Wall Street’s main indexes were mixed in choppy trading on Friday after data pointed to weaker-than-expected job growth last month, further fueling bets of an aggressive monetary policy tightening by the Federal Reserve. Five of the 11 major S&P sectors declined in early afternoon trading. Economy-oriented energy, financials and industrials outperformed. The S&P 500 financials and the banking indexes added 1.1% and 1.5%, respectively, both hitting record highs as the benchmark U.S. 10-year Treasury yield hit 1.8%, its highest since January 2020. The technology and consumer discretionary sectors, which house some of the technology heavyweights such as Microsoft Corp, Amazon.com Inc , Tesla Inc and Nvidia Corp, fell the most. The Labor Department’s report showed nonfarm payrolls increased by 199,000 jobs in December, although the unemployment rate dropped to 3.9% from 4.2% in November, underscoring tightening labor market conditions. read more Close Economists surveyed by Reuters expected nonfarm payrolls to increase by 400,000 jobs in December. The average hourly earnings rose by 0.6% against expectations of 0.4%. “The data suggests that the economy is stronger and that the Fed is going to have to continue on the path of tightening through reducing asset purchases and that we’re headed towards higher… Read full this story
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