152,000 New Jobs Added In May, Missing Expectations: 'Notable Pockets Of Weakness'
Portfolio Pulse from Piero Cingari
The U.S. private sector added 152,000 new jobs in May, falling short of expectations and signaling a potential cooling in the labor market. The ADP National Employment Report showed a decrease from April's 192,000 jobs and missed the market consensus of 173,000. The U.S. Dollar Index (DXY) inched up, while Treasury bond yields held steady. Futures on U.S. equity indices fell during premarket trading.
June 05, 2024 | 12:35 pm
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NEGATIVE IMPACT
Futures on the Invesco QQQ Trust (NASDAQ:QQQ) fell during premarket trading following the release of the ADP National Employment Report.
The tech-heavy Nasdaq futures reacted negatively to the weaker-than-expected job growth, reflecting concerns about the broader economic outlook and its impact on technology stocks.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Futures on the SPDR S&P 500 ETF Trust (NYSE:SPY) fell during premarket trading following the release of the ADP National Employment Report.
The weaker-than-expected job growth data led to a negative reaction in equity futures, indicating investor concerns about the strength of the labor market and its impact on economic growth.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), inched up following the release of the ADP National Employment Report.
The slight increase in the U.S. Dollar Index suggests a positive reaction to the weaker-than-expected job growth, possibly due to expectations of a more cautious approach by the Federal Reserve.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80