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U.S. stocks opened higher Friday after closely watched measure of employment costs decelerated in the second quarter, sparking hopes that the Federal Reserve night delay a rate hike. Investors also digested a number of earnings reports, from companies such as ExxonMobil Corp and Chevron Corp. The main indexes are on track to record weekly and monthly gains. The S&P 500 opened 3 points, or 0.2%, higher at 2,112. The Dow Jones Industrial Average added 18 points, or 0.1%, to 17,764. The Nasdaq Composite began the session up 15 points, or 0.3%, at 5,143.25.

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From:: Stock Market News

The dollar tumbled against its rivals Friday after an index measuring the price of U.S. labor declined sharply in the second quarter. The euro jumped to $1.1060, from $1.0980 before the report, while the dollar dropped to 123.94 yen , from 124.30 yen. The data suggested that wage inflation remained weak in the second quarter, and that the labor market may not be as strong as employment data suggested. That in turn could influence Fed policy makers to delay an interest-rate increase, several analysts said. Fed policy makers have promised to base their decision on when to raise interest rates on the strength of economic data. Any data that could inspire them to delay a hike tends to weaken the dollar. Higher interest rates would increase the return on deposits held in dollars, making the currency more attractive to investors.

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From:: Stock Market News

Chevron Corp.’s stock slumped 1.9% in premarket trade Friday, after the oil giant reported a sharp decline in second-quarter profit and sales, hurt by lower crude prices and one-time charges. Net earnings fell to $571 million, or 30 cents a share, from $5.67 billion, or $2.98 a share, in the same period a year ago. The results include one-time charges of $2.6 billion for impairments and project suspensions, partially offset by $1.8 billion in gains from asset sales. Chevron’s upstream business swung to a net loss of $2.22 billion from a profit of $5.26 billion, while profit at its downstream business increased to $2.96 billion from $721 million. Revenue fell to $36.83 billion from $55.58 billion. The FactSet consensus was $35.7 billion. “Second quarter financial results were weak, reflecting a crude price decline of nearly 50 percent from a year ago,” said Chief Executive John Watson. “Our Upstream businesses were particularly hard hit, as lower prices reduced revenues and triggered impairments and other charges.” The stock has tumbled 16% over the past three months through Thursday, while the S&P 500 has gained 1.1%.

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From:: Stock Market News

UPS said Friday it has agreed to buy truckload freight brokerage Coyote Logistics from private-equity firm Warburg Pincus in a deal valued at $1.8 billion. UPS will finance the deal with cash on hand and debt, the parcel delivery company said in a statement. The deal is expected to boost 2016 earnings and to close within 30 days. “The brokered full-truckload freight segment is a high growth market and we expect it will continue to outpace other transportation segments,” UPS Chief Executive David Abney said in a statement. Coyote operates by arranging freight shipments on members of its network, which numbers more than 35,000 trucking companies. The company had annual revenue of $2.1 billion in 2014. UPS shares were not yet active in premarket trade, but are down 9% in the year so far, while the S&P 500 has gained 2.4%.

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From:: Stock Market News

WASHINGTON (MarketWatch) – An index that measures the price of U.S. labor decelerated sharply in the second quarter, easing fears of inflation and signaling the labor market may not be as healthy as the low unemployment rate suggests. The employment cost index barely increased, rising 0.2% in the second quarter after a 0.7% increase in the first three months of the year. The rise was an all-time low for the series going back to 1982 and was well below forecasts. Economists surveyed by MarketWatch had expected a more modest deceleration to a 0.6% gain. Wages – some 70% of employment costs – rose 0.2% in the second quarter after a 0.7% gain in the first quarter. Benefits rose at a slower pace, up 0.1% after a 0.6% rise in the first three months of the year. Over the past 12 months, employment costs have risen 2.0%, down from the first-quarter rate of 2.6%, and the slowest rise since the second quarter of 2014. The ECI is a closely followed gauge that reflects how much companies, governments and nonprofit institutions pay their employees in wages and benefits.

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From:: Stock Market News

Royal Caribbean Cruises Ltd. shares surged 4.4% in premarket trade Friday, after the company reported stronger-than-expected second-quarter profit and raised its outlook for the full year. The cruise operator said it had net income of $185 million, or 84 cents a share, in the quarter, up from $137.7 million, or 62 cents a share, in the year-earlier period. Adjusted EPS also came to 84 cents, well above the FactSet consensus of 73 cents. Revenue rose to $2.06 billion from $1.98 billion, matching the FactSet consensus. “Overall, the year will be another solid step towards the Double-Double,” the company said in a statement. “Commercially, the business continues to perform as expected and the biggest drivers of our increased guidance are better foreign exchange and fuel rates.” The company is now expecting full-year adjusted per-share earnings of $4.65 to $4.75, 15 cents above its April guidance. Shares are up 0.4% in the year so far, while the S&P 500 has gained 2.4%.

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Nvidia Corp. is recalling about 83,000 Nvidia Shield tablet computers sold in the U.S. because of a fire hazard, the Consumer Product Safety Commission said Friday. The hazard is due to lithium-ion batteries used in tablets with 8-inch touch screens that can overheat. The company has received reports of four incidents, including two that involved damage to flooring. The tablets were made in China and sold at Gamestop stores across the U.S. and online, as well as on Amazon.com , BestBuy.com , NewEgg.com, TigerDirect.com and other websites in the period stretching from June 2014 to July 2015. The tablets cost between $300 and $400 each. Another 5,000 units were sold in Canada. Nvidia has set up a toll-free helpline for affected customers at 888 943-4196, which will be open from 8 a.m. to 5 p.m. PT Monday through Friday. Shares were not yet active in premarket trade, but are down 0.2% in the year so far, while the S&P 500 has gained 2.4%.

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From:: Stock Market News

Russia’s central bank on Friday cut the benchmark interest rate to 11% from 11.5%, meeting widely held expectations. The U.S. dollar rose to 60.58 rubles from 60.30 rubles after the decision was released. The decision to cut rates takes “into account that the balance of risks shifts towards the considerable economy cooling despite a slight increase in inflation risks,” the central bank said in a statement. Annual inflation will fall below 7% in July 2016 and reach the bank’s 4% target in 2017, it said. The outlook for the key rate will be dependent upon the balance of inflation risks and risks of cooling in the economy, the bank added.

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From:: DIY this old house

Expedia Inc. said Thursday it earned $450 million, or $3.38 a share, compared with 67 cents a share a year ago. Revenues rose to $1.66 billion from $1.5 billion a year ago, in line with Wall Street expectations. Adjusted for one-time items, the Bellevue, Wash. company earned 89 cents a share in the quarter. Analysts surveyed by FactSet had expected the company to report adjusted earnings of 84 cents a share. Shares of Expedia rose 7.3% in after hours after ending the regular session up 0.7%.

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From:: Stock Market News