Invesco QQQ Trust (QQQ) is trading lower just before 1:30 PM EST.
Stocks did receive a sentiment boost from some fresh economic data on Friday, however. The IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index popped to an all-time high of 61.5 in May from 60.5 in April. Economists polled by Dow Jones had expected the index to hold steady.
“The first major economic data point for the month of May was very strong,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “We already know the Fed is thinking about tapering and this release may cause them to think about it a bit harder, but stocks should be fine so long as the Fed doesn’t signal a taper before Nov.”
On The Money: Biden tries to navigate bumpy recovery | Jobless claims hit another post-COVID low | Treasury calls for 15 percent minimum global tax
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
On The Money: Biden tries to navigate bumpy recovery | Jobless claims hit another post-COVID low | Treasury calls for 15 percent minimum global tax
thehill.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehill.com Daily Mail and Mail on Sunday newspapers.
Workers, raw materials in short supply as hiring falls
12 May 2021, 13:13 GMT+10
WASHINGTON D.C.: U.S. job growth fell in April, likely hit by raw material and worker shortages, amid an economic boom aided by improving public health and massive government aid.
The Labor Department s employment report on Friday indicated a drop in temporary help jobs, as well as those in manufacturing, retail and courier service employment, sparking a heated debate about the generosity of unemployment benefits, which pay more than most minimum wage jobs.
The White House dismissed complaints from the U.S. Chamber of Commerce about the unemployment checks causing worker shortages.