U.S. stocks were on track to hit fresh record highs on Friday as investors accepted the possibility that a strong June jobs report could push the Federal Reserve closer to cutting interest rates.
The S&P 500 (^GSPC) rose 0.3% following the report after posting a record close in a shortened session on Wednesday. The Dow Jones Industrial Average (^DJI) fell 0.2%, while the tech-dominated Nasdaq Composite (^IXIC) rose 0.3%, led by gains in tech giants.
The U.S. economy added 206,000 jobs in June, beating Wall Street expectations of 190,000. But the unemployment rate unexpectedly rose slightly to 4.1%, its highest level since November 2021, in another sign that the labor market is continuing to slow.
Signs of easing conditions in labor data earlier this week have reinforced the idea that inflation will continue to decline, paving the way for the Federal Reserve to cut interest rates from their current two-decade highs. Traders are now pricing in a 75% chance of a rate cut in September, according to CME FedWatch Tool.
The yield on the 10-year U.S. Treasury note (^TNX) fell to 4.28% during afternoon trading, continuing its decline during the week.
Investors are looking ahead to Friday’s jobs data to decide whether slower monthly job growth reflects a normal return to the labor market as the pandemic eases or early signs of a broader economic slowdown.
Elsewhere, Labour’s landslide victory in the UK election has caught the attention of investors monitoring political risks, especially as the US presidential election approaches. With some major donors urging President Joe Biden to step down, all eyes are on Donald Trump’s growing lead in the polls and what that could mean for markets.
On the corporate front, Samsung Electronics Co. (005930.KS) reported quarterly earnings 15 times higher than a year ago, sending the stock to a three-year high, boosted by the AI boom.
Cryptocurrency stocks linked to Coinbase Global (COIN) fell 2% and Marathon Digital (MARA) lost about 5% in morning trading as bitcoin (BTC-USD) fell to its lowest level against the dollar since February.
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Epic Games says Apple is delaying the launch of its game store in Europe
Epic Games, the maker of the popular video game Fortnite, said Apple (AAPL) has rejected its requests that would allow it to launch a game store in Europe, hampering its efforts.
In response, the game publisher said it had shared its concerns with the European Commission, escalating a long-running dispute between the two companies over allowing consumers direct access to purchases outside of Apple’s App Store.
in Series of posts about Friday XEpic Games said Apple objected to the design, placement and naming of some digital buttons in its mobile store application documents. Epic claims it has used the same naming conventions in app stores on other platforms and follows standard conventions for buttons in iOS apps.
“Apple’s denial is arbitrary, obstructive, and in violation of the DMA, and we have shared our concerns with the European Commission,” Epic said in the posts.
Last month, European Union regulators filed their first charges under a new digital competition law against Apple, alleging that Apple prevented app developers from directing customers to more affordable options outside its App Store.
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Stock Trends in Morning Trading
Here are some of the stocks that are topping Yahoo Finance’s financial indicators page during Friday morning trading.
Tesla (Tesla): Tesla shares were down slightly after investors sent the electric-car maker up about 25% over the past week after the company reported vehicle deliveries that beat Wall Street expectations. More broadly, investors are betting on a positive quarterly report later this month and the unveiling of a robotaxi in early August that bullish analysts say will mark the next phase of Tesla’s story. Shares were down less than 1% in morning trading.
Coinbase (currency): The cryptocurrency market is tumbling, dragging down companies associated with it. The digital asset exchange is down 5%, reflecting a drop in the price of bitcoin (BTC-USD), the most popular and largest cryptocurrency by market capitalization. Bitcoin fell to its lowest levels against the dollar since February. Cryptocurrency mining company Marathon (MARA) is down 7%, and online brokerage Robinhood (HOOD) is down 4%.
Maisie (M): Shares of the struggling department store chain rose about 10% Friday morning, After report A group of investors has made a second offer to buy the company. The latest offer was $300 million higher than the previous one.
Samsung Electronics (005930.K.S): The manufacturing giant’s shares rose 3% Friday morning after the company reported quarterly earnings rose 15 times from a year ago, sending the stock to a three-year high, boosted by the artificial intelligence boom.
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