that's still a major tailwind eventually for equities to continue to bounce back this year".Īt 9:45 a.m. "That's probably still more of a positive thing than not, no matter what Fed policy is. "(Today's data) is another solid reminder that we are not in a recession and likely recession isn't anywhere," Ryan Detrick chief market strategist at Carson Group said.
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However, a largely upbeat second-quarter earnings season, coupled with a strong batch of economic data, has helped the S&P 500 bounce back nearly 13.6% from its mid-June lows after a rough first-half performance. Worries about a surge in borrowing costs, the war in Ukraine, Europe's energy crisis and Covid-19 flare-ups in China have rattled equities this year and prompted analysts to adjust their earnings expectations for corporate America. The central bank has already increased rates by 2.25 percentage points so far this year. Markets are now pricing in a 65.5% chance of a 75 basis point rate hike in September, up from 40% before the data. Several policymakers have this week said the central bank remained determined to stick to its aggressive policy tightening stance until it saw strong and long-lasting evidence that inflation was trending toward the Fed's 2% goal. Shares of Tesla Inc and were down 2.2% and 1.3%, respectively. Treasury yields extended their rise after the report. Growth index, which houses technology and related stocks, fell as U.S. Inflation is becoming more embedded and it is actually accelerating, not decelerating." "There was such a strong urge for people to call the all clear on inflation and we are just not there. I think a 75 basis points hike in September is most likely," said Dean Smith, chief strategist at FolioBeyond. "It is a blockbuster number, clears the path for the Fed to continue with the hawkish viewpoints that have been expressed recently. The report provided the strongest evidence yet that the economy was not in recession. US employers hired far more workers than expected in July, the 19th straight month of payrolls expansion, with the unemployment rate falling to a pre-pandemic low of 3.5%.
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Wall Street's main indexes fell on Friday, with technology stocks bearing the brunt of a selloff, after a solid jobs report bolstered the case for the Federal Reserve to press ahead with interest rate hikes.