Markets Fall Following Key Economic Data

U.S. indices traded lower Friday following the release of key economic data. While nonfarm payrolls came in higher than expected, concerns over Fed rate hikes, inflation and economic health continue to weigh on stocks. Tesla Inc TSLA CEO Elon Musk also announced some layoffs amid economic worries, which has weighed on market sentiment.

The U.S. added 390,000 jobs in May, beating consensus economist estimates of 325,000 jobs. The U.S. unemployment rate remained at 3.6%, slightly missing the 3.5% level economists had projected. The labor participation rate increased 0.1% to 62.3% and remains below its 63.4% pre-pandemic rate in February 2020... Read More

• The Nasdaq composite finished lower by 2.47% to 12,012; The Invesco QQQ Trust Series 1 QQQ lost 2.60% to $306.20
• The S&P 500 traded lower by 1.63% to 4,108; The SPDR S&P 500 ETF Trust SPY lost 1.64% to $410.54
• The Dow Jones Industrial Average finished lower by 1.05% to 32,899; The SPDR Dow Jones Industrial Average ETF Trust DIA finished lower by 1.03% at $329.35

Here are the day's winners and losers from the S&P 500, according to data from Benzinga Pro.

Quanta Services Inc PWR, Alaska Air Group, Inc. ALK and Northrop Grumman Corporation NOC were among the top gainers.

Tesla Inc TSLA, Etsy Inc ETSY and Micron Technology, Inc. MU were among the top losers.

Elsewhere On The Street

President Joe Biden responded to Elon Musk’s comments about having a “super bad feeling” about the economy with a sarcastic quip about the Tesla chief’s “trip to the moon.”... Read More

Dogecoin was trading about 3% lower on Friday, in a continued sideways lull between the range of $0.075 and 9 cents that has plagued the crypto for much of the last three weeks... Read More

Two months after recreational cannabis was legalized in New Mexico, medicinal and adult-use sales exceeded $38.5 million, reported Las Cruces Sun-News on Friday... Read More