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 (NASDAQ: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
