Stock market today: Global shares mixed with Yellen in Beijing, US June jobs data imminent
U.S. markets are quiet ahead of the critical U.S. June jobs report with Treasury Secretary Janet Yellen in Beijing attempting to ease tensions between the world’s two largest economies
U.S. markets are quiet ahead of the critical U.S. June jobs report with Treasury Secretary Janet Yellen in Beijing attempting to ease tensions between the world's two largest economies.
Futures for the Dow Jones industrials and S&P 500 slipped less than 0.1% before the opening bell Friday.
Yellen is meeting with senior Chinese officials to try to soothe antagonisms over a host of issues and promote global financial stability. Speaking with business people, she criticized China’s treatment of U.S. companies and new export controls on metals used in semiconductors, while defending U.S. controls on technology exports that irk Beijing, saying they’re needed for national security.
The June jobs report Friday will likely have a much bigger impact on Wall Street than anything else this week. Analysts expect that the U.S. economy gained about 205,000 jobs last month. That would be the fewest for a single month since December of 2020, but still a solid showing that does not imply the Fed is down with its work to slow the economy and tamp down inflation.
On Thursday, the payroll provider ADP reported an explosive increase in hiring by private employers in June — 497,000 added jobs, nearly twice as much as expected. ADP’s hiring figures, though, often diverge from the government’s official data, but it was still enough to send U.S. markets sliding on anxiety over how a seemingly bulletproof jobs market will influence the Fed.
The Federal Reserve could respond by maintaining higher interest rates for longer in its campaign to cool the economy, and
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