Jobs Numbers Flat, Market Calm After All Time Highs | Herd on Wall Street
Morning mooers! It is Thursday, June 6th, the market is pulling back a bit from all time highs hit three minutes before the market closed yesterday. $NVIDIA (NVDA.US)$ hit its own all time highs Wednsday, climbing above $3T in market cap and to the second position for most valuable companies, but pulled back Thursday before the stock is due to split 10-1 Friday June 7th.
My name is Kevin Travers. I am home sick today, but here are your stories heard on Wall Street today.
$NIO Inc (NIO.US)$ stock fell 7% after the EV firm reported a decline in first-quarter revenue from the year before. The firm delivered fewer vehicles.
$JM Smucker (SJM.US)$ climbed nearly 6%, the highest gainer on the S&P 500, after the peanut butter company posted earnings Thursday morning, reporting the successful integration of recently purchased Hostess Twinkies.
$Salesforce (CRM.US)$ was the highest gainer on the Dow, up 4% after the firm announced London would be the location of its first ever AI center.
By industries tracked by moomoo, 'Real Estate Development' climbed 19% following $Logistic Properties Of The Americas (LPA.US)$, a recently NYSE listed stock that shot up nearly 1,800% before rocketing down toward a cool 124% price climb since it started trading on May 30.
$Crude Oil Futures(JUL4) (CLmain.US)$ climbed back up 0.74% a pullback following and OPEC+ meeting.
Gold climbed 0.40%, while Silver prices traded up 1.87% after falling this week, Bitcoin was trading flat.
As a general recap, indexes were mixed, and the market looked flatter after jumping to all time highs Wednesday. Just after 10:40 AM EST, the $S&P 500 Index (.SPX.US)$ traded +0.03% after a fresh all time high, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.11%, and the $Nasdaq Composite Index (.IXIC.US)$ moved to trade +0.03% after hitting a record just before the last close.
By direction, 4900 equities climbed, while 6000 fell.
In macro Thursday, initial jobless-benefit claims climbed to a four-week high of 229,000 last week, compared to forecasts of about 220k. Wednesday, investors watched the release of the ISM Non-Manufacturing PMI, which showed that On-Manufacturing prices declined while the Purchasing Managers Index climbed higher than forecast. 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. Sifting through this employment data, investors are looking for signs the job market will fall and push the Fed to lower interest rates.
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 4.73, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was flat at 4.30.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Trytosaveabit : Thanks for the update! I’ve been enjoying/watching the 10 month uptrend at $Chipotle Mexican Grill (CMG.US)$. And now a vote approved a 50-1 split! Im sure after split price may suffer a bit? But it will allow many more to buy!