The S&P 500 turned lower late with investors signalling wariness heading into the weekend. June’s mixed jobs report puts focus on next week’s CPI data.
Shares closed lower in New York, reversing earlier gains, in light volume. While the June jobs data helped to ease some concerns about the interest rate outlook, it also provided further justification for a July increase.
“Markets were assigning a roughly 90 per cent probability of a 25bps hike at the July [Fed policy] meeting ahead of the weekend, up from less than 70 per cent early last week,” Oxford Economics said. “Fascinating 2-day moves in the US yield curve that sees a notable moderation of the 2s-10s inversion,” Mohamed El-Erian said in a tweet. “As to what to make of it, part of it is some reduction in hard landing concerns and part is being on the receiving end of two market segments trying to find their footing in the midst of considerable data fluidity.”Nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed.
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