Finance Top Stories

Stocks Languish in the Red Amid Weaker-Than-Expected Jobs Report

Press Release

US equity benchmarks were in the doldrums on Tuesday morning as declines in the real estate and consumer discretionary sectors dented sentiment while a key jobs report showed that fewer posts were created than expected last month. The latest Job Openings and Labor Turnover report showed that 7.22 million new posts were created in the month of July, down from the downwardly revised prior month’s reading of 7.25 million and below the consensus estimate of analysts polled by Econoday for 7.3 million jobs. The reading was also the second-lowest total since May 2018.

Oil futures prices were rallying, with West Texas Intermediate crude oil futures up by 1.1% while Brent crude, the international gauge, was up by 1.3%.

Seven of the Standard & Poor’s 500 sectors were lower at the time of writing, with real estate and consumer discretionary leading the decliners, down 1.9% and 1.0%, respectively. Gainers were led by energy, up by 1.6% followed by communication services, 0.8% higher.

Gainers on the S&P 500 were led by Nektar Therapeutics (NKTR), up by 10.4%, followed by Quanta Services (PWR), 5.2% higher and LKQ (LKQ), up by 4.8%. CenturyLink (CTL) was 4.5% higher after the company said that it had acquired privately held Streamroot Inc., a New York-based provider of video streaming technology.

Decliners were led by Marketaxxess (MKTX), 5% higher, followed by Equifax (EFX), up by 4.4% and Chipotle Mexican Grill (CMG), trading 4.4% higher.

The Dow Jones Industrial Average was 0.2% lower, the S&P 500 Index was down by 0.5%, and the Nasdaq Composite was nearly 0.6% lower at the time of writing.

This post was originally published on Raleigh Recorder

About the author

Derek Boswell

Derek Boswell

Derek Boswell had acquired considerable experience in writing and editing publications before recruited by Raleigh Recorder News portal as Editorial Manager. His key task is to conduct effective business reviews based on the most recent business strategies. Due to his stronghold and understanding over finance, marketing, business, and trade-related topics, he is known as a business counselor among the staff. His expertise in business-related topics is quite impressive. His business-related concepts are on fingertips, which aids in illustrating the business-related articles in brief and defined way, clear to even an amateur. He pursued his post-graduation in Finance from a UK-based university.

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