Wallstreet tumble on weak job data

U.S stock market takes a downward turn today after job data released steeper loss of jobs. The Non-farm employment recorded addition of 103,000 jobs in March, lower than 188,000 expectation. Unemployment higher 0.1% to 4.1% from 4.0% expectation.

The weaker job data might become the indication for the market that The Fed could not hike rate four times this year. However, it is not weak enough to cancel the Fed gradual plan to hike rate. Currently, the expectation of nearest time to hike rate lies in June.

Despite the weaker than expected job data, overall the job market stay strong, and the outlook continues positive.

Trade policy continue to shake the market

The attention of the market focused on the trade wars issue between U.S and China. On Thursday after market close, President Trump directed U.S trade representative to identify more China’s imported product for potential $100 billion tariffs.

The move was taken after China retaliate this week by imposing $50 billion tariffs on U.S imported products.

Jerome Powell speech

The Fed Chairman scheduled to give a speech today on 01.30 PM Eastern time. Powell expected to defend the gradual interest-rate hike announced early when he took the position of The Fed chief.

Asian & European Stock market

Asian stock market closed down on trade war fear. Nikkei down 77.90 points (-0.36%) to 21,567.52, Shang Hai Composite down 4.79 points (-0.15%) to 3,131.84 and Australia ASX 200 down 0.10 points (-0.00%) to 5,788.70. European stock market also on retreat. DAX Germany down 0.45%, FTSE UK down 0.23%, and Euro STOXX 600 down 0.28%.

Other markets

Gold climb on the trade war fear, the precious metal logged gain of $8.50 and currently traded at $1,337. The precious metal could continue to move upward as the trade war fear lingers in the market.

Crude oil, on the other hand, take a downturn, loss $1.25 and traded at $62.29.