Market Recap: S&P 500 rises for a 7th straight day after strong jobs report

Moomoo Recap US wrote a column · Jul 3, 2021 09:06

Market Recap: S&P 500 rises for a 7th straight day after strong jobs report

Hey moomooers,

Good evening. Here is the latest Market Recap for you.

Wall Street scaled new highs on Friday, with the S&P closing up for a seventh straight day, after jobs data for June showed robust hiring yet persistent weakness in the labor market that will keep the Federal Reserve from raising interest rates any time soon.

Stocks to watch: $Virgin Galactic (SPCE.US)$, $Astra Space (ASTR.US)$, $DiDi Global (Delisted) (DIDI.US)$, $IBM Corp (IBM.US)$

Market Snapshot
The broad market index rose 0.75% to 4,352.34, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$climbed 0.81% to notch its own record at 14,639.33.

The $Dow Jones Industrial Average (.DJI.US)$added 152.82 points to close at 34,786.35.

The $S&P 500 Index (.SPX.US)$has now risen for seven consecutive sessions, its longest winning streak since August.

Stock index futures rose slightly after the release of the government's better-than-expected June employment report.

What to drove the market?

Wall Street hits record on robust June jobs data

The strong week on Wall Street was spurred by a string of solid economic reports, capped by a better-than-expected jobs report on Friday morning.

The economy added 850,000 jobs last month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones were expecting an addition of 706,000. The print topped the revised 583,000 jobs created in May.

"This is a strong report and should be taken as a sign of things to come for an accelerating labor market," Aberdeen Standard Investments deputy chief economist James McCann said in a note.

Angelo Kourkafas, an investment strategist at Edward Jones, said that the report showed solid growth but wouldn't change the Fed's policy path, hitting a sweet spot for markets.

Which stocks to watch?

$Virgin Galactic (SPCE.US)$

The space tourism company's stock is up 4% after announcing founder Sir Richard Branson will be aboard its next spaceflight test. The stock jumped as much as 25% shortly after the open before it slipped.

$DiDi Global (Delisted) (DIDI.US)$

Shares of the newly public Chinese ride-sharing company fell 5.3% after China announced a cybersecurity review of the company, two days after Didi's debut on the New York Stock Exchange. As a result, new users will not be able to register for Didi's ride-hailing service during the review. Didi said in a statement it would "fully cooperate."

$Astra Space (ASTR.US)$

Rocket builder Astra's stock jumped almost 20% Friday after launching Wednesday on the Nasdaq. The company, which plans to launch rockets into space daily, made its public debut amid a space race between billionaires Sir Richard Branson and Jeff Bezos, who plans to be on his company Blue Origin's first passenger spaceflight on July 20.

$IBM Corp (IBM.US)$

The tech company's shares fell more than 4.6% after announcing Jim Whitehurst has stepped down as president14 months after moving into the role. IBM gave little detail about the decision but has said he will stay on as a senior advisor to company CEO Arvind Krishna.

By Mia
Source: CNBC, Bloomberg

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