Wall Street Up Slightly, Expecting Jobs Data
Wall Street performs slightly better as U.S. stocks rally ahead of a U.S. jobs report that may prove to be a factor in the Federal Reserve’s decision regarding when to lift interest rates. Nonetheless, the bleak future of China’s economy still looms over the trading floor, making the stock market more volatile than it has ever been in recent years.
The U.S. nonfarm payrolls data is set to be released soon and Reuters reports that it is expected to reflect an additional 220,000 nonfarm jobs in August. This represents a slight increase from the 215,000 nonfarm jobs in July. The said data is set to be released Friday. Meanwhile, this data and the state of the China economy are both weighing heavily on the Fed’s minds as they hold their policy meeting on September 16 to 17.
The Dow Jones Industrial Average is up slightly by 0.14% to 16,374.76 points. Furthermore, the S&P 500 index also experienced a little uptick of 0.12% to 1,951.13 points. On the other hand, the Nasdaq Composite experienced a slight decline of 0.35% to 4,733.50 points.
Two of the sectors on the S&P 500 have experienced slight declines with healthcare down by 0.64% to 802.61 and information technology down 0.11% to 664.43. Meanwhile, telecom services gained the most at 0.77% to 146.09. This was followed by consumer staples, which gained 0.69% to 483.56. Furthermore, the materials sector also experienced a 0.61% gain to 268.40.
On the other hand, CBOE Volatility Index, also referred to as Wall Street’s “fear gauge,” has dropped by 2.11% to 25.54.