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Jumat, 05 Juli 2019

224,000 Jobs Added In June; Odds Of Big Fed Rate Cut Fall; Dow Jones Slips - Investor's Business Daily

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224,000 Jobs Added In June; Odds Of Big Fed Rate Cut Fall; Dow Jones Slips Investor's Business Daily
US Stock futures lower after jobs report Fox Business
Dow futures fall 100 points after strong jobs report dampens hope of a Fed rate cut CNBC
Stock Futures Tick Lower After Strong June Jobs Report Wall Street Journal
Wall Street set to open lower after June jobs data Investing.com
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https://www.investors.com/news/economy/224000-jobs-added-in-june-fed-rate-cut-likely-dow-jones-slips/

2019-07-05 12:43:14Z
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Futures slightly lower before jobs data By Reuters - Investing.com

© Reuters. Traders work on the floor at the NYSE in New York

By Medha Singh

(Reuters) - Wall Street's main indexes were set to open lower on Friday after a strong rebound in U.S. job growth in June dashed hopes of an aggressive interest rate cut by the Federal Reserve this month.

Nonfarm payrolls rose by 224,000 jobs last month, the most in five months, the Labor Department data showed. Economists polled by Reuters had forecast payrolls rising 160,000 jobs in June.

The closely watched employment report led investors to scale back bets of a 50 basis point rate cut by the central bank at its policy meeting on July 30-31.

However, moderating wage growth and mounting evidence that the economy was slowing sharply could still encourage the Fed to cut interest rates by a quarter point.

"It is still more likely than not that the Fed will cut rates but the odds have decreased somewhat," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"The 50 basis point cut should be priced out completely at this point."

Wall Street's main indexes have rallied to record levels on hopes of a looser monetary policy from the Fed and other major central banks in the wake of a slowdown in global growth.

At 8:55 a.m. ET, Dow e-minis () were down 107 points, or 0.4%. S&P 500 e-minis () were down 15.5 points, or 0.52% and Nasdaq 100 e-minis () were down 58 points, or 0.74%.

Trading volumes are likely to be thin at the end of holiday-shortened week as markets were shut on Thursday for Independence Day holiday.

Chipmakers were hit by Samsung Electronics Co Ltd's (KS:) weak second-quarter forecast, as a supply glut and rising tariffs hit global demand for electronics.

Qualcomm Inc (O:) slipped 3.0% in premarket trade, with Intel Corp (O:) and Advanced Micro Devices Inc (O:) also falling.

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https://www.investing.com/news/stock-market-news/futures-slightly-lower-before-jobs-data-1915931

2019-07-05 12:42:00Z
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US Stock futures lower after jobs report - Fox Business

U.S. equity futures are trading lower after the better than expected monthly nonfarm jobs report.

Wall Street reopens to trading on Friday following a record setting session and the July 4th holiday.

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The June employment report reported 224,000 new nonfarm jobs were created, topping the estimate for 160,000.

The May numbers were revised lower by 3,000 to 72,000.

U.S. stocks traded higher on Wednesday lifting the Dow Jones Industrials, the S&P 500 and the Nasdaq to new records.

Dow Jones Industrial futures are lower by 0.2 percent, , S&P 500 futures are down 0.3 percent and Nasdaq futures are lower by 0.4 percent.

In Asian markets on Friday, China's Shanghai Composite added 0.2 percent on the day and 1.1 percent for the week. Hong Kong's Hang Seng traded lower by 0.1 percent, but up 0.8 percent for the week. Japan's Nikkei rose by 0.2 percent and added 2.2 percent for a fifth straight week of gains.

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In Europe, London's FTSE slipped 0.4 percent, Germany's DAX is down 0.5 percent and France's CAC was down 0.3 percent.

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https://www.foxbusiness.com/markets/us-stocks-wall-street-july-5-2019

2019-07-05 12:40:38Z
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Futures slightly lower before jobs data By Reuters - Investing.com

By Medha Singh

(Reuters) - U.S. stock futures edged lower, on Friday, as investors awaited the monthly jobs data, which could offer clues on the Federal Reserve's move on interest rates.

Nonfarm payrolls data from the Labor Department is likely to show an increase by 160,000 jobs last month after rising by only 75,000 in May, according to a Reuters survey of economists. The data is due at 8:30 a.m ET (1230 GMT).

The likely rebound in U.S. job growth and expectations of a pick up in wage gains would probably not be enough to discourage the Fed from cutting interest rates this month amid growing evidence the economy is slowing.

A spate of weak economic data on Wednesday raised hopes of an interest rate cut and helped the Wall Street's main indexes clinch record closing highs.

"It appears that, unless the report shows a radically lower figure – as happened in May – markets could accept a broadly solid jobs report as confirmation that the July FOMC meeting will result in only 25 basis point of easing," Chris Turner, global head of strategy at ING, said.

Traders fully expect the U.S. central bank to lower borrowing costs by at least a quarter point at its policy meeting on July 30-31 and also see a 23% chance of a 50-basis-point reduction.

A protracted U.S.-China trade war is also seen as a reason behind the Fed's dovish stance, although a trade truce reached between the United States and China and their return to talks last week have tempered bets of a half-point cut.

At 6:52 a.m. ET, Dow e-minis () were down 35 points, or 0.13%. S&P 500 e-minis () were down 4.75 points, or 0.16% and Nasdaq 100 e-minis () were down 15 points, or 0.19%.

Trading volumes could be thin at the end of holiday-shortened week as markets were shut on Thursday for Independence Day holiday.

Among stocks, Qualcomm Inc (O:) fell 2.9% in premarket trade, with Intel Corp (O:) and Advanced Micro Devices Inc (O:) also trading lower, after Samsung Electronics Co Ltd (KS:) forecast a steep plunge in its second-quarter operating profit due to a supply glut and rising tariffs hitting global demand for electronics.

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https://www.investing.com/news/stock-market-news/futures-slightly-lower-before-jobs-data-1915931

2019-07-05 11:46:00Z
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BMW chief executive Harald Krueger is stepping down - CNN

The luxury car company announced Friday that Harald Krueger is standing down after four years as CEO. The company's board will address the matter of succession during a meeting this month.

Krueger has worked at the German carmaker for nearly three decades. He thanked employees for their efforts in a statement but said he was leaving to "pursue new professional endeavors."

"Over the last years, the automotive industry has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years," said Krueger.

The pace of change has presented huge new challenges for global carmakers, and BMW is no exception. The company's profit shrunk in the first quarter, in part because of an expected fine, and its automotive division posted a loss.

BMW last month set a goal of having 25 electrified models in 2023, two years ahead of schedule. It said it expects sales of electrified vehicles to double by 2021.

Yet the company has so far taken a cautious approach to fully electric cars, instead focusing on plug-in hybrids.

David Bailey, a professor at the Birmingham Business School, said that BMW needs to accelerate its move into new technologies.

"[Krueger has] done a very good job in recent years, but BMW faces some very big challenges going ahead," said Bailey. "They felt the needed to bring in somebody new given the scale of the challenge."

BMW (BMWYY) and Daimler (DDAIF), which compete hard in the luxury market, announced earlier this year that they would form a strategic partnership focused on highly-automated and autonomous driving.

The companies are also investing $1 billion in a new venture to develop services including ride-sharing and charging systems for electric cars.

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https://www.cnn.com/2019/07/05/business/bmw-ceo-harald-krueger/index.html

2019-07-05 12:20:00Z
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BMW chief executive Harald Krueger is stepping down - CNN

The luxury car company announced Friday that Harald Krueger is standing down after four years as CEO. The company's board will address the matter of succession during a meeting this month.

Krueger has worked at the German carmaker for nearly three decades. He thanked employees for their efforts in a statement but said he was leaving to "pursue new professional endeavors."

"Over the last years, the automotive industry has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years," said Krueger.

The pace of change has presented new huge challenges for global carmakers, and BMW is no exception. The company's profit shrunk in the first quarter, and its automotive division posted a loss.

BMW (BMWYY) and Daimler (DDAIF), which compete hard in the luxury market, announced earlier this year that they would form a strategic partnership focused on highly-automated and autonomous driving.

The companies are also investing $1 billion in a new venture to develop services including ride-sharing and charging systems for electric cars.

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https://www.cnn.com/2019/07/05/business/bmw-ceo-harald-krueger/index.html

2019-07-05 11:03:00Z
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Stocks - Futures Fall After Fourth of July Holiday; Jobs Report Ahead - Investing.com

Investing.com - U.S. futures were lower on Friday as traders returned from the Fourth of July holiday to await the monthly employment report, something broadly expected to cement an interest rate cut from the Federal Reserve later in July.

fell 14 points or 0.2% by 6:40 AM ET (10:40 GMT), while slipped 29 points or 0.1% and inched down 4 points or 0.2%.

The is out at 8:30 AM ET (12:30 GMT) and analysts expect the creation of 160,000 jobs, up from 75,000 in May but still comfortably below the average monthly gain in 2018.

"There is a clear sense that the risks of making a policy error, by over-stimulating demand and creating inflation, appear to be low at this juncture," said Mark Dowding, chief investment officer with BlueBay Asset Management. "Therefore, it may require a jobs report adding more than 225k payrolls, plus evidence of higher wages and consumer prices, in order for the Fed to stand pat."

Markets have already priced in a cut of 25 basis points in July, with a 60% chance of three cuts by the end of the year.

Dowding noted that the political pressure to ease policy from President Donald Trump could also make it harder for the Fed to keep rates where they are.

Semiconductor makers were under pressure in premarket trading after Korean giant Samsung (KS:) said it expects second-quarter profit to have fallen dramatically. Micron Technology (NASDAQ:) fell 0.5%, while Qualcomm (NASDAQ:) was down 2.7% and Nvidia (NASDAQ:) down 0.2%

Tesla (NASDAQ:) rose 0.3% in premarket trading, while BMW (OTC:) ADRs, which hit a six-week high on Wednesday, were also in focus after CEO Harald Kruger announced his resignation amid reports that the company's supervisory board had lost confidence in him.

Amazon.com (NASDAQ:) is also in the spotlight, after the U.K.’s Competition and Markets Authority told the e-commerce giant to pause its integration with meal delivery service Deliveroo, while it decides whether or not to launch an investigation into a possible competition breach.

In commodities, fell 0.8% to $56.85 a barrel, while were down 0.3% to $1,416.55 a troy ounce. The , which measures the greenback against a basket of six major currencies, inched up 0.2% to 96.530.

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https://www.investing.com/news/stock-market-news/stocks--futures-fall-after-fourth-of-july-holiday-jobs-report-ahead-1915873

2019-07-05 11:29:00Z
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