S&P 500 Wipes Out Almost 1% Gain; Bond Yields Drop: Markets Wrap
- Payrolls climbed 187,000 in July, somewhat less than forecast
- Wages rose at a faster-than-expected pace; unemployment fell
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Stocks fell as Apple Inc. dipped below the $3 trillion mark and some other megacaps like Tesla Inc. and Meta Platforms Inc. slipped. Amazon.com Inc. rallied after its results. Treasuries rose, reversing some of this week’s losses after a mixed jobs report.
There was something for every bull and bear in Friday’s data: the 187,000 growth in payrolls was softer than estimated, wages topped forecasts and unemployment fell. With 47 days to go before the next Federal Reserve decision — and so many other economic reports in between — the one thing that really hasn’t changed was the sense the Fed is close to wrapping up its hiking cycle.