FXStreet (Mumbai) – The US stock markets have dipped in the early session as investors await the Non-farm payrolls report due tomorrow, which will provide guidance on the path of interest rates in the US.
The S&P 500 dropped 5.34 points, or 0.25%, to 2094.50, while the Nasdaq Composite fell 28.82 points, or 0.56%, to 5,111.13. The Dow Jones Industrial Average (DJIA) retreated 77.97 points or 0.44% to 17,462.50.
Among the DJIA components, shares in Goldman Sachs gained 0.24% to become the top gainer. Exxon Mobil rose 0.12%. On the losing side, Walt Disney fell 3.82%, followed by 1% drop in Microsoft. The Oil and Gas sector fell 0.53% on account of the sharp losses in Crude prices. WTI Crude currently trades 1.68% lower at USD 44.41/barrel.
On the data front, Initial jobless claims rose by 3,000 to 270,000 in the week ended Aug. 1, but stayed below four decade lows indicating sustained labour market strength.
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Investors now await the Friday’s NFP report, which is likely to show the US economy added 222K jobs in July. The average hourly earnings are seen rising 2.3% in July, compared to June’s 2.0%.
(Market News Provided by FXstreet)