All eyes are on the monthly jobs report, which is expected to show a slowdown in job gains amid a spike in coronavirus cases across the U.S.
It's widely expected that the labor market's rebound has slowed down amid a spike in coronavirus cases across the U.S. Economists predicted that the economy gained 1.48 million jobs in July, down sharply from the 4.8 million in June, according to Dow Jones. The jobless rate is expected to dip to 10.6% in July from 11.1%.
The jobs data will come as lawmakers and the White House struggle to agree on a new stimulus package after a $600 per week enhanced federal unemployment benefit expired at the end of July.has threatened to pull out of talks and try to address jobless benefits and the eviction moratorium by executive actionThe stock market is coming off five consecutive days of gains as the technology sector built on its momentum. This week's gains in the S&P 500 pushed the equity benchmark just 1.
"These big round numbers are a nice reminder of just how strong this rally has been since the March lows," said Ryan Detrick, chief investment strategist for LPL Financial. "When you look at how strong earnings and guidance have been from the group, you realize there's a reason the Nasdaq is at 11,000 and why eventual continued strength is quite likely.
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