STOCK MARKET NEWS: Jobs report due, futures rise, DoorDash shares higher

STOCK MARKET NEWS: Jobs report due, futures rise, DoorDash shares higher

 

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July jobs report expected to show hiring dwindled as labor market cools off

U.S. job growth likely cooled off in July, suggesting that headwinds from the highest inflation in four decades and rising interest rates are starting to weigh on the labor market.

The Labor Department on Friday morning is releasing its closely watched July jobs report
, which is projected to show that payrolls increased by 250,000 last month and the unemployment rate held steady at 3.6%, according to a median estimate by Refinitiv economists.

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Posted by Ken Martin

Stock futures choppy ahead of the July jobs report

U.S. equity futures are mixed ahead of the most anticipated economic report of the month.

The major futures indexes are trading between gains and losses.

Oil traded choppy on Friday, attempting a rebound from the previous session, as supply shortage concerns were beating fuel demand worries.

West Texas Intermediate crude traded around $89.00 a barrel. Brent crude was at $94.00 a barrel.

The key economic report of the week comes before the opening bell when the Labor Department is expected to say the U.S. economy added 250,000 new nonfarm jobs in July. “It won’t be like the 372,000 we saw in June,” said Joanie Bily, Workforce Analyst at Employbridge. “We could see revisions and even see June’s number revised.”

it would mark the weakest job growth since December 2020, consistent with other data showing cooling labor market. The unemployment rate is anticipated to hold steady at 3.6% for the fifth month in a row.

AMC Entertainment shares are 7% lower in premarket trading after the company reported a bigger-than-expected loss
and announced it will pay a special dividend in the form of preferred shares.

DoorDash shares are 11% higher in premarket trading after the company said it received a record number of customer orders in the second quarter, boosted by resilient demand and its acquisition of Finnish delivery service Wolt Enterprises.

The second-busiest week of 2Q earnings season wraps up Friday morning with results from Goodyear Tire, data storage giant Western Digital, broadcasters Gray Television and AMC Networks, movie theater operator Cinemark Holdings, and fantasy and sports betting giant DraftKings among many others.

In Asia, the Nikkei 225 in Tokyo gained 0.9%, the Hang Seng in Hong Kong rose 0.2% and China’s Shanghai Composite Index advanced 1.2%.

On Wall Street, the benchmark S&P 500 index closed 0.1% lower on Thursday while investors digested corporate earnings reports and waited for the jobs data.

The S&P 500 declined to 4,151.94 and the Dow Jones Industrial Average fell 0.3% to 32,726.82. The Nasdaq composite rose 0.4% to 12,720.58.

Posted by Ken Martin

Gasoline’s move lower continues

The average price of a gallon of gasoline slipped on Friday to $4.113, according to AAA. Gas was $4.139 on Thursday. Gas has been on the decline since hitting a high of $5.016 on June 14. Diesel slipped as well to $5.193 from $5.215.

Posted by Ken Martin

Oil prices trade cautiously on supply concerns

Oil prices have rebounded from the previous session, as supply shortage concerns were beating fuel demand worries.

West Texas Intermediate crude traded around $89.00 a barrel. Brent crude was at $94.00 a barrel.

Oil prices have been pressured this week over economic growth concerns. OPEC+ announced this week it will raise its oil output goal in September by 100,000 barrels per day.

Investors are focused on the U.S. employment report to be released later in the day, which is expected to show nonfarm payrolls increased by 250,000 jobs last month, a slowdown from June.

Posted by Ken Martin

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were trading higher Friday morning

Bitcoin was trading around $23,000, after trading lower in four of the last five days. Bitcoin is off nearly 5% in the past week. For the year, the cryptocurrency is down more than 51%.

Ethereum was trading around $1,600, down more than 6% in the past week.

Dogecoin was just short of 7 cents, down 2% in the past week.

Posted by Ken Martin

 

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