Investing.com – U.S. stock futures fell slightly before the market opened on Friday (7th), after data showed that U.S. job growth in June was slower than expected, but the employment situation remained tight.
The employment report released earlier by the U.S. Department of Labor showed that the number of non-farm payrolls increased by 209,000 in June, which was lower than the downwardly revised 306,000 in May and the 225,000 economists had expected, a two-and-a-half-year low.
After the release of the data, the market breathed a sigh of relief, because the ADP private sector non-farm payrolls soared by 497,000 on Thursday (6th), more than double the expected 228,000, triggering speculation that the official non-farm payrolls will also explode. Table of concerns.
However, while the number of new jobs was not as scary as the small non-farm payrolls, the unemployment rate and average hourly earnings data indicated that the labor market remained firm.
The unemployment rate was 3.6% in June, which was in line with expectations but down from 3.7% in May. At the same time, average hourly earnings beat expectations, with a monthly rate of 0.4%, while the expected rate was 0.3%, and an annual rate of 4.4%, which was also higher than the expected 4.2%.
Fed policy makers have previously pointed out that one of the main goals of raising interest rates is to cool the labor force and thereby curb rising inflation.
However, the current data still cannot reverse the prospect of the Fed continuing to tighten policy. Ellen Zentner, chief U.S. economist at Morgan Stanley, said the Fed may consider another pause in rate hikes this month only if employment falls below 100,000 and core CPI inflation data is weak.
As of 21:03 Hong Kong time (9:03 am Eastern Time), Investing.com’s U.S. stock market showed that the stock market fell by more than 90 points; down 0.31%; down 0.28.
Individual stocks before the market opens
Facebook parent Meta Platforms (NASDAQ: ) rose 0.4% on a report that Twitter threatened to sue Meta, accusing Meta of stealing trade secrets from its new Threads
Tesla (NASDAQ: ) rose 0.22%. Although media reports said that the battery workshop of Tesla’s Shanghai factory is laying off staff, it is expected that the proportion of layoffs will exceed 50%, and related equipment will be removed or transferred. . The media quoted analysts as saying that Tesla may have adjusted its battery supply chain to meet the origin requirements of battery minerals and battery components for US federal tax credits.
Jeans maker Levi Strauss (NYSE: ) fell 7.8% after the company cut its annual profit forecast amid signs that rising costs are hitting margins as sales fall.
Rivian Automotive (NASDAQ: ) rose 4.2% after Wedbush raised its price target on Rivian to $30 from $25 and maintained an outperform rating, as the company’s production growth and cost optimization measures are expected to boost earnings.
Fisker (NYSE: ) fell 2% after the company missed its second-quarter production target due to a shortage of parts.
Zoom Video Communications (NASDAQ: ) rose 0.2 percent after the company forecast strong growth in the Asia-Pacific region, though the outlook weakened.
Chinese stocks
China Internet ETF KraneShares CSI China Internet (NYSE: ) rose 1.02%.
Alibaba (NYSE: ) (HK: ) rose 3.11%. Chinese regulators announced that they imposed a fine (including confiscation of illegal gains) of 7.123 billion yuan on Ant Group and its subsidiaries. Require Ant Group to shut down the “Xiang Hu Bao” business that was carried out in violation of regulations, and compensate consumers according to law.
The regulator also stated that “the focus of the financial management department has shifted from promoting centralized rectification of the financial business of platform companies to normalized supervision.”
Analysts pointed out that this punishment means the end of Ant Financial’s multi-year rectification, which is positive to a certain extent.
JD.com (NASDAQ: ) (HK: ) rose 1.29%, and Pinduoduo (NASDAQ: ) rose 1.56%.
Weilai Automobile (NYSE:) (HK:) rose 1.36%, Ideal Automobile (NASDAQ:) (HK:) fell 0.33%, and Xiaopeng Automobile (NYSE:) (HK:) fell 1.41%.
Bilibili (NASDAQ:) (HK:) rose 1.31%, and iQiyi (NASDAQ:) rose 1.38%.
Baidu (NASDAQ: ) (HK: ) rose 1.74%. NetEase (NASDAQ: ) (HK: ) fell 0.72%.
other markets
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Editor: Liu Chuan
2023-07-07 13:11:38
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