The S&P 500 reached an all-time high at the conclusion of its most successful week since April. Additionally, equities benefited from optimism regarding a potential revival in the Strait of Hormuz, as Reuters reported that a US official anticipates a forthcoming agreement between Iran and Oman. Oil prices softened in the late hours.
As for Friday’s closing, the S&P 500 increased by 0.6%. Nasdaq 100 rose by 1.2%. The Dow Jones Industrial Average saw an increase of 0.3%. The MSCI World Index climbed by 0.7%.
Furthermore, on the currency front, the Euro appreciated by 0.3% to $1.1560.
The British pound rose by 0.3% to $1.3496. The Japanese yen strengthened by 0.5% to 157.64 per dollar.
According to a Bloomberg report, short-term Treasuries outperformed their longer-term counterparts. Money markets continue to forecast a Fed rate hike this year, although not before December. The dollar experienced a decline.
Unexpectedly, US employers reduced jobs in July, and hiring figures for the previous two months were revised downward, indicating that the labour market is weaker than previously believed following an earlier surprising strength this year.
As per the report, nonfarm payrolls fell by 23,000 last month, following a total downward revision of 103,000 for the May and June figures. The unemployment rate decreased to 4.1% as labour force participation continued to decline, and wage growth decelerated.
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(Edited by : Juviraj Anchil)
