U.S. stocks end lower after hotter-than-expected May jobs report
U.S. stocks finished down Friday as investors assessed a stronger-than-expected...
U.S. stocks finished down Friday as investors assessed a stronger-than-expected jobs report that spurred a jump in Treasury yields.
The Dow Jones Industrial Average fell 87.18 points, or 0.2%, to close at 38,798.99.
The S&P 500 slipped 5.97 points, or 0.1%, to end at 5,346.99.
The Nasdaq Composite shed 39.99 points, or 0.2%, to end at 17,133.13.
The Dow eked out a 0.3% gain for the weekto snap back-to-back weekly losses. The S&P 500 booked a 1.3% weekly gain while the technology-heavy Nasdaq advanced 2.4%.
Sudan’s 100,000 b/d Khartoum refinery has been bombed again following...
Sudan’s 100,000 b/d Khartoum refinery has been bombed again following heavy fighting between the government army and paramilitary Rapid Support Forces, debilitating the country’s product supply as it relies on South Sudan for diesel.
As next week will see the final round of the Citgo Petroleum marketing...
As next week will see the final round of the Citgo Petroleum marketing process held by a US court in Delaware, several candidates eyed its 167,000 b/d Corpus Christi refinery in Texas, with ConocoPhillips and Koch Industries both reported to be interested.
Brent crude jumped above $80 per barrel again on Friday morning following...
Brent crude jumped above $80 per barrel again on Friday morning following Thursday's ECB rate cut decision.
Oil markets regained their breath after the Monday sell-off, which saw WTI plunge to $73 per barrel. Saudi Arabia and Russia insist that the gradual return of crude to the markets should be seen as a positive signal rather than a bearish one. The European Central Bank's interest rate cut has provided some macro upside to prices, raising hopes for a potential Federal Reserve interest rate cut in September.
U.S. economy generates more new jobs than forecast, but unemployment rate rises
According to Thomas Simons, a U.S. economist at Jefferies, this May jobs...
According to Thomas Simons, a U.S. economist at Jefferies, this May jobs report could be a sign that April's soft release was not, in fact, the start of a long-predicted slowdown in hiring.
It "now appears that the softness of April may have been influenced by the early timing of Easter more than anything else," Simons said in a note. "Some seasonal hiring probably shifted into March (+310k), and businesses ramping up for summer may have either delayed hiring until May, or simply couldn't fill positions until May due to tight labor market supply."
"Either way, it appears that the rumors of the death of the labor market were an exaggeration (h/t to Mark Twain)," he added. His note was titled: "Back on Track... Looks Like April was the Anomaly, Not the Death Knell."
