Financial Stocks Wells Fargo, Jefferies, and Blackstone Are Falling After a Hot Jobs Report

A hotter-than-expected December jobs report sent the Dow Jones Industrial Average tumbling by more than 600 points (1.5%) on Friday morning as U.S. Treasury yields continued to rise and inflation concerns took center stage. Most sectors struggled, including financials.Shares of Wells Fargo (NYSE: WFC) were trading 2.6% lower as of 11:46 a.m. ET, while investment bank Jefferies Financial (NYSE: JEF) was off by 11.4% and private equity giant Blackstone (NYSE: BX) was down by roughly 5%.Since mid-December, investors have grown increasingly concerned about sticky inflation, an issue that is also top of mind for the Federal Reserve. The Fed has pared back its forecast for interest rate cuts in 2025 from four to two. The market is even more pessimistic on the outlook for rate cuts, and Friday's jobs report didn't help. Nonfarm payrolls in December added 256,000 jobs, 100,000 more than the Dow Jones consensus, and up from 212,000 in November. If there was a silver lining in that jobs report, it would be that hourly wages grew 0.3% from the prior month, in line with expectations. Hourly wages grew 3.9% year over year, slightly below estimates.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool