Wall Street closes lower on trade war escalation, weak data
By Abigail Summerville and Shashwat Chauhan
Fri February 7, 2025 4:44 PM
After a very brief and modest rally that lasted only ½ hour (the Dow at +110 at 10 a.m.), all three indexes quickly went downhill and it was a straight shot down all day with big 3-digit losses all around, all three breaking a 3-week winning streak. The much awaited jobs report showed 598,000 fewer jobs vs a forecast of 818,000 and the lowest consumer sentiment numbers in seven months reflects a fear of surging inflation, which consumers expect to rocket to 4.3% this year.
With unemployment up to 4% now, the Fed now has new ammo for continuing to pause rate cuts. But the real disappointment came from Trump announcing today a whole new round of tariffs coming next week against a host of unknown countries. The VIX rose 6.6% to 16.3 and Expedia rose 17.3% after a good Q4. The jobs data now in, volume was right in line with the 14.91 billion average, coming in today at 15.06 billion.
DJ: 44,747.63 -125.65 NAS: 19,791.99
+99.66 S&P: 6,083.57
+22.09 2/6
DJ: 44,303.40 -444.23 NAS: 19,523.40
-268.59 S&P: 6,025.99
-57.58 2/7
No comments:
Post a Comment