The Financial Times arguing that the artificial intelligence theme is “overhyped”. The mega cap tech stocks like Microsoft , Meta Platforms and Amazon are also on the verge of reducing their supercycle of buying Nvidia’s AI-focused chips, according to Elliot, which should put downward pressure on the overall market.
SP500 Dowjones Technical Analysis Semiconductors
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US June Nonfarm Payrolls Preview: Analyzing Gold price reaction to NFP surprisesHistorically, how impactful has the US jobs report been on gold’s valuation? In this article, we present results from a study in which we analyzed the XAU/USD pair's reaction to the previous 35 NFP prints*.
Read more »
US stock futures tread water as nonfarm payrolls approachUS stock futures tread water as nonfarm payrolls approach
Read more »
Asia FX rises ahead of nonfarm payrolls; yen firms amid intervention watchAsia FX rises ahead of nonfarm payrolls; yen firms amid intervention watch
Read more »
Nonfarm Payrolls growth expected to ease in JuneWith US Federal Reserve (Fed) Chairman Jerome Powell’s Sintra appearance out of the way, all eyes now remain on top-tier Nonfarm Payrolls (NFP) data for June, due on Friday at 12:30 GMT.
Read more »
U.S. Nonfarm Payrolls Eyed as Bitcoin Heads for Largest Weekly Loss Since FTX's CollapseOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Read more »
Live Coverage: Nonfarm Payrolls set to determine next Gold, stocks and US Dollar movesNonfarm Payrolls data are set to show slower hiring in June 2024 – 190,000 vs.
Read more »