Stocks move higher after July jobs report dip
Main Idea
US equities rebounded after a dip caused by the July jobs report, with investors closely monitoring further fallout and potential Fed policy implications.
Key Points
1. The S&P 500 and Nasdaq Composite rose 1.3% and 1.8%, respectively, following a jobs report that showed only 73,000 new positions added in July, below expectations of 104,000.
2. May and June job numbers were revised downward by a combined 258,000 positions, the largest revision since 2020.
3. Federal Reserve Vice Chair Michelle Bowman and Governor Waller dissented on policy decisions, with Waller emphasizing the need for further labor market cooling before rate cuts.
4. Former Bureau of Labor Statistics Commissioner Erika McEntarfer was fired by Trump, accused of inaccuracies and incompetence, raising concerns about future data reliability.
5. Investors are watching for additional labor report fallout, with potential implications for Fed policy and market stability.
Description
US equities were in the green Monday after July’s labor report miss sent markets lower
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