The opposite trend in the US market
Le Tuyen (TV reporter in the US)–Saturday, June 4, 2022 07:30 GMT+7
Stocks lost ground despite good news about the job market. While crude oil price continued to increase strongly even though OPEC + agreed to pump more oil into the market. Of the three major indexes, the Nasdaq technology index lost the deepest with more than 2.4%.
The employment report has just been released by the US Department of Labor during trading hours, showing that the US economy has added 390 thousand new jobs, in May alone. Much higher than predictions.
This is good news for the economy, but bad news for investors. They believe that with such an increasingly stable job market situation, the Federal Reserve (FED) will be more confident to be more aggressive in raising interest rates. Because stable job growth and high inflation are two key factors that make the Fed have to quickly bring interest rates back to pre-COVID levels.
On the New York commodity market, US WTI crude oil futures continued to increase by 1.80 USD/barrel to 118.67 USD. Although OPEC + has opened the oil valve larger than expected, investors believe that it is still unable to compensate for the world’s demand when China, the world’s second-largest economy, has begun to relax preventive measures. translation to promote growth.
In the world’s No. 1 economy, the US, crude oil reserves continued to decline sharply. According to the US Energy Information Administration’s announcement on June 2, crude oil inventories continued to decrease by 5.1 million barrels, while gasoline stocks decreased by more than 700,000 barrels. Meanwhile, oil production remains flat at nearly 12 million bpd.
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