Markets Right Now: Stocks slip as hopes dim for a rate cut
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are slipping and bond yields are rising after the government issued a surprisingly strong jobs report for June, complicating the Federal Reserve’s decision later this month on whether to lower interest rates.
The Labor Department reported early Friday that U.S. employers added a robust 224,000 jobs last month, far more than expected.
Many investors have anticipated that the Fed would cut rates when it meets later this month, but with such a strong indicator on the economy that could be less likely.
The S&P 500 fell 16 points, or 0.5%, to 2,979.
The Dow Jones Industrial Average lost 124 points, or 0.5%, to 26,841. The Nasdaq fell 44 points, or 0.6%, to 8,125.
Bond prices fell. The yield on the 10-year Treasury rose to 2.04%.