US stocks rise despite weaker labor market data, investors await Fed rate cut

From Investing.com: 2024-08-21 13:07:36

U.S. stocks rose despite concerns about the economy, with expectations of a Federal Reserve rate cut next month. The Dow Jones Industrial Average gained 20 points, the S&P 500 rose 0.3%, and the Nasdaq Composite rose 0.3%. Payrolls revised lower; Fed minutes in focus. The Bureau of Labor Statistics revised down March 2024’s employment gains by 818,000 positions. Investors cautious ahead of Fed meeting in September. Goldman Sachs forecasts potential downward revisions in job creation data.

Target stock surged 13% after raising profit forecast and beating sales expectations. Macy’s stock fell 12% due to weak consumer spending. Keysight Technologies stock rose 12% on strong earnings, while 3D Systems fell 3%. La-Z-Boy stock dropped around 3% on weaker guidance. JD.com stock slid over 5% on Walmart’s plan to sell stake. Ford Motor Company gained more than 1% after scaling back EV plan.



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