The dollar slipped to 143.74 Japanese yen from 144.06 yen. It gained 1 cent to $71.80 on Thursday.īrent crude, the pricing basis for international trading, picked up 27 cents to $76.79 per barrel. benchmark crude oil added 26 cents to $72.06 per barrel in electronic trading on the New York Mercantile Exchange. Meta Platforms, the parent company of Facebook, Instagram and WhatsApp, wavered between small gains and losses after unveiling its new app Threads, a rival to Twitter, which has had a bumpy ride under new owner Elon Musk. JetBlue will focus instead on salvaging its proposed purchase of Spirit Airlines. JetBlue Airways sank 7.2% after it said it will end a partnership with American Airlines in the northeastern United States after losing a court fight over the deal. On Wall Street, Exxon Mobil was one of the heaviest weights on the market after it tumbled 3.7%. banks rattled confidence across financial markets. It’s back to where it was in early March, before the failures of several U.S. The two-year Treasury yield, which moves more on expectations for the Fed, climbed to 4.99% from 4.95%. It helps set rates for mortgages and other important loans. The yield on the 10-year Treasury rose to 4.04% from 3.94% late Wednesday. Hopes for a potential cut to interest rates by early next year diminished. Yields jumped in the bond market as traders ramped up bets for the Fed to keep rates higher for longer than previously expected. services industries remains hot and accelerated in June.įriday’s jobs report will likely have a much bigger impact on Wall Street than anything else this week. A separate report meanwhile said growth in U.S. That could mean less upward pressure on inflation. One said employers advertised fewer job openings in May than expected. Other reports on Thursday offered a nuanced picture. The Dow Jones Industrial Average dropped 1.1% to 33,922.26 and the Nasdaq composite gave up 0.8% to 13,679.04. economy improves, it becomes increasingly more challenging to envision what would cause the Fed to CUT rates anytime soon, as many market participants have been anticipating,” Stephen Innes of SPI Asset Management said in a commentary. The Federal Reserve has raised its federal funds rate by 5 percentage points from virtually zero in the past year, trying to smother the worst inflation in decades by slowing the entire economy. workers applying for unemployment last week remains low relative to history, even if it was a bit higher than expected. That in turn could mean more pressure down the line on the economy and financial markets worldwide.Ī report from ADP Research Institute suggested hiring by American private employers was much stronger last month than economists expected, with nearly twice as many jobs created than forecast.īut another report showed the number of U.S. labor market keeps the economy out of a long-feared recession, it could also push the Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation.
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