Market Commentary - Foreign Markets
US stocks turn choppy after jobs data As on : 10-Jun-24  17:21

US stocks saw a mixed outing in last session. Overall mood was choppy after recent gains with most of the focus shifting on US labor market trends. The major averages closed modestly lower. After reaching a new record intraday high in intraday moves, the S&P 500 index eased 0.1% while Nasdaq slipped 0.2%. The Dow softened by 0.20% on the day.

The US Labor Department said non-farm payroll employment surged by 272,000 jobs in May after climbing by a downwardly revised 165,000 jobs in April. The annual rate of growth by average hourly employee earnings surged to 4.1 percent in May from 4.0 percent in April. Meanwhile, the Labor Department said the unemployment rate crept up to 4.0 percent in May from 3.9 percent in April.

The US dollar spiked after this report and risk sentiment was somewhat hurt.The US Fed’s interest rate decision on this Wednesday also capped the overall movement.

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