US: Wall St opens lower after payrolls report

WALL Street’s main indexes opened lower on Friday (Jul 7) after data signalled resilience in the labour market in the face of the Federal Reserve’s aggressive monetary tightening.

Data showed US job growth slowed more than expected in June after surging in the prior month, but labour market conditions remain tight, with the unemployment rate retreating from a seven-month high and fairly strong wage gains continuing.

The Dow Jones Industrial Average fell 85.19 points, or 0.25 per cent, at the open to 33,837.07.

The S&P 500 opened lower by 7.05 points, or 0.16 per cent, at 4,404.54, while the Nasdaq Composite dropped 10.98 points, or 0.08 per cent, to 13,668.07 at the opening bell. REUTERS