Indicators
Wake Up Call
- Hello ! Treasury yields fell and stock futures rose after the latest jobs report fueled bets the Federal Reserve will cut rates this year. The yield on 10-year Treasuries declined seven basis points to 4.29%. S&P 500 futures edged up.
- DATAS :
* US Non-Farm Payrolls* (Jun) 206.0k vs. Exp. 190.0k (Prev. 272.0k, Rev. 218k)
* US Average Workweek Hrs* (Jun) 34.3hrs vs. Exp. 34.3hrs (Prev. 34.3hrs)
* US Unemployment Rate* (Jun) 4.1% vs. Exp. 4.0% (Prev. 4.0%)
* US Average Earnings YY* (Jun) 3.9% vs. Exp. 3.9% (Prev. 4.1%)
* Canadian Unemployment Rate* (Jun) 6.4% vs. Exp. 6.3% (Prev. 6.2%)
* Canadian Employment Change (Jun) -1.4k vs. Exp. 22.5k (Prev. 26.7k) - On the policy front, New York Fed President John Williams said Friday that while inflation has cooled recently toward the central bank’s 2% target, policymakers are still some distance from their goal. “Inflation is now around 2-1/2%, so we have seen significant progress in bringing it down. But we still have a way to go to reach our 2% target on a sustained basis,” Williams said in prepared remarks for an event at the Reserve Bank of India in Mumbai. “We are committed to getting the job done.”
Wall Street Movers
- ABBVIE flat lowered its FY24 profit view due to R&D expenses; sees 2024 adj. diluted EPS, including impact of Q2 acquired IPR&D and milestone expenses, of $10.61-10.81 (exp. 11.25), and sees Q2 adj. EPS, between 2.53-2.57 (exp. 3.05).
- CRYPTO COMPANIES fell as Bitcoin extended losses for a fourth consecutive trading session >> BTBT -10% ; MARA -8% ; COIN -4.70%
- MACY'S +8.60% after the Wall Street Journal reported that Arkhouse Management and Brigade Capital Management have raised their buyout offer for the department store operator.
- TESLA +3%, putting the stock on track to turn positive for 2024 after its longest winning streak in more than a year added about $200 billion in market value.
At A Glance
- AMAZON Founder Jeff Bezos plans to sell 25m Amazon shares worth nearly $5b after the company's stock hit a record high, BBC reports. This is his first sale since 2021.
- VISA & MASTERCARD voluntarily agreed to extend maximum swipe fees on non-EU credit and debit card transactions in Europe until 2029, the European Union's main antitrust regulator said Friday.
Broker Moves
UPGRADES
- TESLA Upgraded to Buy at China Renaissance; PT USD 282.13
DOWNGRADES
- CHARTER COMM Downgraded to Sell at Citi; PT USD 255
- SPIRIT AERO Downgraded to Neutral at Citi + Cut to Equal-Weight at Barclays
Today's Key Events (UK Time)
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Game Of Corporate Actions
DIV EX DATE
- Today : American Express ($0.7); Bristol-Myers ($0.6); Cisco Systems ($0.4); General Dynamics ($1.42); Globe Life ($0.24); JPMorgan($1.15); Lennar ($0.5); NetApp ($0.52); Sysco ($0.51)
- Monday : Edison International ($0.78); McCormick ($0.42); Micron Technology ($0.115); Quest Diagnostics ($0.75); Roper Technologies ($0.75); Walt Disney ($0.45)