Markets are lower after the jobs report and a rash of other economic data, including personal income and outlays, manufacturing data, and consumer sentiment.
The Dow is down 28 points, the S&P 500 is down 1 point, and the Nasdaq is down 3 points.
This move in equity markets comes after yesterday’s sharp sell-off that saw the Dow fall more than 300 points and lose all of its year-to-date gains.
The day’s top story is the July jobs report, which showed the economy added 209,000 as the unemployment rate ticked up to 6.2% from 6.1%. This report was slightly below expectations for 230,000 jobs added with the unemployment rate holding steady at 6.1%.
This report also marked the sixth straight month of job gains more than 200,000, the longest such streak since 1997.
We also got inflation data this morning, with “core” PCE, the Fed’s preferred measure of inflation, showing prices in June rose 1.6% over the prior year but were flat compared to the prior month. This report also contained personal spending data, which showed spending rose 0.4% in June.
The University of Michigan’s consumer sentiment index for July fell to 81.8 from 82.5 in June. This reading, however, was in-line with expectations.
Markit’s manufacturing PMI report showed that its measure of job fell to a 13-month low, as the headline reading came in at 55.8, short of expectations for 56.5 and last month’s reading of 56.3.
The Institute for Supply Management’s manufacturing survey came in at 57.1, beating expectations for 56.0 and topping June’s 55.3 reading.
The Census also released its latest construction spending report, which showed construction spending June totaled $US950.2 billion annualized, 1.8% below May’s revised estimate of spending at a $US967.8 billion pace.
In company news, Tesla shares were up 2% after the company last night reported vehicle deliveries that beat expectations.
Scientific Games announced a deal to acquire Bally Technologies in a deal worth $US5.1 billion, and shares of both companies were higher, with Scientific Games adding 8% and Bally shares adding nearly 30%.
Shares of wearable camera company GoPro, meanwhile, were down more 10% after last night announcing its first earnings report as a public company.
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