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The previous week began for the US stock market with moderate growth amid rising prices for semiconductor manufacturers after the leaders of the United States and China agreed to resume negotiations.

US President Donald Trump and Chinese President Xi Jinping have agreed not to introduce new tariffs for American and Chinese goods after meeting on the sidelines of the G20 summit in Osaka. According to Trump, the meeting was the best possible. According to the Chinese Xinhua News Agency, both leaders agreed to “resume trade consultations between their countries on the basis of equality and mutual respect." The White House added that the United States would relax restrictions on US companies to sell products to the Chinese telecommunications giant Huawei. In addition, investors' attention attracted data from the US A report published by the Institute for Supply Management (ISM) showed that in June, activity in the US manufacturing sector deteriorated slightly, about was higher than forecast. the PMI index fell to 51.7 points from 52.1 points in May. Analysts expected the index to fall to 51.0.

On Tuesday, the positive dynamics continued due to the increase in shares of the utilities sector and the consumer goods sector. A constraining factor was the news that the US threatened to introduce additional tariffs on goods from the EU in the amount of $ 4 billion in connection with a long-standing dispute over EU subsidies to Airbus aircraft. In addition, pressure on the market was also affected by the dynamics of oil prices, which fell by more than 4% amid fears about demand.

The next day, the growth rate increased, the S & P 500 and DJIA indices updated record highs, as the expectations of a decline in the Fed rate at the end of this month increased after the publication of a block of weaker than expected economic data. The report, presented by ADP, showed that the growth in the number of jobs in the private sector accelerated in June, but nevertheless turned out to be lower than economists' estimates. According to ADP, employment in the private sector increased by 102,000 jobs, after rising by upward-looking 41,000 jobs in May. Economists had expected employment to increase by 140,000 jobs. In addition, the ISM report pointed to a decline in business activity in the services sector. The business activity index in the US service sector fell in June to 55.1 points compared to 56.9 points in May. The latter value was the lowest since July 2017. Analysts predicted that the figure will drop to the level of 55.9 points.

On Thursday, the trades were not conducted on the occasion of Independence Day.

The week ended in the red, as strong US job growth in June weakened investors' hopes for an aggressive reduction in interest rates from the Fed. A report by the US Department of Labor showed that the number of jobs in the non-farm sector increased by 224,000 last month, the most in five months. The economy in April and May created 11,000 fewer jobs than previously reported. Economists forecasted an increase in jobs in June of 160,000. At the same time, the unemployment rate rose by one tenth of a percent to 3.7% as people entered the labor market. Despite solid hiring data, the report also pointed to a moderate salary increase, an argument that could still prompt the Fed to cut rates this month. According to the report, the average hourly wage rose six cents in June or 0.2% after rising 0.3% in May. This allowed to maintain annual wage growth of 3.1% for the second month in a row. The wage growth trend has slowed since the end of last year, when wages grew at the fastest pace in a decade, indicating moderate inflation.

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