On Friday, the 6th of September, there had been a mixed depiction at the Wall St. with S&P 500 and Dow closed marginally higher and Nasdaq took a hit to close down day at the reds, as a growing number of investors had stomached a mixed US employment data and betting on a Fed rate-cut later this month, nonetheless, Beijing’s broad-based stimulus plan had cushioned investors’ nerve to ease some concerns related to global growth.
In point of fact, US employment contracted in August with addition of 130,000 new jobs last months on non-farm activities, while retail hiring was declined for seven straight months in a row, though the depressing figures were slightly countered by a robust wage gain alongside a 50-year low unemployment rate which would likely to proffer some supports on US consumer spending.
Also, on Friday (September 6th), speaking in the University of Jurich, Fed Chair Jerome Powell reiterated his common phrase to act appropriately when it came to US monetary policy, which broadly supported investors’ bet on a rate cut later this month and supported money markets across the world, meanwhile drowning the American dollar from a multi-month peak.
Aside from that, adding cautious optimism over a 25-basis point rate cut this month, a chief investment officer at NovaPoint in Atlanta, Joseph Sroka said, “The report showed steadiness in the job market, albeit not a lot of growth.
The jobs report gave enough weakness for the Fed to cut 25 basis points this month but not enough that the Fed would start flashing a recession warning. Until we get into October and there’s solid company data again, the market’s going to be gyrating based on economic and geopolitical headlines.
” Quoting statistics, on Friday’s (September 6th) market closure, benchmark Standard & Poor 500 added a penny to wrap up the day at 2,978.71, Dow gained 0.26 per cent to 26,792.46, while Nasdaq shrugged off 0.17 per cent to 8,103.07 on Friday’s (September 6th) market closure.