U.S. Stocks Bounce Off Lows After Strong Jobs Report Stokes Fed Rate Fears

By Liz Moyer

Investing.com -- U.S. stocks have recovered some of their early losses after a much stronger than expected July jobs report raised alarms that the Federal Reserve would continue its aggressive interest rate increases.

At 10:28 AM ET, the Dow Jones Industrial Average was down 32 points, or 0.1%, while the S&P 500 was down 0.1% and the NASDAQ Composite was down 0.1%.

July nonfarm payrolls rose 528,000, more than double the 250,000 expected, while the unemployment rate dipped to 3.5% from 3.6%, where it had been since April. 

Normally a strong report on jobs would be reason to cheer, and investors have lifted stocks in recent weeks amid strong earnings reports. But Wall Street betting odds now favor another three-quarter point rate increase in September, when some expected in recent days that the Fed might ease back.

The central bank policymakers will meet later this month at an annual conference and then have their policy meeting in September. They will have the chance to see more economic data, including inflation data, before that.

Expedia Inc (NASDAQ:EXPE) shares rose nearly 1.5% after the travel booking site reported strong travel demand, helping it beat expectations. Lodging revenue rose nearly 60%.

LYFT Inc (NASDAQ:LYFT) shares jumped 14% after the ride-hailing app said ridership was the highest it’s been since before the pandemic, another positive sign of routines returning to normal.

Warner Bros Discovery Inc (NASDAQ:WBD) shares tumbled 13% after the newly combined media company reported a $3.4 billion loss for the quarter. Restructuring and transaction costs weighed on the bottom line. Streaming growth also slowed.

Oil rebounded, too. Crude Oil WTI Futures rose 1.8% to $90.06 a barrel, while Brent Oil Futures crude was up 1.7%, to $95.73 a barrel. Gold Futures was down 0.8%, to $1,792 an ounce.

Begin trading today! Create an account by completing our form

Privacy Notice

At One Financial Markets we are committed to safeguarding your privacy.

Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.

Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.

Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.

By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Back to top

Office network
  • London Office
    One Financial Markets 

    1 Finsbury Market
    London
    EC2A 2BN
    United Kingdom


    T:  + 44 ( 0 ) 203 857 2000
    E:  info@ofmarkets.com
  • Dubai Office
    One Financial Markets 
    OT19-39 Central Park Tower
    Dubai International Finance Centre
    Dubai
    United Arab Emirates
     
    T: + 00 971 44 22 888
    E:  info@ofmarkets.com
     

One Financial Markets is the trading name of Axi Financial Services (UK) Ltd, a company registered in England with company number 6050593. Axi Financial Services Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201) and the Financial Sector Conduct Authority in South Africa (with FSP number 45784).

The information on this site is not directed at residents of the United States, Belgium, Poland or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

www.onefinancialmarkets.com is owned and operated by Axi Financial Services (UK) Ltd.

Award winning broker
We have been presented with a number of awards that recognise the quality of our service and dedication to our clients :

Best FSA Regulated Broker
Saudi Money Expo

Best Education Product
Saudi Money Expo

Best Broker - Online Trading
IAIR Awards

Best Institutional Broker
Saudi Money Expo

Best FX Services Broker
CN Forex

Top International
FX Broker 2015

Saudi Money Expo

Broker of the Year
Online Trading – Middle East

IAIR Awards

Best Forex
Customer Service 2018

JFEX Awards

We accept the following payment methods: