Jobs Falling, Producer Prices Climbing | Herd on Wall Street

Kevin Travers wrote a column · Jun 5, 2024 22:35

Morning mooers! It is Wednesday, the market is open and chugging away. My name is Kevin Travers, the air quality in the New York Metro Area is making me wheeze, here are stories heard on a Wall Street today.

(I took a boat trip on memorial day lol)

$ASML Holding (ASML.US)$ was the highest gainer on the Nasdaq 100, up 6% after a Jefferies analyst upgrade pointed to hopefully a partnership between ASML and $Taiwan Semiconductor (TSM.US)$, the world's largest producer of chips.

$Hewlett Packard Enterprise (HPE.US)$ was the highest gainer on the S&P 500, up 13% after the firm reported AI-fueled revenue growth for its Q2.

$CrowdStrike (CRWD.US)$ was climbing about 4% after earnings and Q2 revenue above estimates.

By industries tracked by moomoo, 'Semiconductor Equipment' was climbing 4.7% following AMSL, led by a smaller firm $Axcelis Technologies (ACLS.US)$, climbing 9% after a price raise from Bank of America Global Advisors.

Jobs Falling, Producer Prices Climbing | Herd on Wall Street

$Crude Oil Futures(JUL4) (CLmain.US)$ climbed back up just 0.23% after an OPEC+ meeting Sunday, where the cartel agreed to extend production cuts to the end of 2025.

Gold climbed 0.80%, while Silver prices traded up 0.66% after a five day drop of 4%. Bitcoin was trading flat.

As a general recap, indexes were mixed, and the market looked flatter on Wednesday. Just after 10:30 AM EST, the $S&P 500 Index (.SPX.US)$ traded +0.39%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.26%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.97%.

By direction, 6000 equities climbed, while 4700 fell.

In macro, investors watched the release of the ISM Non-Manufacturing PMI, which showed that non-Manufacturing prices declined 58.1 vs 59 expected, while the Purchasing Managers Index climbed higher than forecast, at 53.8 vs. 51 expected, and 49 last month. S&P PMI came out concurrently, right as expected 54.8, climbing from 51.3 last month.

Nonfarm Employment numbers came in from ADP, showing employers added 152k workers in May, down from 192k added in April.

On Monday, investors weighed JOLTS job openings, which showed vacancies dropped 1.8M to 8.1M, according to the Bureau of Labor Statistics.

In macro this week, investors will watch for Initial jobless claims, non-farm payrolls, and unemployment data.

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.77, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was flat at 4.33.

Yesterday, Users were watching construction companies, retail; stocks, and calling out cons and scams

Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!

Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.

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lcsiong1873 : I'm still waiting for baitless fishing!

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RDK79 : There’s no such thing as good economy news these days, chaos induced journalism rules.

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103129616 : thanks bro

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Kevin Travers

Moomoo News and Community Manager

Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm

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