It was a slightly weaker finish to the US stock market trading week. The Nasdaq finished down 0.5% but the S&P 500 closed broadly flat.
Job gains miss, China PMI improves
Payroll data showed another significant miss, with 194,000 jobs added compared to an expected result of over 500,000.
The unemployment rate fell regardless, hitting 4.8%. However, there seems to be a growing issue with massive job openings but few willing to take the work.
It remains to be seen whether tapering will still go ahead, particularly given the growing supply-side issues.
On the positive side, China’s markets rallied strongly after an extended holding with a significant improvement in the services PMI suggesting the end of lockdowns will see another strong recovery.
US stock market weekly movers
Over the week, all three US stock market indices posted gains. The Dow once again benefited from a seven-year high in energy prices, gaining 1.2%, with the S&P 500 up 0.8% and the Nasdaq all but flat.
Chinese tech names continued their recovery as the Chinese government turns its attention to Taiwan, with Alibaba (NYSE: BABA) and Baidu (NASDAQ: BIDU) gaining 14% and 9%, respectively, over the five days.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is poised to open broadly flat on Monday. For a round-up of the latest news, check out my ASX 200 morning report.