Markets
Stocks slumped last week as investors winced over the potential for oil-shock inflation and concerns that strong jobs data could lead to higher interest rates.
The Dow Jones Industrial Average slipped 0.32%, while the Standard & Poor’s 500 Index dropped 2.59%. The Nasdaq Composite Index fell 4.68%. The MSCI EAFE Index, which tracks developed overseas stock markets, slid 1.41%.¹²
Under Pressure
June kicked off with modest gains as a tech rally overcame rising oil prices. On Monday, all three major averages logged new all-time intraday highs and record closes. The S&P 500 recorded its first close above 7,600 on Tuesday, while the Dow advanced nearly half a percentage point.³
But stocks fell midweek as oil prices continued to rise. The S&P 500 broke its nine-day winning streak as investors fretted about the inflationary effects of tensions in the Middle East. By Wednesday’s close, the S&P and Dow Industrials had given back all the gains from the start of the week.⁴⁵
On Friday, a stronger-than-expected jobs report prompted worries that the Fed may have to adjust short-term interest rates. Markets fell broadly, with the S&P down more than 2.5% for the session and the Nasdaq down more than 4%.⁶
May Jobs Report: Very Strong
The federal government’s nonfarm payrolls report was released on Friday. The economy added 172,000 jobs in May, more than double what economists expected.⁷
Employers were playing catch-up after pausing hiring amid last year’s trade policy uncertainties and federal government budget cuts. Unemployment remained at 4.3% for the month. ADP’s report on private-sector hiring, released Wednesday, tracked similarly to the federal data.
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