Stock Market Today: Dow, S&P 500 Futures Gain Even as July Nonfarm Payrolls Unexpectedly Contract

Benzinga

U.S. stock futures were higher on Friday, as the Dow Jones, S&P 500 and Nasdaq 100 indices rose, following Thursday's lower close.  The U.S. labor market unexpectedly cooled in July as nonfarm payrolls dropped by 23,000, sharply missing FactSet's forecast of a 97,500 gain and falling below June's revised 20,000 increase. Despite the job contraction, the unemployment rate ticked down to 4.1%—beating expectations of 4.2%—while average hourly earnings remained essentially flat at $37.62, up 3.2% year-over-year.  Meanwhile, Iran and Oman were continuing negotiations on a proposed framework for the Strait of Hormuz that would allow the two countries more control over the strategic shipping route.  The 10-year Treasury bond yielded 4.67%, and the two-year bond was at 4.24%. The CME Group’s FedWatch tool’s projections show markets pricing a 54.7% likelihood of the Federal Reserve hiking the current interest rates during its September meeting.  The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Friday. The SPY was up 0.28% at $770.75, while the QQQ advanced by 0.81% to $720.47.

Transcript

00:08All right. Green arrows across the board here today. S&P futures up 0.25 percent. Dow futures

00:15up 0.13 percent. NASDAQ leading the way higher 0.55 percent. Also, oil's down a little bit as

00:23well, minus 0.74 percent on the crude futures there. Let's take a look at some cues from last

00:30session, as well as what we can expect today. It's all set for the market. Sectors such as real

00:38estate, industrials and materials led the losses on Thursday, though energy and health care trend

00:43to close higher. U.S. stock futures were mixed on Friday as the Dow Jones slipped and the S&P

00:48and

00:48NASDAQ indices rose following Thursday's lower close. Since then, they've all moved to the

00:55positive territory. Investors are expecting the U.S. Bureau of Labor Statistics July unemployment

01:00report before Friday's market open, where FACSAT estimates total non-farm payrolls to rise by

01:0697,500 and the unemployment rate to hold steady at 4.2 percent. This would mark an acceleration

01:13from June's gain of 57,000 jobs. Meanwhile, Iran and Oman were continuing negotiations on a proposed

01:21framework for the Strait of Hormuz that would allow the two countries to control the strategic

01:25shipping route. The 10-year Treasury bond yielded 4.67 percent and the two-year bond was at 4.24

01:31percent.

01:32CME Group's Fed watch tool projection show markets pricing a 54.7 percent likelihood of the Federal

01:38Reserve hiking the current interest rates during its September meeting. Now, we've got several

01:43stocks in focus here for you today, and the first one, this is a cool one. This is Atlassian. The

01:47ticker is TEAM, ticker T-E-A-M. It's the parent company of the program Jira. They surged 30.25

01:53percent

01:54in the pre-market on Friday after the company reported better-than-expected fourth-quarter

01:58financial results. The next stock on our list, this used to be a trade darling for our show, but boy,

02:04oh boy, has it fallen from grace. This is the trade desk. Ticker TTD plunged by 27.45 percent

02:11as it reported worse-than-expected second-quarter financial results and issued soft third-quarter

02:17revenue guidance. The next stock on our list is going to be Cloudflare. The ticker is NET,

02:22N-E-T. It rose 14.97 percent after reporting better-than-expected second-quarter financial

02:28results and raising its fiscal year 26 guidance above estimates. Doximity is our next stock,

02:36ticker D-O-C-S. It surged 71.1 percent after the company reported better-than-expected first-quarter

02:42sales results and raised its fiscal year 27 sales guidance above estimates. The last stock on our

02:49list is a previous home run for our group. This is SEZL, ticker S-E-Z-L. It declined 23

02:55.82 percent

02:56after the company reported second-quarter financial results.

Category

Transcript

Comments

Recommended