Weaker June Jobs Report Ignites US Stock Futures, Easing Rate Hike Concerns
NDX sits 33% above its 52-week low of $22,388.093.
Summary
US stock futures, including Nasdaq 100 futures, surged after the June non-farm payrolls report revealed significantly fewer jobs added than anticipated (57,000 vs. 110,000 estimate). This weaker-than-expected data is tempering market expectations for aggressive interest rate hikes by the Federal Reserve. Lower interest rate expectations are generally positive for equity markets, reducing borrowing costs and boosting valuations. This report provides fresh economic context following the stronger May payrolls data.
At the time of this announcement, NDX was trading at $29,809.13 on NASDAQ in the Finance sector. The 52-week trading range was $22,388.09 to $30,762.20. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.