FILE - An NYSE sign is seen on the floor at the New York Stock Exchange in New York, Wednesday, June 15, 2022. – Wall Street climbed Friday ahead of new data on U.S. jobs after a rough week for banks that have been caught up in the Fed's fight against inflation.Regional banks that saware rebounding in premarket trading. PacWest Bancorp, whose shares lost half their value on Thursday, rose close to 20% before the bell Friday.
“We estimate a slowdown in net job growth and tick up in the unemployment rate,” said Rubeela Farooqi of High Frequency Economics in a report. The Fed indicated Wednesday it might be finished with rate hikes for now, but the president of the European Central Bank, Christine Lagarde, on Thursday said, “we are not pausing.” The ECB announced another rate hike but by a smaller margin of one-quarter percentage point.
Rate hikes by the Fed and other central banks in Europe and Asia have put pressure on banks by causing the market prices of bonds on their books to decline. Investors worry depositors might pull money out of lenders that are thought to be troubled, worsening their financial pressures. Companies in the S&P 500 are still on track to report a second straight quarter of profit drops, but the results have mostly been better than expected.
Nederland Laatste Nieuws, Nederland Headlines
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