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Wall Street fell ahead of job report

After the winning streak earlier in the week, stock prices on Wall Street slowed down and fell back in anticipation of important labor market statistics.

» Published: December 05 2024

Wall Street fell ahead of job report
Photo: Paul Sancya/AP/TT

What investors are waiting for on Friday are figures on how many jobs were created in the USA in November, excluding the agricultural sector.

This, in turn, provides an indication of whether the central bank, the Federal Reserve (Fed), will lower the interest rate or not at its meeting on December 17-18.

If the balance between the labor market and inflation is deemed sufficient, the chance of the Fed lowering the interest rate increases, which many investors are eagerly awaiting.

Analysts' forecasts predict that 214,000-215,000 new jobs were created and that the unemployment rate remains steady at 4.1 percent, according to Bloomberg.

Earlier in the week, prices in New York have risen, and risen, and risen. For three days in a row, the broad S&P 500 index and the Nasdaq composite index have closed at record levels.

But on Thursday, risk appetite suddenly decreased. Cautious uncertainty took over – possibly in anticipation of the labor market report.

The S&P 500 and the Nasdaq composite index fell 0.2 percent, and the Dow Jones industrial index 0.6 percent.

The rush in cryptocurrencies gained new momentum when financier and cryptocurrency advocate Paul Atkins was nominated as the new head of the US financial supervision SEC on Wednesday.

But after the bitcoin price peaked around $103,800, the curve also fell back. At 10:00 pm Swedish time on Thursday, one bitcoin cost $99,170.

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By TTThis article has been altered and translated by Sweden Herald

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