(Reuters) – The New York Stock Exchange opened lower on Friday as the latest U.S. employment data showed stronger-than-expected strength in the U.S. labor market, eroding hopes of an upcoming rate cut directors of the Federal Reserve (Fed).
In early trading, the Dow Jones index lost 74.18 points, or 0.19%, to 38,811.99 points and the broader Standard & Poor’s 500 fell 0.29% to 5,337.58 points.
The Nasdaq Composite lost 0.34%, or 58.02 points, to 17,115.10.
The Labor Department’s monthly report released at 12:30 GMT revealed that the US economy created more jobs than expected in May, while the pace of wage increases rose more than expected.
“The Fed will conclude that it can still focus on inflation and not worry about growth,” said Brian Jacobsen, chief economist at Annex Wealth Management.
After the publication of the report, the dollar strengthened and gained 0.58% against a basket of reference currencies.
In terms of values, Nvidia shares lost 1.97%, extending their losses from the previous session, with the valuation of the semiconductor manufacturer falling back below the $3,000 billion mark, behind that of Apple.
Gamestop erases its gains and falls 14.91%, after gaining 33.7% in pre-market trading on Friday, the video game distributor having reported a greater than expected drop in its turnover in the first trimester. Influencer Keith Gill, nicknamed “Roaring Kitty”, previously announced he would host a live show this Friday, after declaring he had a $116 million position in the group.
(Written by Augustin Turpin, edited by Blandine Hénault)
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