Weaker Jobs Report Boosts US Stocks Ahead of Inflation Data
US stock futures rose on Friday following the release of a jobs report that showed employers unexpectedly cut 23,000 jobs last month. This unexpected decrease in job growth has led to speculation about its impact on future Federal Reserve actions.
The S&P 500 index rose by 0.5% and the Dow Jones Industrial Average increased by 80 points or 0.2%. The Nasdaq composite also saw a gain of 1%. Technology stocks, such as Nvidia and Broadcom, drove much of this growth, rising by 1.4% and 1%, respectively.
The weaker-than-expected jobs report may alleviate some pressure on the Federal Reserve to raise interest rates in September, according to analysts. However, next week's inflation data will be crucial in determining whether or not the Fed will make any moves.