US open: Stocks slip on stronger-than-expected May jobs report

7th Jun 2024 14:30

(Sharecast News) - Wall Street's main market gauges began the session with losses following the release of a much stronger-than-expected reading for US non-farm payrolls in May.

At 1440 BST, the Dow Jones Industrial Average was off by 0.1% to 38847.47, alongside a decline on the S&P 500 of 0.25% to 5,339.75, while the Nasdaq Composite was 0.40% softer at 17,112.03.

In parallel, August gold futures on COMEX were getting pummelled by 2% to $2,343.10/oz..

The yield on the benchmark 10-year US Treasury bond yield had spiked 12 basis points to 4.414%, whilst West Texas oil was little changed at $75.7 a barrel on NYMEX.

According to the US Department of Labor, the country's economy generated 272,000 new jobs during the month of May (consensus: 185,000).

However, some economists noted how the unemployment rate ticked higher by one tenth of a percentage point to 4.0%.

They believed that showed that non-farm payrolls growth was being distorted to the upside.

Investors were also be mulling the latest data out of China, which showed the trade surplus expanded to a three-month high in May as exports rose more than expected.

The trade balance was $82.62bn last month in USD terms, up from $72.35bn in April, according to the General Administration of Customs of the People's Republic of China.

This was well ahead of the $73bn consensus forecast and the biggest trade surplus since February.

Annual export growth picked up to a four-month high of 7.6%, up from 1.5% in April and beating the 6.0% estimate.

Import growth however eased to just 1.8% from 8.4% and well below the 4.2% increase expected by economists.

In corporate news, DocuSign shares were down sharply after the e-signature firm's second-quarter guidance on billings left investors disappointed.

Braze surged, however, as the cloud-based software company lifted its full-year revenue outlook.

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $242.76 2.63%

Nike Inc. (NKE) $95.72 1.48%

Procter & Gamble Co. (PG) $168.40 1.46%

Visa Inc. (V) $277.04 0.93%

Boeing Co. (BA) $191.42 0.83%

Merck & Co. Inc. (MRK) $130.54 0.83%

Travelers Company Inc. (TRV) $209.71 0.62%

Chevron Corp. (CVX) $155.93 0.61%

International Business Machines Corporation (CDI) (IBM) $168.20 0.49%

Cisco Systems Inc. (CSCO) $46.23 0.46%

Dow Jones - Fallers

Intel Corp. (INTC) $30.42 -1.17%

3M Co. (MMM) $98.22 -0.85%

Goldman Sachs Group Inc. (GS) $458.10 -0.78%

Apple Inc. (AAPL) $194.48 -0.71%

American Express Co. (AXP) $233.35 -0.57%

Amgen Inc. (AMGN) $305.69 -0.55%

Walgreens Boots Alliance, Inc. (WBA) $15.86 -0.50%

Caterpillar Inc. (CAT) $328.29 -0.35%

Walt Disney Co. (DIS) $101.21 -0.29%

Unitedhealth Group Inc. (UNH) $501.92 -0.24%

S&P 500 - Risers

Illumina Inc. (ILMN) $114.71 7.42%

Paypal Holdings Inc (PYPL) $67.02 5.49%

J. M. Smucker Co. (SJM) $115.32 4.57%

Expedia Group Inc. (EXPE) $120.31 4.29%

TripAdvisor Inc. (TRIP) $18.45 3.54%

Newmont Corporation (NEM) $42.50 3.41%

Iron Mountain Inc (New) (IRM) $84.91 3.04%

Dxc Technology Company (DXC) $15.86 2.65%

Salesforce.Com Inc. (CRM) $242.76 2.63%

Eastman Chemical Co. (EMN) $101.06 2.62%

S&P 500 - Fallers

NRG Energy Inc. (NRG) $77.81 -4.56%

Nordstrom Inc. (JWN) $21.24 -4.54%

Eaton Corporation plc (ETN) $313.46 -4.02%

Foot Locker Inc. (FL) $25.88 -3.97%

Dollar General Corp (DG) $129.53 -3.64%

Johnson Controls International plc (JCI) $69.68 -3.29%

Gap Inc. (GPS) $25.76 -3.16%

Quanta Services Inc. (PWR) $267.08 -3.13%

Carmax Inc. (KMX) $70.09 -3.08%

Globe Life Inc. (GL) $81.24 -2.76%

Nasdaq 100 - Risers

Illumina Inc. (ILMN) $114.71 7.42%

Paypal Holdings Inc (PYPL) $67.02 5.49%

Qurate Retail Inc. (QRTEA) $0.74 4.30%

Expedia Group Inc. (EXPE) $120.31 4.29%

Amazon.Com Inc. (AMZN) $185.00 2.05%

Tesla Inc (TSLA) $177.94 1.68%

Biomarin Pharmaceutical Inc. (BMRN) $80.85 1.48%

Cognizant Technology Solutions Corp. (CTSH) $66.31 1.21%

Workday, Inc. (WDAY) $214.95 1.17%

Asml Holdings N.V. (ASML) $1,052.61 1.08%

Nasdaq 100 - Fallers

Micron Technology Inc. (MU) $130.07 -2.72%

JD.com, Inc. (JD) $29.77 -2.68%

Synopsys Inc. (SNPS) $573.85 -2.43%

Western Digital Corp. (WDC) $75.25 -2.15%

Biogen Inc (BIIB) $231.99 -2.00%

Fastenal Co. (FAST) $64.01 -1.81%

Dollar Tree Inc (DLTR) $112.37 -1.76%

American Airlines Group (AAL) $11.43 -1.64%

Henry Schein Inc. (HSIC) $68.60 -1.49%

Vodafone Group Plc ADS (VOD) $9.61 -1.23%