Investors squint at job data: Wall Street bounces back

Investors are eyeing job data
Wall Street is recovering

After the shock the day before, Wall Street is in better shape again. However, they hold back investors with large investments. The reason is the publication of the official US labor market figures on Friday.

Strong corporate balance sheets have pushed Wall Street. One day after the setback in the Dow Jones index due to weak job data from the private employment agency ADP, a decline in applications for unemployment benefits eased the situation. However, investors shied away from major purchases ahead of the government’s official labor market data due on Friday.

S&P 500 4,429.41

The default values ​​index Dow Jones rose over the course by 0.8 percent to 35,064 points. The broad one S&P 500 gained 0.6 percent, the technology-heavy one Nasdaq 0.8 percent.

Analysts predict the creation of 870,000 jobs outside of agriculture for July on Friday. Wednesday’s ADP numbers were well below expectations. According to the latest statements by leading central bankers, much more depends on the numbers from Friday and those of the coming months, said Brian Daingerfield of Bank NatWest. Sean O’Hara of Pacer ETFs said disappointing numbers could raise questions about economic recovery, but would also mean that the US Federal Reserve would remain supportive with its actions.

Electronic Arts (EA)
Electronic Arts (EA) 116.10

The US Federal Reserve Banker Robert Kaplan is calling for the Fed to curb securities purchases quickly. According to his colleague Richard Clarida, the requirements for a first rate hike will be met by the end of 2022. Fed chairman Jerome Powell makes the tightening of monetary policy dependent on the strength of the US labor market.

Robinhood with losses

The focus of investors on the stock market was, among other things, the health insurer Cigna, whose papers sagged around twelve percent. They also pulled the index of stocks from the health sector as the only one of the eleven major S&P industry indices into the red. Cigna had warned of unexpectedly high burdens on its annual figures from the pandemic. Electronic Arts (EA) fell by almost three percent. The video game provider had raised its annual targets on the basis of strong figures in the quarter.

Above
Above 37.62

Also at Robinhood it went downhill for the first time in days. The papers of the trading app provider lost 14 percent to around 60 dollars. Last week they were allotted for $ 38. The grill provider’s titles Weber rose 18 percent to $ 16.50 on their stock market debut. The company known for its kettle grills had allotted the papers below the offer range and reduced the number of shares sold.

Things went upwards Above. The driving service broker generated a surprisingly high turnover. But the loss also increased. Uber stocks rose 4.2 percent. Wayfair papers, which rose by 10.5 percent in price, were also in demand. Thanks to strong customer growth, the online furniture retailer made an unexpectedly high profit in the second quarter.

So far, the im S&P 500 Most of the companies listed surprised with their figures in the past quarter: According to refinitive data, 87.6 percent of the 340 companies that have already presented their results showed a higher profit than analysts had expected on average.

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