Wall Street opens modestly lower despite gloomy NFP report
- Nonfarm Payrolls in US declined by 701K, Unemployment Rate rose to 4.4%.
- Rising crude oil prices continue to boost energy shares on Friday.
Wall Street's main indexes started the day last day of the week with modest losses even after the data published by the US Bureau of Labor Statistics showed that Nonfarm Payrolls declined by 701K in March. Additionally, the Unemployment Rate rose to 4.4% from 3.5% in February.
US NFP Quick Analysis: A grim future partially foretold.
Energy shares extend rally
As of writing, the Dow Jones Industrial Average was down 0.35% on the day while the S&P 500 and the Nasdaq Composite were erasing 0.2% and 0.25%, respectively.
Among the 11 major S&P 500 sectors, the Energy Index was up 3% as the top-performer while the Utilities and the Consumer Discretionary indexes were posting small losses. Rising crude oil prices on hopes of OPEC+ opting out for a 10 million barrels per day oil reduction seems to be providing a boost to energy shares for the second straight day on Friday.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
