Hot Jobs Report Sinks Stocks as Rate-Hike Odds Jump to 58%
IXIC sits 28% above its 52-week low of $20,690.249.
Summary
The August jobs report showed 162,000 new payrolls, triple the consensus, keeping unemployment at 4.1%. Stocks fell as the market-implied probability of a Fed rate hike at the next meeting rose from 49% to 58%. The Nasdaq shed 0.3%, the S&P 500 lost 0.4%, and the Dow dropped 271.9 points. President Trump's call for lower rates and trade threats had little impact on rate expectations. This follows a week of volatile trading driven by geopolitical tensions and mixed economic data.
At the time of this announcement, IXIC was trading at $26,506.99 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.