Stocks Pare Gains as Virus Angst Offsets Jobs Data: Markets Wrap

U.S. coronavirus cases had the biggest increase since May 9
June jobs rise above-forecast 4.8 million before virus surge

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Robert Tipp, chief investment strategist at PGIM Fixed Income, talks about his outlook for fixed income and the yield curve.Source: Bloomberg

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By Rita Nazareth, Lu Wang, and Vildana Hajric

July 1, 2020 at 9:21 PM UTC

Updated on

July 2, 2020 at 8:18 PM UTC

This article is for subscribers only.

U.S. stocks pared gains on speculation that a second wave of coronavirus cases could jeopardize an economic rebound from the sharpest contraction on record.

The S&P 500 came off session highs amid a slump in trading volume ahead of a holiday on news that U.S. virus cases had the biggest increase since May 9. Earlier, Florida reported that infections and hospitalizations jumped the most ever, and Houston had a surge in intensive-care patients. The figures offset data showing payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month.

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