The CMLviz Close - Jobs Beat, Wage inflation lower than estimates, No buyers means the indices drop again - Market Wrap - 05-06-2022
Markets
Stocks fell again, compounding losses from the day prior which saw decliners outpacing advancers on the NYSE 24 to 1.
Today, all of the market indices fell, while VIX hovered around unchanged. Perhaps all the selling is simply a lack of buyers. Crude oil rise slightly.
| • SPX | 4,123.34 | -23.53 | (-0.57%) |
| • NASD | 12,144.66 | -173.03 | (-1.40%) |
| • DJIA | 32,899.37 | -98.60 | (-0.30%) |
| • R2K | 1,837.50 | -33.65 | (-1.80%) |
| • VIX | 30.66 | -1.14 | (-3.65%) |
| • Oil | 110.47 | +2.21 | (+2.04%) |
• Job gains outpaced estimates, flying in the face of the ADP report from earlier in the week turning some investors to raise the odds of a soft landing. • Wage inflation came in below estimates. • The unemployment rate remained the lowest since February 2020."
Headlines of the Day
U.S. Posts Robust Job Gains, Data Offer Mixed Inflation Signs
"A U.S. Soft Landing Could Be More Likely Than It Seems. Payrolls advanced by 428,000 in April, matching prior month Unemployment rate held at 3.6% while participation decline."
Stocks Keep Falling. It's Not Just About the April Jobs Report.
Stocks continued falling Friday, after the April jobs report revealed that the U.S. economy added more jobs than expected. It wasn’t necessarily the jobs report that hurt the market, which just remains in a bad way over broader economic concerns.
Steak Prices Will Keep Rising, Major U.S. Meatpacker Says; Consumers may adapt to inflation and buy less expensive cuts
Beef will be getting even more expensive at U.S. grocery stores in the months ahead, according to one of the country’s biggest meatpackers.
Food Prices Hold Near Record as Ukraine War Upends Trade
United Nations food index eased less than 1% in April. Food trade has been roiled by Russia’s invasion of Ukraine
Shanghai Covid Cases Fall Slightly, Beijing Holds Steady
Shanghai’s Covid-19 cases fell slightly, while new infections in Beijing held steady, suggesting the capital’s extreme steps to contain an outbreak are working so far.
Economic Data Results for 5-6-2022
United States Average Hourly Earnings MoM
Average hourly earnings for all employees on private nonfarm payrolls in the US increased by 10 cents, or 0.3%, to $31.85 in April of 2022, after an upwardly revised 0.5% rise in March and below market expectations for a 0.4% increase.
United States Non Farm Payrolls
The US economy added 428K jobs in April of 2022, above forecasts of 391K. It marks a 12th straight month of job gains above 400K.
United States Unemployment Rate
The US unemployment rate was unchanged at 3.6 percent in April of 2022, remaining the lowest since February 2020 and compared with market expectations of 3.5 percent.
United States Labor Force Participation Rate
The labor force participation rate in the US fell to 62.2 percent in April 2022 from 62.4 percent in March, the lowest in three months.
Economic Data Due Monday on 5-9-2022
Consumer Inflation Expectations APR
Wholesale Inventories MoM MAR
Get the In the Know - End of Day Market Wrap
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