June 24, 2022

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U.S. Stocks Showing A Lack Of Direction After Seeing Initial Strength

2 min read

After an initial move to the upside, stocks have shown a lack of direction over the course of morning trading on Friday. The major averages have been bouncing back and forth across the unchanged line following the sell-off seen late in the previous session.

Currently, the major averages are turning in a mixed performance. While the Dow is down 51.67 points or 0.2 percent at 34,626.68, the Nasdaq is up 31.75 points or 0.2 percent at 14,252.27 and the S&P 500 is up 1.24 points or less than a tenth of a percent at 4,531.65.

The choppy trading on Wall Street comes as traders express some uncertainty about the outlook for the markets after the major averages experience their first negative quarter since the first quarter of 2020.

For the first three months of 2022, the Nasdaq plummeted by 9.1 percent and the S&P 500 and Dow dove by 4.9 percent and 4.6 percent, respectively, although the major averages regained some ground in March.

Traders are also digesting the Labor Department’s closely watched monthly jobs report, which showed employment increased by less than expected in March but the unemployment rate still fell to a new pandemic-era low.

The report showed non-farm payroll employment jumped by 431,000 jobs in March after surging by an upwardly revised 750,000 jobs in February.

Economists had expected employment to spike by 490,000 jobs compared to the addition of 678,000 jobs originally reported for the previous month.

While the job growth in March fell short of estimates, revisions to data for the two previous months showed employment increased by 95,000 more jobs than previously reported.

The strong job growth still contributed to a drop in the unemployment rate, which dipped to 3.6 percent in March from 3.8 percent in February. The unemployment rate was expected to edge down to 3.7 percent.

With the bigger than expected decrease, the unemployment rate fell to its lowest level since hitting 3.5 percent in February of 2020.

Kathy Bostjancic, Chief U.S. Financial…

2022-04-01 10:48:43

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