The jobs report came in much higher than anyone expected, in stark contrast to last month. Not everyone, however, sees this report as good news. …read more
From:: Real Estate Wire
U.S. stocks rally at the open on strong jobs report
U.S. stocks opened higher Friday, after June’s official jobs report came in significantly above expectations, showing 287,000 jobs were created and offering reassurance that the economy has rebounded after a soft patch earlier in the year. A rise in oil prices also helped boost risk appetite. The Dow Jones Industrial Average added 126 points, or 0.7%, to 18,025, the S&P 500 index gained 14 points, or 0.7%, to 2,111, while the Nasdaq Composite Index added 28 points, or 0.6%, to 4,904.
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From:: Stock Market News
Wells Fargo lowers estimates on eight retailers with Brexit exposure
Wells Fargo has lowered estimates on eight retailers it covers over concerns about U.K. exposure following the Brexit vote, the bank wrote in a Thursday note. Analysts lowered Fossil Group Inc.’s full-year 2016 earnings per share estimate to $2.07 from $2.15, and the full-year 2017 EPS estimate to $1.54 from $1.92 because “one-third of the company’s sales are generated in Europe, and we estimate that 30% of European revenue comes from the U.K.” Fossil shares are inactive in premarket trading, but down 59.3% for the past year. The other big move was Ralph Lauren Corp. . Wells Fargo lowered the luxury clothing and apparel retailer’s full-year 2016 EPS estimate to $5.29 from $5.52 and the full-year 2017 EPS estimate to $5.53 from $5.86. Bank analysts estimate that 20% of the company’s sales come from Europe with 40% of European revenue from the U.K. Ralph Lauren shares are inactive in premarket trading, but down 29.2% for the last 12 months. Other reductions were at Urban Outfitters Inc. , Sally Beauty Holdings Inc. , TJX Companies , Foot Locker Inc. , Signet Jewelers Ltd. and Michael Kors Holdings Ltd. . TJX (up 14.7%) and Michael Kors (up 17.7%) are the only stocks that have increased over the past 12 months. Signet Jewelers has seen the biggest decline in the past year (32.3%). The S&P 500 is up 2.5% over the last 12 months.
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From:: Stock Market News
Clinton, Trump both cancel campaign events after Dallas shootings
Both Hillary Clinton and Donald Trump cancelled campaign events in the wake of the shooting of Dallas police officers. Clinton was due to hold a joint event with Vice President Joe Biden in Scranton, Pa., and Trump was scheduled to have an event in Miami, Fla.
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From:: Stock Market News
U.S. stock futures surge on better-than-expected jobs report
U.S. stock futures turned sharply higher early Friday after the closely watched jobs report showed that 287,000 jobs were created in June. Futures for the Dow Jones Industrial Average jumped 128 points, or 0.7%, to 17,937, those for the S&P 500 gained 15.25 points, or 0.7%, to 2,107, while the Nasdaq-100 futures rose 25 points, or 0.6%, to 4,477. The strength of the report helped to assuage investors’ concerns that the employment picture was dimming following a May report that showed that the U.S. created just 38,000 jobs. Economists polled by MarketWatch had forecast a 170,000 increase in new nonfarm jobs. More broadly, the report helps to allay some fears about the strength of the U.S. economy at a time when the U.K.’s decision to exit the European Union, dubbed Brexit, has roiled global markets.
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From:: Stock Market News
Bank stocks surge after jobs data lifts Treasury yields
Financial stocks surged in premarket trade Friday, after a much stronger-than-expected June jobs report boosted Treasury yields. The SPDR Financial Select Sector ETF shot up 1.6%, after being up just 0.6% just before the jobs data was released. Among the ETF’s most heavily-weighted banks, shares of Bank of America Corp. ran up 2.6%, after being up just 0.5% pre-jobs data. Shares of Citigroup Inc. climbed 2.2%, J.P. Morgan Chase jumped 1.9% and Wells Fargo & Co. rose 1.9%. The U.S. economy added 287,000 jobs in June, above expectations of an increase of 170,000. That helped push the yield on the 10-year Treasury note up to 1.41%, from 1.39% just prior to the release of the data. Higher long-term yields can act as a boon for bank profits, as they increase the spread between what banks earn by funding longer-term assets, such as loans, with shorter-term liabilities.
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From:: Stock Market News
Treasury yields climb on strong June jobs report
Treasury yields climbed Friday to their highest level in a week after the official jobs report for June beat expectations, marking the biggest increase in payrolls since last fall and offering reassurance that the economy has rebounded after a soft patch earlier in the year. The 10-year Treasury yield , the U.S. market’s benchmark, gained 2 basis points to 1.407%, its highest level in a week, while the yield on the 2-year note gained 3.6 basis points to 0.625%, according to Tradeweb.The 30-year yield rose 0.4 basis point to 2.146%. Yields rise when prices fall and a basis point is equal to one hundredth of a percentage point.
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From:: Stock Market News
Dollar soars after blockbuster June jobs number
The dollar soared Friday against its main rivals after a blockbuster June jobs number allayed concerns about a surprisingly weak reading in the prior month. The dollar jumped to 101.13 yen after the data, compared with 100.38 yen shortly beforehand. The euro fell to $1.1020, compared with $1.1078. The pound dropped to $1.2935, from $1.2972. The Labor Department said the U.S. economy created 287,000 nonfarm jobs in June, surpassing expectations for 170,000 new jobs from a survey of economists conducted by MarketWatch. Meanwhile, the Canadian dollar tumbled against its U.S. rival after a monthly report on the Canadian labor market showed a slower-than-expected rate of jobs growth. The loonie weakened to 76.63 cents after the data, compared with 76.90 shortly beforehand.
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From:: Stock Market News
U.S. creates 287,000 jobs in June; unemployment 4.9%
WASHINGTON (MarketWatch) – The U.S. added 287,000 new jobs in June, marking the biggest increase since last fall and offering reassurance that the economy has rebounded after a soft patch earlier in the year. Economists polled by MarketWatch had predicted an increase of 170,000 nonfarm jobs, including about 35,000 Verizon employees returning to work after a lengthy strike. The unemployment rate rose to 4.9% from 4.7% as more people entered the labor force in search of work. The labor-force participation edged up a tick to 62.7%, the government said Friday. Average hourly wages rose 0.1% to $25.61. Hourly pay increased 2.6% from June 2015 to June 2016, matching the highest level of the recovery. Employment gains for May and April, meanwhile, were little changed. The government said a meager 11,000 new jobs were created in May instead of 38,000. April’s gain was raised to 144,000 from 123,000, however.
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From:: Stock Market News
Private-equity firm Siris Capital agrees to buy Polycom in $2.0 billion deal
Private-equity firm Siris Capital Group LLC has agreed to acquire Polycom Inc. in a $2.0 billion cash deal, that has obliged Polycom to end a previously agreed merger with Mitel Networks Corp. , the companies said Friday. Siris will pay $12.50 per Polycom share, equal to a premium of 13.6% to the current value of Mitel’s offer, based on its closing share price Thursday. Polycom, which offers audio and video services to enterprises, “fits well with Siris’ investment focus on mission-critical telecommunications businesses,” said Dan Moloney, Siris executive partner in the statement. Mitel shares were suspended premarket for the news, while Polycom shares jumped 8%.
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From:: Stock Market News