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The U.S. labor market continues its resilience in July with U.S. employers adding 187,000 workers in July, lower than expected. The ADP Employment Report for July (actual 324,000; consensus 190,000) released a day ahead of the BLS employment report. The ISM services employment index rose to 50.7 vs 53.1 prior. Expectations ranged between +140K and +300K nonfarm payroll jobs added, with a consensus estimate for 200K. June’s employment gain was revised down by 25,000, from +306,000 to +281,000.
U.S. Adds 187,000 Jobs in July, Unemployment Rate Fell to 3.5%
emiconductor stocks are showing some strength, leading to a 0.6% gain in the PHLX Semiconductor Index.
Microchip (MCHP 83.93, -5.60, -6.3%) is going against the grain, exhibiting a sizable loss, after reporting quarterly results.
Gains in the mega caps, aside from Apple, have had a noticeable impact on index performance, but many other stocks are coming along for the rally, too. T
Vanguard Mega Cap Growth ETF (MGK) is up 1.1%;
Invesco S&P 500 Equal Weight ETF (RSP) is up 0.7%;
S&P 500 is up 0.9%.Apple (AAPL 185.33, -5.83, -3.1%)
Amazon (AMZN 143.19, +14.28, +11.1%),Market rates pulled back in response to the jobs report, which showed a slowdown in nonfarm payroll growth that has the market considering the idea that it may be enough to keep the Fed on hold.
The 2-yr note yield, at 4.93% just before the data, is down ten basis points to 4.80%.
The 10-yr note yield, at 4.20% shortly before the report, is down 12 basis points to 4.07%.Those moves are encouraging after longer-dated Treasury yields had risen sharply over the last few sessions
August 6 – 12, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Data Depen
[See the full post at: Traders Market Weekly: Reasoning Inflation and Market Authenticity]
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