US STOCKS-Wall St Ends Down With Strong Jobs

DJIA

-1.05%

NASDAQ

-2.47%

Apple, Tesla are S&P's biggest drags

Solid jobs report keeps focus on rate hike expectations

Indexes fall: Dow 1.05%, S&P 1.63%, Nasdaq 2.47%

(Reuters) - Wall Street's three major stock indexes ended lower on Friday after a solid jobs report ate in to hopes for a pause in the Federal Reserve's aggressive policy-tightening which is needed to cool decades-high inflation.

The technology-heavy Nasdaq led the declines, falling 2.5% as shares of market heavyweights Apple Inc and Tesla Inc were the biggest drags on the market.

Earlier, the Labor Department's closely watched report showed nonfarm payrolls rose by 390,000 jobs last month and wages grew, while the unemployment rate held steady at 3.6% - all signs of a tight labor market.

Economists polled by Reuters had forecast that nonfarm payrolls would rise by 325,000 jobs.

While the jobs report was reassuring for the current state of the economy, investors focused primarily on its potential influence on central bank policy.

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Comments

PandoraHaggai
2022-06-06
PandoraHaggai
The fed's policy in the future also need our concern.
BellaFaraday
2022-06-06
BellaFaraday
Hope that the stock market can have a good performance in June.
Oldhead
2022-06-04
Oldhead
More jobs do not mean more pay. Inflation is the problem.
ElvisMarner
2022-06-06
ElvisMarner
The fed still have a lot of work to do.
BurnellStella
2022-06-06
BurnellStella
The employment numbers are pretty good.
greyGrey
2022-06-04
greyGrey
michelleong

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