Daily Market Commentary

August 5, 2022

Bonds & Stocks
U.S. stocks dropped and Treasuries sank after data showed a booming labor market that might prompt the Federal Reserve to raise rates sharply at its next meeting

The S&P 500 fell and the two-year Treasury yield jumped toward 3.2% after employers added 528,000 jobs last month, more than double what economists expected. Wage growth also came in stronger than anticipated.

U.S. employers added more than double the number of jobs forecast, illustrating rock-solid labor demand that tempers recession fears and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation.

China on Friday continued its most provocative military drills in decades and cut off defense talks with the U.S., as relations between the world's biggest economies deteriorate in the wake of House Speaker Nancy Pelosi's trip to Taiwan.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.

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