US markets end higher on Friday

04 Aug 2018 Evaluate

The US markets ended higher on Friday, as positive earnings helped investors overlook heightened trade tensions and weaker than expected July jobs growth. The Labor Department released a report showing weaker than expected job growth in the month of July due in part to a drop in government employment and the closing of Toys R Us stores. The report said non-farm payroll employment climbed by 157,000 jobs in July compared to street estimates for a jump of about 190,000 jobs. However, the report also showed upward revisions to the increases in employment in May and June, which surged up by 268,000 jobs and 248,000 jobs, respectively. With the upward revisions, employment gains in May and June combined were 59,000 more than previously reported. The report also showed a modest decrease in the unemployment rate, which edged down to 3.9 percent in July from 4.0 percent in June. Meanwhile, the Labor Department said the annual rate of average hourly employee earnings growth was unchanged from the previous month at 2.7 percent.

A separate report from the Commerce Department showed the US trade deficit widened in the month of June, amid an increase in imports and a decrease in exports. The report said the trade deficit widened to $46.3 billion in June from a revised $43.2 billion in May. The deficit had been expected to widen to $46.5 billion from the $43.1 billion originally reported for the previous month. Besides, the Institute for Supply Management also released a report showing growth in US service sector activity slowed by much more than anticipated in the month of July. Meanwhile, China upped the ante on the trade dispute, announcing new retaliatory tariffs on 5,207 goods imported from the United States, including liquefied natural gas (LNG) and some aircraft. Chinese officials vowed to reciprocate earlier this week when the Trump administration proposed hiking tariffs to 25 percent on $200 billion worth of goods imported from China.

Dow Jones Industrial Average surged 136.42 points or 0.54 percent to 25462.58, the S&P 500 gained 13.13 points or 0.46 percent to 2,840.35 and Nasdaq was up by 9.33 points or 0.12 percent to 7,812.02.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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