{"id":119537,"date":"2025-09-04T14:45:10","date_gmt":"2025-09-04T14:45:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/119537\/"},"modified":"2025-09-04T14:45:10","modified_gmt":"2025-09-04T14:45:10","slug":"despite-weaker-u-s-job-market-data-stock-markets-are-holding-steady-national","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/119537\/","title":{"rendered":"Despite weaker U.S. job market data, stock markets are holding steady – National"},"content":{"rendered":"

Wall Street is holding steady on Thursday as the countdown ticks to an update on the U.S. job market<\/a> coming Friday that could clear the way for the cuts to interest rates that investors love.<\/p>\n

\"\"<\/p>\n

The S&P 500 rose 0.2 per cent in early trading. The Dow Jones Industrial Average was down 45 points, or 0.1 per cent, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4 per cent higher.<\/p>\n

Treasury yields were also easing in the bond market following the latest discouraging signals on the job market. One report suggested U.S. employers, excluding the government, nearly halved their hiring last month. Another said that more U.S. workers applied for unemployment benefits last week, an indication of rising layoffs.<\/p>\n

Neither number is flashing a recession<\/a>, but a slowdown in the job market could push the Federal Reserve<\/a> to consider cutting its main interest rate for the first time this year at its next meeting in a couple weeks. So far this year, the Fed has been keeping rates on hold<\/a> because it\u2019s been more worried about inflation potentially worsening than about the job market.<\/p>\n

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Cuts to interest rates can give the economy and job market a kickstart, but they can also push inflation higher.<\/p>\n

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\u201cThe year started with strong job growth, but that momentum has been whipsawed by uncertainty,\u201d according to Nela Richardson, chief economist at ADP. She said several things could be behind the slowdown, including \u201clabor shortages, skittish consumers, and AI<\/a> disruptions.\u201d<\/p>\n

A much more comprehensive report on the job market from the U.S. Labor Department will arrive on Friday, and it will likely carry much weight with the Fed. Ahead of it, the yield on the 10-year Treasury fell to 4.19 per cent from 4.22 per cent late Wednesday.<\/p>\n

Last month\u2019s grim July jobs report, which included massive downward revisions for June and May, sent financial markets spiraling and prompted President Donald Trump to fire the head of the agency that compiles the monthly data.<\/p>\n

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On Wall Street, Salesforce was one of the market\u2019s heaviest weights, even though it reported a better profit for the latest quarter than analysts expected. Analysts called the performance solid but suggested some of it may have come from one-time factors. Salesforce, which helps businesses manage their customers, fell 7.4 per cent.<\/p>\n

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C3.ai tumbled nine per cent after reporting a larger loss for the latest quarter than analysts expected. Chairman Thomas Siebel called the results \u201ccompletely unacceptable,\u201d while announcing a new chief executive for the company, Stephen Ehikian. He was most recently acting administrator of the U.S. General Services Administration.<\/p>\n

On the winning side of the market was American Eagle Outfitters, which jumped 31.5 per cent after the teen fashion retailer reported more than double the profit that analysts had expected. It benefited from a frenzy of media attention in late July<\/a> over its intentionally provocative advertising campaign featuring 27-year-old actor Sydney Sweeney.<\/p>\n

The ads \u2014 which featured the tagline \u201cSydney Sweeney has great jeans\u201d \u2014 sparked a debate about race, Western beauty standards, and the backlash to \u201cwoke\u201d American politics and culture.<\/p>\n

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Hewlett Packard Enterprise added one per cent following its own better-than-expected profit report.<\/p>\n

The Toronto Stock Exchange saw a modest gain at first, but overall showed little change after trading opened Thursday.<\/p>\n

In other stock markets abroad, indexes were mixed across Europe and Asia.<\/p>\n

Indexes dropped 1.3 per cent in Shanghai and Hong Kong but jumped 1.5 per cent in Tokyo.<\/p>\n

\u2013 With files from Global News\u2019 Ari Rabinovitch<\/p>\n

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