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The major stocks in this report all look likely to jump at the open, as Wall Street celebrates job losses in a “bad news is good news” move.
July payrolls fell by 23,000, with prior months revised lower. Unemployment dropped to 4.1%, mainly because labor-force participation declined.
Officials at the Federal Reserve are chiefly focused on the trajectory of inflation after five years of overshooting the central bank's 2 percent target.
The Labor Department reported that payrolls declined 23K in July, well below expectations of growth of nearly 100K. Unemployment, on the other hand, declined to 4.1%.
US stocks were mixed on Friday after a weaker-than-expected July jobs report sharply reduced expectations of a Federal Reserve interest rate hike in September. The Dow Jones index fell about 0.11% or 60 points, while the S&P 500 gained 0.37%.
Traders are alert to the prospect of intervention just a few days after Japanese and U.S. authorities jointly stepped into the foreign exchange markets.
The market expected another "mild" CPI report, but soft data points to a "hot" report. The Fed might be forced to hike in September, with more aggressive tightening policy to be priced in.
U.S. equity funds recorded outflows in the week to August 5 as some investors cashed in gains after a record-setting market rally and awaited Friday's July jobs report, a key input for Federal Reserve rate expectations.
Your weekly market recap, with reading, watching and listening recommendations from the ROI team. Tech earnings hogged the spotlight this week, as both SpaceX and chipmaker AMD failed to impress investors despite revenue beats, with concerns remaining about the durability of the AI spending spree. Meanwhile, the prospect of yet another interim U.S.-Iran deal pushed down crude prices, but optimism appeared to be fading heading into the weekend.
The yen has returned to the back foot following a coordinated effort by the U.S. and Japan to weaken the Japanese currency.
Payrolls day Good morning, and welcome to payrolls day, the Friday each month when Wall Street stops talking over itself to stare at one spreadsheet. US stock futures nudged higher ahead of the July jobs report, due at 8.30 am eastern time.
Nonfarm payrolls were projected to increase by 83,000 in July while the unemployment rate held steady at 4.2%, according to the Dow Jones consensus.
The U.S. lost 23,000 jobs in July, the Labor Department said Friday, an unexpected decline, and springtime job gains were revised sharply lower.
Celsius Holdings remains a Strong Buy, with disruptive momentum and significant domestic and international growth potential despite recent earnings volatility. Celsius' valuation appears deeply discounted, with DCF-derived intrinsic value at $33.81 per share versus ~$25 current, even under conservative assumptions. Alani Nu integration and PepsiCo partnership drive top-line growth, while the Celsius brand faces near-term headwinds from promotional spend and inventory rebalancing again.
Aspen Insurance Holdings Limited's three preferred stocks - AHL.PR.D, AHL.PR.E, and AHL.PR.F - are now backed by Sompo Holdings, a global insurer with A+ ratings. I am upgrading all three Aspen preferreds to Buy, citing ~7.4% yields and Sompo's robust financial backing and coverage ratios. Sompo's $101B in assets and 98x preferred dividend coverage ratio virtually eliminate non-payment risk for Aspen preferred shareholders.
