Stock indices finished today’s trading session in the red. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) fell 0.43%, 0.53%, and 0.51%, respectively. The technology sector (XLK) was the session’s laggard, as it lost 1.39%. Conversely, the consumer discretionary sector (XLY) was the session’s leader, with a gain of 1.45%.
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Furthermore, the U.S. 10-Year Treasury yield decreased to 4.04%, a drop of 14 basis points. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 4.78%.
Last updated: 2:52PM EST
Stocks lose their momentum as we head into the closing moments of the trading week. Indeed, at the time of writing, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.4%, 0.4%, and 0.3%, respectively. On the other hand, WTI crude oil is up today as it hovers above $80 per barrel. The commodity’s recent uptrend has led to prices at the pump gaining upward momentum across the country.
Indeed, the national average for regular gas was last $3.831 per gallon, up from last week’s reading of $3.732. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.047 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.334 per gallon.
Last updated: 11:23AM EST
Stocks remain in the green as investors cheer a cooling labor market. At the time of writing, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.6%, 0.5%, and 0.5%, respectively.
Last updated: 9:30AM EST
Stocks opened higher on Friday after the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.65%, 0.44%, and 0.4%, respectively, at 9:30 a.m., EST, August 4.
The U.S. jobs data indicated that the persistently hot labor market could be cooling down as the economy added 187,00 jobs compared with economists’ forecast of 200,000 jobs. In addition, the Bureau of Labor Statistics revised downward the June figure to 185,000 jobs from 209,000.
Meanwhile, the unemployment rate continued to trend lower for a second straight month to 3.5% from 3.6% in June and was below the consensus estimates of 3.6%. Average hourly earnings grew by 0.4% month-over-month, higher than forecasts of a rise of 0.3%. On a year-over-year basis, average hourly earnings increased by 4.4%, compared with an expected rise of 4.2%.
First published: 4:45AM EST
U.S. Futures are inching higher in the wee hours of Friday morning. Traders hope for supportive data from the Jobs report for July, due for release this morning. Experts expect nonfarm payrolls to grow by 200,000 in July, with the unemployment rate pegged at 3.6%. Also, average hourly wages are expected to rise by a modest 0.3% in July and 4.2% for the next twelve months. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.50%, 0.35%, and 0.18%, respectively, at 4:45 a.m., EST, August 4.
The three major averages are on track to finish the trading week on a negative note. The steady increase in bond yields following Fitch Ratings’ downgrade is pressuring American stocks. The U.S. 10-year Treasury yield increased to 4.18% on August 3, increasing by 10 basis points.
The second quarter earnings season has been full of surprises, with roughly 80% of companies outperforming expectations, as per FactSet. Amazon.com (AMZN) shares jumped 9% in extended trading yesterday after beating Q2 expectations. On the contrary, Apple’s (AAPL) stock fell 2% after the iPhone maker exceeded Q2 earnings but reported a decline in revenue growth compared to the prior-year quarter. Notably, the company closed the period with over a billion subscriptions.
Meanwhile, shares of both Airbnb (ABNB) and Block (SQ) slipped in after-hours trading despite posting earnings wins. On the other hand, DraftKings stock (DKNG) jumped 12% after the company posted solid beat-and-raise results.
Elsewhere, most European indices are trading in the green on Friday as traders watch the European bank earnings unfold. The Bank of England (BOE) raised interest rates by 25 basis points yesterday, as expected.
Asia-Pacific Markets Ended in Green on Friday
A majority of Asia-Pacific indices finished in the green on Friday.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended higher by 0.61%, 0.23%, and 0.67%, respectively.
Similarly, Japan’s Nikkei finished near the flatline while the Topix index ended up by 0.28%.
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