It was updated on August 5, 2022.
The stock market was mixed Friday after the U.S. economy added back a better-than- expected 528,000 jobs in July.
The jobs report helped ease recession fears, but raised concerns about the Fed hiking rates.
The S&P 500 fell and the tech-laden Nasdaq lost ground.
Despite a strong non-farm payrolls report, the S&P 500 fell.
Wage growth continued to rise, up over 5 points from a year ago, while the unemployment rate remained at 3.5%.
With the labor market still running hot, investors are worried that the Federal Reserve will continue to raise interest rates in order to bring down high inflation.
Following the jobs report, traders are now pricing in another 75 basis point rate increase at the central bank, up from previous expectations of a 50 basis point increase.
The market picked up a head of steam in recent weeks based on a view that the Fed was on the verge of a monetary pivot, but that clearly isn't happening anytime soon.
The good news is that we don't add a lot of jobs in a downturn. Strength in the labor market and the broader economy will keep the Fed on a more aggressive hiking path.
After shareholders approved a 3:1 stock split, shares of the company fell. It is the company's second stock split in roughly two years and it is meant to make its shares more affordable to retail investors. Since June, when the stock split was announced, the stock has rallied over 30%, but it is still down 25% by the end of the year.
Here is what it means for investors when a 3:1 stock split is approved by shareholders.
The stock market rebounded thanks to solid earnings and upbeat economic data.
There are more Fed officials warning that the market is getting ahead of itself.
The stock market fell 400 points after Pelosi's visit to Taiwan.
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