3 June (Reuters) – US stocks are falling in the morning on the weakness of the banking sector after the worst than expected data on unemployment showed a labor market that does not take off, and raises questions about whether the economy is strong enough to withstand a rate hike in the coming months.
the new jobs in May were just 38,000, the lowest figure since September 2010 and lower than economists’ expectations that converged on 164 000.
“It ‘sa matter quite disastrous,” said Gennadiy Goldberg, strategist at TD Securities. For a hike “June rate is out of the question. The Fed will want to see a clear employment reading before taking on the new rates.”
** At 16:25 the Dow Jones yields 0.76%, the S & amp; P 500 0.85%, the Nasdaq 1.16 %. Half of the S & amp sectors; P is decreasing.
** Citigroup and Bank of America lead the declines among bank with declines of around 5%. Not better for JPMorgan and Goldman Sachs who yield of around 3%. The sector is the most sensitive to rate decisions.
** Ambarella leaps of 7.93% after quarterly results better than expected. In the wake GoPro that uses Ambarella chips into their cameras.
* * Broadcom gained 4.99% after announcing quarterly revenues and earnings better than expected.
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