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Wall Street drops on weak jobs data

Thursday, July 06, 2017 - 01:21

The jobs reports hint at a soft monthly payrolls report on Friday, and that disappointing data sent stocks lower. Fred Katayama reports.

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Weak jobs data sent Wall Street south on Thursday. Healthcare and energy stocks led the downturn. Pressuring stocks: The private sector added fewer jobs in June than economists had expected, and weekly jobless claims rose for the third straight week. Oliver Pursche of Bruderman Brothers. SOUNDBITE: OLIVER PURSCHE, CHIEF MARKET STRATEGIST, BRUDERMAN BROTHERS (ENGLISH), SAYING: "These are normal parts of the market cycle. So to see a little bit of a selloff is nothing to get nervous about. I think it's par for the course. You're also in a seasonally more volatile and slower period. July, August tend to be kid of be a little bit more holiday-ish than you know, trading, so I think it's all part of the normal market cycle, and nothing to be overly worried about at this point." The biggest drag on the S&P 500: L Brands. Comparable sales in June fell more than expected at the operator of Victoria's Secret lingerie stores. Tesla shares fell for the third straight day. Its new mass market car, the Model S, failed to ace some safety tests by the Insurance Institute for Highway Safety. General Electric shares slipped. The European Commission accused the industrial conglomerate of providing misleading information during a merger deal. Microsoft shares fell. A source told Reuters the sfotware giant palns to cut thousand of jobs. European markets closed lower. The ECB minutes showed the central bank had left the door open to scrapping its pledge to buy bonds.

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Wall Street drops on weak jobs data

Thursday, July 06, 2017 - 01:21