ETFs Steady After Waves of So-So News on Employment, Service Sector | ETF Trends

Stocks and exchange traded funds (ETFs) wavered and then steadied as news from various sectors emerged this morning.

  • In the service sector, the Institute for Supply Management reported that its index fell 48.2 from 51.7 in May, renewing fears about the economy’s condition, reports Tim Paradis for the Associated Press. A number below 50 signals contraction, and Wall Street had been expecting a reading of 51.
  • Oil prices shot up briefly to close to $146 a barrel, but stepped back once the European Central Bank didn’t signal more rate hikes, reports Pablo Gorondi for the Associated Press. Contributing to the high prices were a larger-than-expected drop in U.S. oil stockpiles.
  • Employers cut payrolls by 62,000 last month, making it the sixth consecutive month of nationwide job losses, says Jeannine Aversa for the Associated Press. The rate of unemployment, at least, stayed steady at 5.5%. Construction, manufacturing, retail and financial services were hit hardest by job losses, and outweighed the job gains made in education and health services, leisure and hospitality and government. The weak numbers were in line with what had been expected.

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