Market Brief: Stocks Shrug Off Lackluster Wage Growth

Matt Weller
By :  ,  Head of Market Research

  • US indices closed roughly 1% higher in a “sell the rumor, buy the fact” reaction to this morning’s NFP report.
  • All eleven major sectors rose on the day, led by Financial (XLF). Materials stocks (XLB) brought up the rear on the day.
  • Stocks on the move:
    • Apple (AAPL) rose nearly 3% after a report that the company had asked suppliers to increase production of the iPhone 11 by 10%.
    • PC and printer manufacturer HP (HPQ) shed -10% after announcing plans to layoff thousands of workers and refocus its business on software and services.

Related tags: Shares market Forex

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