US stocks pulled back as rate cut expectations moderate
Dollar strengthened on strong June jobs report
US stock market pulled back on Friday as strong jobs report dampened Fed rate cut expectations. The S&P 500 slid 0.2% to 2990.41, rebounding 1.7% for the week. Dow Jones industrial lost 0.2% to 26922.12. The Nasdaq slipped 0.1% to 8161.79. The dollar strengthened after report US economy created above-expected 224,000 new jobs in June, after 75,000 jobs created in May. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, jumped 0.5% to 97.22 but is lower currently. Stock index futures point to lower market openings today
FTSE 100 leads European indexes retreat
European stocks snapped six-session winning streak on Friday. The EUR/USD joined GBP/USD’s continued slide with euro higher currently while Pound lower still. The Stoxx Europe 600 Index lost 0.7% Friday. The DAX 30 slid 0.5% to 12568.53 weighed by steeper than expected fall in German industrial orders in May. France’s CAC 40 slumped 0.5% and UK’s FTSE 100 fell 0.7% to 7553.14.
Shanghai Composite leads Asian indexes losses
Asian stock indices are all in red today. Nikkei lost 1% to 21534.35 with yen resuming its climb against the dollar. China’s markets are falling: the Shanghai Composite Index is down 2.6% and Hong Kong’s Hang Seng Index is 1.7% lower. Australia’s All Ordinaries Index turned 1.7% lower as the Australian dollar reversed its slide against the greenback.
Brent futures prices are edging higher today. Prices rose on Friday: Brent for September settlement ended 1.5% higher at $64.23 a barrel Friday, declining 0.8% for the week.
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