Wall Street opens in the red and the Dow Jones falls 0.48%

Wall Street opens in the red and the Dow Jones falls 0.48%

Wall Street opened this Friday in the red and its main indicator, the Dow Jones Industrials, lost 0.48%, after the July employment report was much better than expected, which probably means more increases in rates interest from the Federal Reserve (Fed).

Ten minutes after the trading floor opened, the Dow Jones lost 157.76 points to 32,569.06, while the selective S&P 500 lost 0.69% or 28.76 units to 4,123.18.

The Nasdaq market composite index, which brings together the main technology companies, fell 1.06% or 135.12 integers, to 12,585.46.

The unemployment rate in the United States fell one tenth in July and stood at 3.5%, while the number of unemployed fell to 5.7 million, according to data published today by the Bureau of Labor Statistics (BLS, in English).

In this period, 528,000 jobs were created, according to this statistic, which highlights that the figures for the US labor market are already at pre-pandemic levels.

Experts predicted that job growth would slow as the Fed raised interest rates to control inflation, but data released today shows a strong job market.

By sectors, the red numbers also dominated, and the losses were led by communications (-1.32%) and non-essential goods (-1.28%); while the only two gains seen this morning were for energy (0.75%) and financials (0.25%).

Among the 30 Dow Jones listed companies, the best stops were JP Morgan (1.35%), Travelers (0.88%) Caterpillar (0.71%), while the biggest losses were recorded by Salesforce (-1.98 %), Walt Disney (-1.78%) and Microsoft (-1.19%).

Elsewhere, Texas oil fell to $87.39 a barrel, the 10-year Treasury yield fell to 2.818%, gold rose to $1,786.80 an ounce and the dollar gained ground against the euro, with an exchange rate of 1.0153.

Samuel Edwards
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