:max_bytes(150000):strip_icc()/MarketBlogImage-final-6ac06c7b9250446a8e86c566b11e02e1.png "Dow Jones Today: Tech Boosts S&P 500, Nasdaq as Yields Slip After Jobs Report")
By U.S. stocks were mixed in early trading Friday after the release of key labor market data started what could be a quiet, low-volume session on Wall Street.
The Nasdaq Composite traded 0.2% higher Friday morning, while the S&P 500 was flat and the Dow Jones Industrial Average ticked down 0.1%.
The U.S. added 206,000 jobs in June, about as many as economists had predicted. Meanwhile, the unemployment rate ticked up to 4.1% from 4% in May, while annual wage growth slowed to 3.9% from 4.1% the prior month. The report contrasted somewhat with Tuesday’s job openings and labor turnover survey, which surprised to the upside, and Wednesday’s private payroll report from ADP, which came in below estimates.
Treasury yields dropped following the jobs data. The Federal Reserve is looking for a slight downshift in both hiring and wage growth as evidence that high interest rates are sustainably returning inflation to its 2% target without sending the economy into recession.
Cryptocurrencies slumped Friday morning as the custodian of defunct exchange Mt. Gox began making payouts of nearly $9 billion to former creditors, which is expected to prompt significant selling.
The dollar was slightly lower Friday, while oil, gold, and silver futures climbed.
Markets were closed for Independence Day yesterday after the Nasdaq and S&P 500 both climbed to record highs on Wednesday when soft manufacturing and services data buoyed the market’s hopes for interest rate cuts later this year.
Stocks Making the Biggest Moves Premarket
17 minutes ago
Gains:
- Teck Resources (TECK): Shares of the mining company rose nearly 4% after Canada approved Glencore’s $6.9 billion acquisition of its coal mining business, the proceeds from which Teck expects to spend on buybacks and investments in its copper business.
- Tesla (TSLA): The electric vehicle maker’s stock continued its winning week, rising about 2% amid reports that several Chinese state-owned firms had purchased its vehicles. Tesla’s struggle to compete with Chinese rivals has been a major overhang for the stock this year.
Losses:
- MicroStrategy (MSTR): Shares of the software company, which has pegged much of its fortune on Bitcoin, slumped 7% amid a cryptocurrency sell-off. Crypto came under pressure from reports the custodian of bankrupt exchange Mt. Gox had begun the disbursement of nearly $9 billion in assets to creditors. Crypto exchange Coinbase (COIN) and digital trading platform Robinhood (HOOD) were also lower.
- Li Auto (LI): Shares of the Chinese electric vehicle maker slid 3% after European regulators confirmed on Thursday that they were raising tariffs on Chinese TVs effective Friday.
Dow Futures Join S&P, Nasdaq in the Green After Jobs Data
45 minutes ago
Dow futures jumped into positive territory Friday morning after the release of jobs data showed the unemployment rate ticked up slightly in June as wage growth slowed. The data boosted optimism that the Federal Reserve will be in a position to cut interest rates as early as September.
Stock Futures Little Changed Ahead of Jobs Data
1 hr 16 min ago
Futures contracts connected to the Dow Jones Industrial Average were off about 0.1% in premarket trading on Friday.
S&P 500 futures were flat after giving up earlier gains.
Nasdaq 100 futures were holding steady up about 0.1%.
