Local shares make gains at open with company profits, inventories, and wages data due mid-morning. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
US stock indexes settled for a mixed close on Friday after a US jobs report showed an uptick in unemployment, cementing expectations that the Federal Reserve will let interest rates stand at its September meeting., losing momentum as the session progressed and investors digested the data ahead of the long US holiday weekend.All three indexes notched gains on the week.
"Today, people are coasting into the holiday weekend with relief that the job numbers were solid," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "There are signs of the economy slowing, which is what the Fed wants to see," Detrick added. "It likely opens the door for no rate hike at the next Fed meeting in three weeks."the US economy added more jobs than expected last month
, but the rising unemployment and participation rates, along with a welcome cool-down in average hourly wage growth, solidified expectations that the Fed will let key interest rates stand this month.of such a pause this month, according to CME's FedWatch tool.
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