IANS News Agency
The December jobs report missed expectations and caused the US stock market to extend its losses.
The last trading day of the week saw all the indexes lose ground, with high-growth tech stocks leading the decline. The yield on the 10-year Treasury note increased. Bond yields move with prices.
The US indexes were at 9:30 a.m. On Friday.
After hiring fell again in December 2021, stocks were headed for a losing week to start the new year. The country lost 306,000 payrolls in December 2020.
The US added 199,000 jobs last month, far less than the economists expected. The print showed that hiring slowed in the last weeks of the year.
According to the report, the job growth in November was revised to 249,000.
Jay Pestrichelli, CEO of investment firm ZEGA Financial, said in a note Friday that the weaker-than-expected jobs report may prompt the Federal Reserve to reconsider some of the hawkish proposals that were mentioned in Wednesday's minutes report.
He said that the stock market is going through a transition after a strong year. He said that this means more volatility in individual stocks.
The Fed minutes showed policymakers are looking at a faster pace of monetary policy tightening than they anticipated.
Markets are sensitive to rising rates. Thomas Lee, head of research at Frundtrat said in a note that rising rates is a change in trend.
A report said the games retailer plans to create a marketplace for non-fungible token, or NFTs, and is close to securing partnerships with cryptocurrencies.
The price of bitcoin fell for a sixth straight day and is now at a three-month low. The total market value of cryptocurrencies has fallen to less than $2 trillion.
Oil prices went up. The price of West Texas Intermediate crude was added at $80.21 per barrel. The international benchmark for oil, called Brent crude, rose to $82.50.
The price of gold fell to $1,790.72 per ounce.
Business Insider has an original article.
