Sad man on the market floor. Photo: Drew Angerer/Getty Images The stock market has been having a rough week and the president, unsurprisingly, says it is because of impeachment.
But anyway, while impeachment moved the markets some last week, it does not appear to be the key driver of market moves this week. Stocks fell sharply on Tuesday and Wednesday because of worrying economic data points: the ISM manufacturing purchasing managers’ index on Tuesday and the ADP private payrolls report on Wednesday, which showed U.S. manufacturing in contraction for the second consecutive month and weakening job growth, respectively.
The Dow rapidly lost 300 points after Thursday’s services report, and then regained those points nearly as rapidly. Some people are interpreting the quick rebound as a market reaction to increased expectations of interest rate cuts by the Federal Reserve, though it’s not obvious why it should have taken the market an hour to figure out that weaker economic data might make the Fed more inclined to cut rates.
On Friday, we will get the monthly jobs report from the Bureau of Labor Statistics. This report is more reliable than the ADP report, and if it shows further deterioration in the job situation, you can expect more negative reaction from the markets.
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