NEW YORK, Sept. 9 (Xinhua) — U.S. stocks ended higher on Tuesday as investors digested a revision to U.S. jobs numbers that revealed further labor market weakness.
The Dow Jones Industrial Average rose 196.39 points, or 0.43 percent, to 45,711.34. The S&P 500 added 17.46 points, or 0.27 percent, to 6,512.61. The Nasdaq Composite Index increased by 80.79 points, or 0.37 percent, to 21,879.49.
Eight of the 11 primary S&P 500 sectors ended higher, with communication services and utilities leading the gainers by adding 1.64 percent and 0.71 percent, respectively. Meanwhile, materials and industrials led the laggards by losing 1.57 percent and 0.65 percent, respectively.
U.S. firms hired nearly one million fewer workers in the twelve-month period ending in March than previously estimated, according to a report released Tuesday by the Bureau of Labor Statistics (BLS).
“I think the economy is weakening,” JPMorgan Chase CEO Jamie Dimon told CNBC. “Whether it’s on the way to recession or just weakening, I don’t know.”
Although the data had little impact on Tuesday’s trading since they reflect figures from six months ago, the report could strengthen the case for the Federal Reserve to lower interest rates later this year.
“The jobs picture keeps deteriorating and while that should make it easier for the Fed to cut rates this fall, it could also throw some cold water on the recent rally,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Apple shares slipped after the tech giant unveiled its new iPhone 17 models and other products, ending down 1.48 percent. Microsoft managed a small gain after announcing a 17.4 billion U.S. dollar deal with Nvidia-backed Nebius Group to provide artificial intelligence infrastructure for a new data center in New Jersey. Nvidia shares rose 1.46 percent. Broadcom, however, reversed course, dropping 2.6 percent after strong gains in the prior two sessions.
Looking ahead, key inflation reports are due this week. The BLS is expected to release the producer price index on Wednesday, followed by the consumer price index on Thursday. These readings will provide fresh insight into whether rising prices could become a major obstacle to deeper or longer-lasting rate cuts.
