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“The sentiment of unease prevails as the market awaits the release of the U.S. employment report later today,” said Anderson Alves at ActivTrades. “Even as the Fed has taken aggressive action to soften labor market conditions, businesses continue to hold on to workers,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
On the winning side was Lamb Weston, which sells frozen fries, hash browns and other potato products. It jumped 8% after reporting stronger profit for its latest quarter than analysts expected. The company also raised its profit forecast for the fiscal year, saying it’s benefiting after raising prices for its products.
A recent pullback in the price of oil has offered some relief on the inflation front for both U.S. households and the Federal Reserve.
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