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The U.S. stock market sold off Friday after a strong jobs report raised investor concerns about higher interest rates later this year.
The S&P 500 fell 200.57 points (-2.64%) to 7,383.74, the Nasdaq-100 plunged 1,450.21 points (-4.77%) to 28,957.60, and the Dow dropped 695.15 points (-1.35%) to 50,866.78.
On the sector front, Consumer Staples (XLP) and Utilities (XLU) outperformed, while Technology (XLK) led the decline.
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U.S. Economic Developments: |
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Nonfarm payrolls increased by 172,000 in May, surpassing the 85,000 forecast and following an upwardly revised 179,000 for April (previously 115,000). This is the third consecutive monthly gain after February’s contraction. The unemployment rate held steady at 4.3% in May, matching expectations and remaining unchanged for the third month running.
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Tesla (TSLA) slid 6.56%, weighed by the broader market and a report that its planned public demo for its next-gen Roadster model has been pushed to August or later.
Lululemon Athletica (LULU) plunged 8.56% after cutting full-year guidance and posting quarterly results that missed estimates.
Cooper Companies (COO) jumped 8.58% after beating quarterly expectations.
Chipotle Mexican Grill (CMG) rose 4.12% following an upgrade to "Overweight" from "Neutral" at JPMorgan.
Guidewire Software (GWRE) dropped 10% after adjusted gross margin fell short of forecasts.
Tech-led losses hit several mega-caps. Nvidia (NVDA) and Meta Platforms (META) fell 6.20% and 5.51%, respectively.
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At the European close, the major indices in the region finished mostly lower. Germany's Dax fell 185pts (-0.75%) to 24759 and France's Cac 40 dropped 26pts (-0.32%) to 8218. Conversely, the U.K.'s FTSE 100 rose 7pts (+0.07%) to 10368.
On the economic front, the Eurozone's first-quarter GDP was revised lower to -0.2% quarter-on-quarter in the third estimate, compared with +0.1% previously reported and +0.2% in the prior quarter. Separately, France's industrial production increased 0.1% in April on a monthly basis vs +0.2% expected and +1.4% in March (revised from +1%).
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX index surged 6.11pts (+39.68%) to 21.51. Additionally, the US 10 year yield rose to 4.54%.
Precious Metals & Crude:
In the commodities market, Gold dropped 151.38 dollars (-3.38%) to 4322.51 and Silver fell 6.02 dollars (-8.15%) to 67.85. Meanwhile, WTI Crude Oil retreated 2.75 dollars (-2.96%) to 90.29.
The Dollar & Majors:
The dollar index increased 0.67pts (+0.67%) to 100.08.
EUR/USD dropped 86pips (-0.74%) to 1.1523.
GBP/USD slipped 86pips (-0.64%) to 1.3334.
USD/JPY rose 19pips (+0.12%) to 160.2. Household spending in Japan dropped 0.5% year-on-year in April (vs -2.6% expected), and average cash earnings were up 3.5% year-on-year (vs +2.8% expected).
USD/CHF climbed 67pips (+0.85%) to 0.7961.
AUD/USD fell 94pips (-1.32%) to 0.7039.
USD/CAD advanced 32pips (+0.23%) to 1.3938. In Canada, employment rose by 88,000, far exceeding the 8,000 forecast, while the unemployment rate fell to 6.6%, against the expected 6.9%.
Digital Assets:
Cryptocurrencies were also under pressure as Bitcoin dropped 2649 dollars (-4.17%) to 60939. Ethereum plunged 177 dollars (-10.02%) to 1595.
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