The Dow Jones Industrial Average closed at 26,922.12 on Friday with a loss of 43.88 points or -0.16%. The S&P 500 closed at 2,990.41 for a loss of 5.41 points or -0.18%. The Nasdaq Composite closed at 8,161.79 for a loss of 8.44 points or -0.10%. The VIX Volatility Index was higher at 13.28 for a gain of 0.71 points or 5.65%.
For the shortened holiday week, the major indexes reported a small gain. The S&P 500 gained 0.51%, the Nasdaq and Dow Jones reported gains of 0.28%.
For the year, the Nasdaq has a gain of 23.0%, the S&P 500 has gained 19.3% and the Dow Jones is up 15.6%.
Friday’s market movers
The June Employment Situation report showed strong hiring in June with the addition of 224,000 nonfarm payrolls. The strong report, however, created some uncertainty over the Federal Reserve’s next move later in July at its policy meeting. Valuations fell from record highs across the board as investors considered a potential decrease in the margin for a rate cut in July and through the end of the year.
In Treasuries, yields were higher across the longer end of the yield curve with the 30-year bond's price falling the most, down 128/32. In currencies, the dollar was mostly higher with the U.S. Dollar Index up 0.49% to 97.24.
The June Employment Situation report was the major report on the economic calendar. Below is a breakdown of the report’s results:
- Nonfarm payrolls increased by 224,000 in June, beating consensus of 160,000 and above the previous month’s 72,000.
- The unemployment rate increased to 3.7% from 3.6%.
- Average hourly earnings increased 0.2% in June and reported a 3.1% year-over-year increase.
- Average weekly hours were unchanged at 34.4.
- Government payrolls increased by 33,000 after a decrease of 11,000.
- Private sector payrolls increased by 191,000 after an increase of 83,000.
- Manufacturing payrolls increased by 17,000, beating consensus of 0 and also above the previous month’s increase of 3,000.
- The participation rate increased to 62.9% from 62.8%.
In the S&P 500, health care, real estate and materials led losses. In the Dow Jones Industrial Average, the following stocks led losses for the day:
Small-cap stocks
In small caps, the Russell 2000 closed at 1,575.62 for a gain of 3.50 points or 0.22%. The S&P 600 closed at 958.42 for a gain of 3.50 points or 0.37%. The Dow Jones Small-Cap Growth Total Stock Market Index closed at 10,120.25 for a gain of 19.65 points or 0.19%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,965.95 for a gain of 2.53 points or 0.13%; the S&P 100 at 1,320.77 for a loss of 2.39 points or -0.18%; the Russell 3000 at 1,758.53 for a loss of 2.23 points or -0.13%; the Russell 1000 at 1,656.23 for a loss of 2.51 points or -0.15%; the Wilshire 5000 at 30,669.20 for a loss of 36.26 points or -0.12%; and the Dow Jones U.S. Select Dividend Index at 720.67 for a gain of 0.42 points or 0.06%.
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