The main indices of the New York stock exchanges fell on Friday after the publication of the employment report.
On a weekly basis, the Dow Jones was down 0.3 percent, the S&P 500 was down 1.9 percent and the Nasdaq was down 4.5 percent.
Growth stocks and technology stocks have depreciated this week as investors prepare for rising interest rates. The US Federal Reserve’s minutes of its last meeting released this week, indicating that the committee may tighten its monetary policy more rapidly than planned.
A recent employment report was also released today, showing that the number of non-agricultural jobs in the U.S. rose by just 199,000 in December from the previous month, well below expectations by 447,000. However, the country’s unemployment rate fell to 3.9 per cent from 4.2 per cent in November.
“The market was a bit shaken by the minutes of the Fed meeting and perhaps also the employment report,” the investment strategy Mona Mahajan finance company From Edward Jones commented on The Wall Street Journal.
“All of what happened in the market this week was related to investor expectations of how quickly the Fed will tighten its monetary policy,” said the chief investment officer. Fahad Kamal finance company Kleinwort Hambrosilta commented to WSJ.
Bank shares rose mainly as banks will benefit from rising interest rates. The largest bank in the United States JPMorgan Chasen the share price rose one percent and the second largest bank Bank of American the share rose 2.2 percent.
A gaming company called a meme stock Gamestopin the share rose 7.3 percent when WSJ said the company was going into cryptocurrencies and the NFT business. NFT comes from the words Non Fungible Token and means a certificate of ownership implemented with block chain technology.
According to insider sources, Gamestop intends to develop a marketplace for NFTs, as well as participate in the development of video games utilizing blockchain technology and NFTs.
Of the other meme shares, the cinema chain AMC: n the share price rose 2.4 percent.
Chinese e-commerce giant Alibaban the share price rose 2.5 percent. Alibaba’s stock rose more than nine percent this week.
The euro strengthened against the US dollar after the stock markets closed. The 10-year rate on U.S. government debt rose 1.773 percent after the stock markets closed.
The Dow Jones index fell without a clear trend (-0.01%), the S&P 500 index fell 0.4 percent and the Nasdaq index fell one percent.
Source: Arvopaperi by www.arvopaperi.fi.
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