{"id":33194,"date":"2023-07-08T23:09:12","date_gmt":"2023-07-09T03:09:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sp-500-gains-as-weakest-pace-of-job-growth-since-2020-eases-fed-hike-worries\/"},"modified":"2023-07-08T23:09:13","modified_gmt":"2023-07-09T03:09:13","slug":"sp-500-gains-as-weakest-pace-of-job-growth-since-2020-eases-fed-hike-worries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33194","title":{"rendered":"S&P 500 gains as weakest pace of job growth since 2020 eases Fed hike worries"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The S&P 500 rose Friday as the June monthly jobs report\u00a0 missed expectations for the first time in 15 months, stoking hopes that labor market strength may be abating and could persuade the Federal Reserve to lean less hawkish.<\/p>\n

The rose 0.12%., the fell 0.18%, or 62 points, and the gained 0.1%.<\/p>\n

June payrolls miss expectations to fuel hopes of less hawkish Fed\u00a0<\/h2>\n

The 209,000 jobs in June, missing the 225,000 expected and a marked decrease from the 306,000 in the prior month. That marked the weakest pace of job creation since December 2020.<\/p>\n

But , or wage growth, rose 4.4% last month, topping estimates of 4.2%<\/p>\n

While expectations for a July hike remained baked in, investors are betting that the cooling in the labor market would be enough to keep the Fed from hiking again after July.<\/p>\n

\u201cToday\u2019s report supports our view that the incoming data will not meet the bar for the Fed to deliver a hike in September,\u201d Morgan Stanley said in a note.<\/p>\n

The Treasury yield fell below 5%, but the yield held onto gains.<\/p>\n

Energy stocks lead charge<\/h2>\n

Energy stocks were back in the driving seat, leading the broader market higher as expectations that a less hawkish Fed eased worries about a recession and the oil demand outlook.\u00a0\u00a0\u00a0<\/p>\n

Halliburton Company (NYSE:), Diamondback Energy Inc <\/span><\/span> (NASDAQ:), and Schlumberger NV (NYSE:) were among the biggest gainers with the latter up more than 8%.<\/p>\n

Levi flaunts unfashionable earnings as guidance cut<\/h2>\n

Levi Strauss (NYSE:) fell more than 8% after the denim retailer cut its annual earnings guidance after reporting that showed a beat on earnings, but in-line sales amid a dip in wholesale revenue.<\/p>\n

The company cut its guidance on adjusted diluted EPS for 2023 to a range of $1.10 to $1.20 from $1.30 to $1.40 and said it now expects revenue of growth of between 1.5% and 2.5% from 1.5% and 3% previously.<\/p>\n

Pressure in U.S. wholesale is now resulting in some level of \u201cpricing give-back in comparison to the growth achieved since pre-pandemic levels,\u201dGoldman said after cutting its price target on the stock to $14 from $15.<\/p>\n

Big movers: Rivian, Alibaba <\/span><\/span> shine<\/h2>\n

Rivian Automotive <\/span><\/span> Inc (NASDAQ:) climbed more than 8% after Wedbush upgraded its price target on the EV maker to $30 from $25 amid \u201cfurther confidence in Rivian hitting\/exceeding its delivery targets heading into 2H23 and 2024 with an inflection year ahead.\u201d<\/p>\n

The upgrade comes just days after the company reported that it had delivered 12,640 vehicles in the second quarter, beating market estimates.<\/p>\n

Alibaba\u00a0 (NYSE:), meanwhile, was up more than 8% as it moves a step closer to put the regulator spotlight in China in the rearview mirror after its affiliate Ant Group received a $984 million fine from authorities.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — The S&P 500 rose Friday as the June monthly jobs report\u00a0 missed expectations for the first time in 15 months, stoking hopes that labor market strength may be abating and could persuade the Federal Reserve to lean less hawkish. The rose 0.12%., the fell 0.18%, or 62 points, and the gained […]<\/p>\n","protected":false},"author":1,"featured_media":33195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-33194","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nS&P 500 gains as weakest pace of job growth since 2020 eases Fed hike worries | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- The S&P 500 rose Friday as the June monthly jobs report\u00a0 missed expectations for the first time in 15 months, stoking hopes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=33194\" \/>\n<meta property=\"og:locale\" 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