Stocks finished in the red again after employment report came in below expectations. Nonfarm payrolls for May climbed by 54,000, which was far below expectations, while the unemployment rate ticked up to 9.1%. Also, the ISM Non-manufacturing Survey of 54.6 surpassed the 53.3 consensus. Tech bellwethers lost ground after weak economic data. Meanwhile Nokia got a slight lift aftter upgrade from “sell” to “neutral” at MKM Partners. This week investors will be focused on Apple’s worldwide developers conference, with a keynote featuring Steve Jobs, the Federal Reserve’s “Beige Book”, the regular meeting of OPEC and weekly jobless claims. The market could be volatile this week as jobs report will continue to weigh heavily on investors’ minds.
Monday, June 6, 2011
Lost ground
Stocks finished in the red again after employment report came in below expectations. Nonfarm payrolls for May climbed by 54,000, which was far below expectations, while the unemployment rate ticked up to 9.1%. Also, the ISM Non-manufacturing Survey of 54.6 surpassed the 53.3 consensus. Tech bellwethers lost ground after weak economic data. Meanwhile Nokia got a slight lift aftter upgrade from “sell” to “neutral” at MKM Partners. This week investors will be focused on Apple’s worldwide developers conference, with a keynote featuring Steve Jobs, the Federal Reserve’s “Beige Book”, the regular meeting of OPEC and weekly jobless claims. The market could be volatile this week as jobs report will continue to weigh heavily on investors’ minds.
