August 3, 2018
Headlined by a lower-than-expected 157,000 rise in nonfarm payrolls, the July employment report proved solid but not spectacular. Wage pressures proved moderate as average hourly earnings held unchanged at a yearly 2.7 percent. Trade data were also released in the session showing a June dip in exports and a year-to-date trade deficit with China of $185.7 billion.
The Dow ended 0.5 percent higher on the day to end the week nearly unchanged at 25,462. Rates were also unchanged on the week with the 2-year Treasury yield at 2.66 percent and the 10-year at 2.96 percent. The dollar index rose 0.5 percent on the week to 95.11 with oil steady near $69 and gold soft near $1,225.