On the economic front, Friday will see nonfarm payrolls data, a key jobs indicator.
Joe Raedle/Getty ImagesU.S. stocks were rising on Friday after a stronger-than-expected jobs report and ahead of a holiday weekend.
In afternoon trading, the Dow Jones Industrial Average was up 173 points, or 0.5%. The S&P 500 and Nasdaq Composite were both up 0.7%. The 10-year Treasury yield declined to 1.43%.
The U.S. economy added 850,000 jobs in June, beating forecasts for 675,000 compiled by FactSet, while the unemployment rose to 5.9%, up from 5.8% in May. Average hourly earnings rose just 0.3%, slower than the 0.4% economists had forecast, suggesting that labor pressures might be easing.
Strategists said the data was unlikely to significantly change the outlook for the Federal Reserve’s withdrawal of support from markets. Goldman Sachs wrote in a note after the report that it expects the Fed to announce a reduction in bond purchases in December or possibly November, while TD Securities strategists said they expect an announcement at the Fed’s December meeting. Regardless of timing, the combination of stronger job growth and slower inflation looks to have gotten U.S. investors in a risk-on mood.
In Asia, Tokyo’s Nikkei 225 rose 0.3%, while Hong Kong’s Hang Seng slipped 1.8%. The Shanghai Composite fell 1.95%, its biggest single-day decline since March. The FTSE 100 in London was nearly flat as the pan-European Stoxx 600 was 0.3% higher. The CAC 40 in Paris was nearly unchanged and Frankfurt’s DAX rose 0.3%.
The share price moves of Neles and Valmet diverged significantly after the two Finnish industrial firms said that they have agreed to merge. Shares in Neles, which offers flow-control products such as valves used in the oil-and-gas-refinement process, rose 8.7%, while shares in Valmet—which provides technology and automation systems to industry—dropped 6.1%.
Dutch semiconductor companies added buoyancy to European stocks, with ASML stock rising 1.3% and shares in ASM International rising 2.5%. ASML, which supplies critical equipment to chip makers, got a boost as Micron Technology said it would begin using its machines from 2024. Fellow industry supplier ASM announced that orders in the second quarter of the year were much higher than previously guided, expected to exceed €500 million ($591 million).
Inditex stock fell 0.8%, after French prosecutors opened an investigation into the retail giant, which owns Zara, over suspected concealment of “crimes against humanity” linked to forced labor of minority Muslim Uyghurs in the Xinjiang region of China, Reuters reported. Prosecutors will also reportedly investigate three other retailers: Uniqlo France, SMCP, and Skechers. Shares in Japan’s Fast Retailing, which owns Uniqlo, fell 0.9%.
Tesla (ticker: TSLA) stock slipped 0.1% after reporting 201,250 deliveries during the second quarter. That was slightly below Bloomberg estimates for 204,160.
Virgin Galactic (SPCE) rose 4.2% after Richard Branson said he would go to space before Amazon.com ‘s (AMZN) Jeff Bezos.
Didi Global (DIDI) was down 7.1% after China revealed a cybersecurity review of the recently IPOed company.
PNC Financial Services (PNC) was up 0.6% after getting upgraded to Outperform from Underperform at Wolfe Research.
Anglo American (NGLOY) is up 2.7% after getting upgraded to Outperform from Market Perform at Bernstein.
Write to Alexandra Scaggs at alexandra.scaggs@barrons.com and Ben Levisohn at ben.levisohn@barrons.com
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July 03, 2021 at 02:37AM
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The Market Is Open Today. Stocks Are Rising After Strong June Jobs Report. - Barron's
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