Wall Street Declines as Labor Market Report Disappoints Investors

In the United States, stock markets opened lower on Friday with the S&P500 index down 0.4 percent, the Nasdaq down 0.5 percent, and the Dow Jones down 0.3 percent. The US labor market report provided investors with unpleasant surprises, as 272,000 new jobs were created in May, exceeding the expected 180,000 new jobs. The report also showed an increase in the unemployment rate to 4.0 percent in May compared to the forecasted 3.9 percent. Interest rates rose after the report was published, disappointing investors hoping for rate cuts from the central bank.

One unexpected event was the early publication of Gamestop’s interim report, which showed a significant decrease in net sales and operating loss. Keith Gill, who gained fame and wealth through meme shares, announced a Gamestop livestream on Friday night. Nvidia was down 1.9 percent while ride service Lyft was up 2.3 percent. Analysts have raised their recommendation for Lyft following positive developments.

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