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Jobs Report Worrisome for Corporate Profits, Says Trader

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A Federal Reserve rate hike is off the table for June after a disappointing jobs report, according to Keith Bliss, senior vice president of Cuttone & Co. Bliss said the weak payrolls number raises concerns about growth in corporate profits, which worries investors. After a volatile trading session Friday, Bliss said he expects stocks will drift in June and investors will rotate their money back into defensive sectors. Bliss noted that consumer staples, utilities and basic materials were among the better performing sectors in the midst of Friday's downturn. Bliss spoke from the floor of the New York Stock Exchange.

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