Many professional investors have been arguing that the stock market’s rally, which had reached nearly 40% since late March, was overdone and that a pullback was likely coming.
The next big piece of economic data to bolster or weaken the market’s optimism about the economy’s prospects lands early Friday, when the Labor Department releases its monthly jobs report for May. Economists expect it to show employers slashed 8.5 million jobs last month, down from 20.5 million in April, and that the unemployment rate jumped to 19.8% from 14.7%.
Losses for technology stocks and health care companies were some of the heaviest weights on the market. Microsoft slipped 1.3%, Johnson & Johnson fell 1.3% and UnitedHealth Group lost 2.4%.Other falling stay-at-home winners included Netflix, down 1.8%, and Clorox, down 0.8%. Charles Schwab rose 5.5% after it said antitrust regulators won’t block its acquisition of TD Ameritrade. The companies expect the deal to close in the second half of this year.Longer-term Treasury yields rose decisively. That area of the market had been one of the first to warn of the coming economic devastation from the coronavirus outbreak, and it’s been much more circumspect in recent weeks than the U.S. stock market.
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