Connect with us

Hi, what are you looking for?

THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Nasdaq rises on megacap increase as markets evaluate payrolls.

Listen to the article now

image credit: nasdaq

Friday’s mixed payrolls report left the Dow and S&P 500 in limbo as investors analyzed the Federal Reserve’s policy easing pace. Megacap tech giants buoyed the Nasdaq.
Futures increased after the U.S. Labor Department’s carefully awaited data revealed the unemployment rate jumped to 4.1% in June, contrary to estimates of 4%.

In June, non-farm payrolls surged 206,000, above the predicted 190,000. May numbers were also down to 218,000 from 272,000.
Average hourly wages grew 0.3%, as predicted, and less than May’s 0.4%.
“The report is mild. “The market expected job gains to be lower, but the number was lower than May’s report that worried some people,” said Bowersock Capital Partners CEO Emily Bowersock Hill.

What occurred in May isn’t as heated as we imagined, says the Fed. The data isn’t awful enough to scare markets or the Fed.”
After the report, Treasury rates fell, supporting rate-sensitive megacap companies including Apple,  and Meta Platforms which rose 0.7% to 2.2%.
Alphabet shares gained 1.6% to a record high. Consumer discretionary stocks and utilities led sectors advances, while energy led falls.
A 25-basis-point chance LSEG reported a September interest rate decrease of 75% following payrolls statistics, with traders betting on two cuts this year.
Tesla fell 0.6% after touching its highest level since early January on Wednesday.
Other reports this week showed the U.S. economy losing pace, pushing market investors to bet on numerous rate cuts this year.

That helped the S&P 500 and Nasdaq close Wednesday’s holiday-shortened trading at record highs. Due to the share market’s Thursday closure for Independence Day, trade volumes have been weak all week.
At 9:50 a.m. ET, the Dow Jones Industrial Average was down 33.29 points, or 0.08%, at 39,274.71, the S&P 500 was up 0.80 points, or 0.01%, at 5,537.82, and the Nasdaq Composite was up 41.80 points, or 0.23%, at 18,230.10.
All three major Wall Street indices are on track for weekly gains. It’s unclear whether Wall Street’s rise will extend beyond megacap firms and if profits will maintain lofty values after second-quarter reports.
According to a report, Arkhouse Management and Brigade Capital boosted their offer to purchase Macy’s for $6.9 billion, sending the stock up 10%.
On the NYSE and Nasdaq, declining issues outnumbered advancers 1.55 and 1.51, respectively.
The S&P index had 12 new 52-week highs and six new lows, while the Nasdaq had 18 and 54.

Comment Template

You May Also Like

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.