- Markets
- S&P 500 +0.07%
- Dow Jones Industrial Average +0.7%
- NASDAQ -0.2%
- Russell 2000 -2.8%
Domestic equity markets finished the week mixed as labor and manufacturing activity swayed stock markets. The Bureau of Labor Statistic’s (BLS’s) monthly labor report (JOLTS) showed 1.3 million jobs were removed from the economy. Remember, the Fed had two goals when it began rate hikes – to kill housing and cool the job market. Its rate hikes may finally be affecting the labor market meaning fewer hikes would be needed in the future. As a result, stocks responded well. Manufacturing activity showed contractions across the board which pulled equity markets in the other direction.