Nasdaq Leads Market Decline Ahead of Jobs Report; Global Stocks Mixed
Trump described his discussion with Chinese President Xi Jinping to be a very positive conclusion for both countries. He also said the two countries' teams will be meeting shortly at a location to be determined and noted the conversation was focused almost entirely on trade.
Traders seemed reluctant to make more significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday. The data could have a significant impact on the outlook for the economy following yesterday's weaker than expected reports on private sector employment and service sector activity.
With the more closely watched monthly jobs report looming, the Labor Department released a report this morning showing first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended May 31st.
Broader markets displayed a lackluster performance, most of the major sectors ended the day showing only modest moves. Airline and networking stocks saw some weakness on the day while telecom and gold stocks moved upwards.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index fell by 0.5%, while Hong Kong's Hang Seng Index jumped by 1.1%. The major European markets also ended the day mixed. The French CAC 40 Index edged down by 0.2%, the U.K.'s FTSE 100 Index crept up by 0.1 and the German DAX Index rose by 0.2%.
In the bond market, treasuries pulled into negative territory after seeing early strength. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, rose 2.9 bps to 4.39%, after hitting a nearly one-month intraday low of 4.31%.
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