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Dow jumps more than 300 points, S&P 500 sets new record after strong June jobs report
Dow jumps more than 300 points, S&P 500 sets new record after strong June jobs report

NBC News

time03-07-2025

  • Business
  • NBC News

Dow jumps more than 300 points, S&P 500 sets new record after strong June jobs report

U.S. stocks rose on Thursday, with the S&P 500 and Nasdaq Composite hitting fresh record highs, after a better-than-expected jobs report fueled optimism the U.S. economy was hanging tough despite fast-changing trade policy and geopolitics. The Dow Jones Industrial Average advanced 344.11 points, or 0.77%, settling at 44,828.53. The S&P 500 added 0.83% to close at 6,279.35, while the Nasdaq gained 1.02% and ended at 20,601.10. Both the S&P 500 and the Nasdaq Composite also closed at records. Nonfarm payrolls rose by 147,000 in June, the Bureau of Labor Statistics reported Thursday. That's above the Dow Jones forecast from economists for 110,000 and the upwardly revised 144,000 in May. The unemployment rate also fell to 4.1%, while economists had projected an increase to 4.3%. The strong jobs report also spurred a spike in Treasury yields and reduced expectations for the Federal Reserve to cut interest rates soon. Fed funds futures traders are currently pricing in a roughly 95% chance that the central bank will hold rates steady at its meeting later this month, per CME Group's FedWatch tool. 'The biggest implication from the employment report would seem to be there's no way the Fed's cutting rates in July, and it's a question mark as to whether rates are cut at all this year,' Jed Ellerbroek, portfolio manager at Argent Capital Management, said in an interview with CNBC. Thursday's report comes a day after ADP released data showing that private payrolls decreased by 33,000 last month, raising fears that perhaps the economy was starting to stumble under the weight of rapid policy changes out of Washington. Thursday's official government data knocked down that notion. Meanwhile, after President Donald Trump announced the U.S.-Vietnam trade agreement Wednesday, investors eagerly awaited any potential future deal announcements as the president's early July deadline on his 90-day tariff pause approaches next week. While the market trading at all-time high levels leaves it open to downside, especially if Trump chooses to be 'really tough' in negotiations, Ellerbroek believes the market is ultimately taking a more optimistic view. 'We will see a real tariff impact for a lot of businesses, but the market is going to digest that without too much trouble,' he also said. Investors are also following along the progress on Trump's tax megabill, which finally passed the Senate Tuesday and has since returned to the House. The bill is now headed for a final vote after the Republican-controlled House advanced the legislation Thursday. Thursday was a shortened trading session, with the New York Stock Exchange and the Nasdaq closing at 1 p.m. ET. U.S. markets are closed on Friday for Independence Day. All three major U.S. averages closed out the week in positive territory. The S&P 500 and Nasdaq Composite were up 1.7% and 1.6% week to date, respectively, while the Dow posted a 2.3% gain for the period.

U.S. stocks close higher after strong June jobs report
U.S. stocks close higher after strong June jobs report

The Star

time03-07-2025

  • Business
  • The Star

U.S. stocks close higher after strong June jobs report

NEW YORK, July 3 (Xinhua) -- U.S. stocks climbed to fresh record highs on Thursday after a stronger-than-expected June jobs report bolstered confidence in the economy. The stock market closed early following the traditional schedule before Independence Day. The Dow Jones Industrial Average rose 344.11 points, or 0.77 percent, to close at 44,828.53. The S&P 500 gained 0.83 percent to finish at 6,279.35, while the Nasdaq Composite advanced 1.02 percent to 20,601.10. Both the S&P 500 and Nasdaq ended at new all-time highs. Gains were broad-based across most sectors. Technology led the charge with a 1.29 percent increase, followed by financials, which rose 1.08 percent. Industrials climbed 0.82 percent, and consumer discretionary added 0.75 percent. Materials was the only sector to finish unchanged. The Bureau of Labor Statistics reported that nonfarm payrolls rose by 147,000 in June in the United States, topping economists' expectations for 110,000 and exceeding the upwardly revised 144,000 in May. The unemployment rate fell to 4.1 percent, better than the forecast increase to 4.3 percent. "The biggest implication from the employment report would seem to be there's no way the Fed's cutting rates in July, and it's a question mark as to whether rates are cut at all this year," Jed Ellerbroek, portfolio manager at Argent Capital Management, said in an interview with CNBC. Meanwhile, in Washington, D.C., the House of Representatives passed U.S. President Donald Trump's massive tax and spending bill just before the holiday recess, marking a key political victory for the administration ahead of the July 4 break. Shares of the world's largest technology companies, which have helped drive the recent market rally, were mostly higher on Thursday. Nvidia, Microsoft, Amazon and Broadcom each rose more than 1 percent, extending their recent gains. Apple, Alphabet and Meta Platforms also ended the session in positive territory. Tesla shares slipped slightly, capping a volatile week for the electric vehicle maker. The stock market will be closed Friday in observance of Independence Day.

Prime Day could be Amazon's big earnings catalyst: What to know
Prime Day could be Amazon's big earnings catalyst: What to know

Yahoo

time02-07-2025

  • Business
  • Yahoo

Prime Day could be Amazon's big earnings catalyst: What to know

Amazon's (AMZN) Prime Day is doubling to 96 hours this year, aiming to boost sales and membership. Yahoo Finance Senior Reporter Brooke DiPalma and Argent Capital Management portfolio manager Jed Ellerbroek join Opening Bid to discuss how this extended event could impact Amazon and its retail competitors. To watch more expert insights and analysis on the latest market action, check out more Opening Bid here. Amazon, I'm locked in on Amazon, not because of Jeff Bezos' wedding aftermath, loving the photos out there, but because Prime Day is set to begin on July 8th. The shopping event will have one important change this year, which I view as a solid third quarter earnings catalyst for Amazon. Prime Day will last 96 hours, twice as long as last year. The longer shopping period could ring the register for Amazon. Bank of America estimates in a new note, Prime Day could haul in $21 billion in sales. Yes, that's correct. Up 60% year over year. Despite this, I find one interesting thing when jumping onto the Yahoo Finance platform for some analysis. And analysts haven't hiked their EPS estimates on Amazon the last 90 days. In fact, they have fallen by 11 cents in the past 90 days. Still with me, my round table of pros, Brooke De Palma, Ines Ferre, and Jed Ellerbrook. Um Brook, I'm going to go over to you because you, uh, you cover consumer closely for us. A lot of other retailers, Walmart, Target, have tried to get some of Prime Day's turf in recent years, holding events of their own. But you heard the numbers there. This is going to be a big day for Amazon. Could it be a bad day for Walmart and Target? Well, Walmart's certainly looking to get in on the action. We now know that they're having a Walmart deals event spanning the course of six days, starting at midnight on July 8th. And so Walmart's certainly thinking here, hey, this is not necessarily going to be a bad thing for us. We're rather an opportunity here to really take market share as they continue to compete with Amazon, especially as Walmart looks to ramp up that key e-commerce business. Now, a far different story at Target. We know that Target has really struggled over the past year when it comes to that pullback in discretionary goods. Now, typically during this Prime Day event, let's be honest, sometimes we don't always buy those essentials. And so Target looking to get in on the action here, they're having a circle week from July 6th to July 12th. So not only are Walmart and Target looking to get on in on the action, but they're saying, hey, we're having longer events for our most loyal customers here. And also something to note here is Amazon really using AI technology in this Prime Day event this year. And so it'll be interesting to see how Walmart and Target play inside too. Brooke, right on. I don't need any more blenders. I got all the blenders I need. In fact, I just bought one for my desk here, Yahoo Finance HQ in New York City. I mean, thing's great. It's a Shark Ninja blender. I can make smoothies and it's awesome. Um, Jed, I want to get over to you. Yeah, I really got. I'll show you. I mean, I sit right near you. Uh, Jed, I want to get over to you on Amazon stock. You know, we've been talking more and long about stocks that have been doing well. Amazon stock interestingly, down 8.5% from the January 27th highs. At the same time, other Magnificent Seven names like Meta and Nvidia hitting record highs. Is Amazon stock broken? And if so, why? Yeah. No, it's not broken. Uh, Amazon stock is underperformed versus other Magnificent Seven names because Amazon is most exposed to the tariff uncertainty. And so I think the company guided conservatively for this upcoming second quarter earning season. I think we'll see them beat that guidance here later this month. And as the tariff uncertainty fades, I think you'll see Amazon stock catch up. There's a lot of great stuff going on with their retail business, especially in their fulfillment network and the deployment of robots, and just the, um, you know, the additional retail sales and the leverage that that provides them as they, uh, as they ship packages to people's homes. And then over on the cloud computing business, AWS, um, continued high, you know, teens growth, which is outstanding. And I think there's room for that to improve further as they get, uh, more capacity online. Jed, real quick, um, you know what people have forgotten that Prime Day sure rings up sales, but it's also an opportunity for them to get more Prime members. Is that the secret weapon of Amazon here on Prime Day? Yeah, it is. It is. Once they get you, um, in in the the network in the system with Prime, it's, uh, it's really unusual for people to leave. The value of that Prime membership greatly exceeds its cost. And so Amazon continues to please customers and attract more and more every day. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤

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