Strong US jobs report boosts stocks to record highs, with positive implications for market.

From Nasdaq: 2024-07-05 12:49:02

Stock indexes today mostly higher with S&P 500 and Nasdaq 100 at record highs post strong US June payroll report. Jun nonfarm payrolls exceeded expectations at +206,000, but May revised lower by -54,000. Jun unemployment rate unexpectedly rose to 4.1%. USD Notes rally after reports of cooling wage growth.

Bitcoin price drops over -4% to 4-month low; concerns rise over potential selling by creditors and governments. Mt. Gox to return $8 billion in Bitcoin to creditors, pressure on market. Other reports indicate German authorities preparing to sell seized Bitcoin. FOMC meeting discounting -25 bp rate cut chances at 5%.

Overseas markets mixed with Euro Stoxx 50 down -0.41% and Shanghai Composite at 4-1/2 month low. US stock movers: Samsung beats Q2 earnings boosting chip stocks; ARM Holdings, AMD lead gains. Mega-cap tech stocks up; Macy’s up over +12% on raised buyout offer, mining stocks climb, crypto-related stocks retreat, Nvidia down after downgrade.

Defensive healthcare stocks under pressure today; Universal Health Services, Molina Healthcare, Cigna Group down over -2%. Inside selling at Jacobs Solutions, shares drop over -2%. Earnings reports today: Amer Sports Inc, Park Aerospace Corp.



Read more at Nasdaq: Stocks Supported as US Jobs Report Bolsters Rate Cut Speculation