US: Stocks dip after mixed jobs data

Wall Street stocks dipped Friday (Jul 7) following data that showed slower hiring in the United States but which was seen as keeping the Federal Reserve on track to raise interest rates.

The world’s biggest economy added 209,000 jobs last month, fewer than expected, but the unemployment rate edged down to 3.6 per cent, remaining close to historic lows.

Analysts said while the jobs figures were less impressive, strong wage growth kept the pressure on the Fed to again lift interest rates this month to counter inflation.

The jobs number “was not stellar, but it was certainly solid,” said Quincy Krosby of LPL Financial.

The Dow Jones Industrial Average finished down 0.6 per cent at 33,734.88.

The broad-based S&P 500 dipped 0.3 per cent to 4,398.95, while the tech-rich Nasdaq Composite Index slipped 0.1 per cent to 13,660.72.

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Among individual companies, Levi Strauss fell 7.8 per cent as it lowered its full-year profit forecast.

Costco Wholesale dropped 2.3 per cent as it reported negative comparable sales for the five weeks ending Jul 2.

Biotech shares were under pressure. Amgen, Gilead Sciences and Biogen all dropped around 2 per cent or more. AFP