Filip De Mott
US Federal Reserve Chair Jerome Powell attends a press conference in Washington, DC, on March 22, 2023. Liu Jie/Xinhua via Getty Images US stocks fell in volatile trade on a cooler-than-expected jobs report from the Labor Department. But wage growth was hotter than predicted, at a 4.4% jump on an annual basis. This reignited concerns over the Federal Reserve’s next steps, which might mean tighter policy. Loading Something is loading.
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US stocks finished lower on Friday amid volatile trade and capped weekly losses as Wall Street digested the latest jobs report.
The Labor Department reported 209,000 new jobs were created, below expectations, after ADP’s payroll report Thursday showed blowout gains.
However, the government’s report Friday also found that wage growth saw a 4.4% jump on an annual basis, which could prompt the central bank to continue lifting interest rates to rein in inflation.
Stocks seesawed between losses and gains over the course of the day before closing lower. For the week, the S&P 500 lost 1.16%, the Nasdaq declined 0.92%, and the Dow sank 1.96%.
Here’s where US indexes stood at the 4:00 closing bell on Friday:
S&P 500: 4,398.95, down 0.29%Dow Jones Industrial Average: 33,734.88, down 0.55% (187.38 points)Nasdaq Composite: 13,660.72, down 0.13% Here’s what else is going on:
The Russian ruble has nowhere to go as it continues to be brought down by capital flight and declining tax revenue, economist Konstantin Sonin said.Bank of America broke down three things that are about to go wrong in markets and the economy.Some cities can expect their commercial property values crater by up to 40% by 2025, Capital Economics wrote.Rivian shares extended their rally as Wedbush’s Dan Ives sees a turnaround in the company’s EV production.In commodities, bonds, and crypto:
Oil gained on Friday. West Texas Intermediate climbed 2.9% to $72.10 a barrel. Brent crude, the international benchmark, rose by 2.6% to $78.39 a barrel.Gold edged up 0.19% to $1,925.31 per ounce.The 10-year yield moved up 1.9 basis points to 4.06%.Bitcoin fell 0.15% to $30,206. Read next
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