|Day's range||4,241.01 - 4,290.67|
|52-week range||3,491.58 - 4,325.28|
The May jobs report came in much stronger than expected, with payrolls at 339,000 and the unemployment rate increasing to 3.7%. Yahoo Finance takes a closer look, speaking with advisers, business owners, and WGA members across the country. In Washington, D.C., Yahoo Finance's Jennifer Schonberger broke down the jobs report. Schonberger said, "Ten consecutive rate hikes not enough to knock down the job market." Schonberger also spoke to Heather Boushey, a member of the White House Council of Economic Advisers, about the numbers. Boushey added, "A shortage of workers is a mismatch between the demand for workers and the supply available. And one way to fix that is to make sure that employers are offering good jobs." In New York City, Yahoo Finance Senior Reporter Alexandra Canal sat down with Ron Silver, Bubby's Chef & Owner, at Bubby's Tribeca. Regarding the impact of inflation, Silver said, "We really just keep a close eye on our costs and we adjust when we need to. We don't hesitate to do it if we need to." In Los Angeles, Yahoo Finance Live's Akiko Fujita examined how WGA members, business owners, and LA’s economy are all feeling the effects of the writers' strike. Fujita spoke to Chris Keyser, co-chair of the WGA negotiating committee. Keyser said, "At the heart of all of these negotiations is the fact that the writing profession is not financially tenable anymore." Video highlights: 00:00:03 - Yahoo Finance's Jennifer Schonberger 00:00:22 - Heather Boushey, a member of the White House Council of Economic Advisers 00:00:41 - Ron Silver, Bubby's Chef & Owner 00:00:56 - Writers' strike
Yahoo Finance Executive Editor Brian Sozzi sat down with Ares Wealth Management's Raj Dhanda at the Milken Conference to discuss the state of Markets amid recent turmoil. Editor’s note: Some images in this video have been removed to better reflect the conversation
With the May jobs report coming in higher than expectations, Yahoo Finance Live's Julie Hyman takes a look at the market's reaction.
This week's rally was capped off with the S&P 500 rising another 1.45% as Caterpillar (CAT) and 3M's (MMM) stock drove the market higher.
In the latest trading session, Bio-Rad Laboratories (BIO) closed at $372.36, marking a +0.27% move from the previous day.
Agnico Eagle Mines (AEM) closed the most recent trading day at $51.95, moving -0.76% from the previous trading session.
Northrop Grumman (NOC) closed the most recent trading day at $443.83, moving +1.21% from the previous trading session.
Apple (AAPL) closed at $180.95 in the latest trading session, marking a +0.48% move from the prior day.
Altria (MO) closed the most recent trading day at $45.33, moving +1.68% from the previous trading session.
In the latest trading session, First Solar (FSLR) closed at $206.74, marking a -0.96% move from the previous day.
In the latest trading session, Merck (MRK) closed at $112.52, marking a +1.43% move from the previous day.
MasterCard (MA) closed at $373.73 in the latest trading session, marking a +0.77% move from the prior day.
Ether and other major cryptos spent much of the day in positive territory.
ETFs provide instant diversification by pooling together a basket of securities across various sectors, industries, or asset classes
US stocks advanced on Friday, with the S&P 500 index recording its biggest one-day rise since April, after traders cheered the latest jobs report and the passage of the debt ceiling bill in the Senate. The Wall Street benchmark S&P 500 rose 1.5 per cent to its highest level since August, marking its third straight week of gains with a 1.8 per cent increase. The tech-heavy Nasdaq Composite added 1.1 per cent to a level last reached in April 2022.
While 2023 Q2 estimates have come down, the magnitude of negative revisions compares favorably to what we saw in the comparable periods of previous quarters.
Based on Refinitiv data Friday that included results from 494 of the S&P 500, earnings now are estimated to have dipped just 0.01% year over year. If the estimate stays at the current level, the first quarter still would technically mark a second straight quarterly fall for U.S. corporate earnings, or an "earnings recession," which last occurred when COVID-19 hit corporate results in 2020.
As the U.S. stock market continues its climb, investors holding shares of the massive tech and growth companies leading the charge are debating whether to cash out or stay on for the ride. A record $8.5 billion flowed into tech stocks in the latest week, data from BofA Global Research showed, as investors piled into a rally that has seen the tech-heavy Nasdaq 100 gain 33% in 2023. Among them is the narrowness of the market’s rally: the five largest stocks in the S&P 500 have a combined weighting of 24.7% in the index, a record high dating back to 1972, Ned Davis Research said in a recent report.
JPMorgan Chase (NYSE: JPM) saw its stock price rise on Friday, as it was up about 2.7% as of around 1:40 p.m. EDT. The markets were surging higher on Friday, as the S&P 500 was up 62 points (1.5%), the Dow Jones Industrial Average climbed 665 points (2%), and the Nasdaq Composite gained 138 points (1.1%) as of 1:40 p.m. EDT. Friday was a good day for the markets, which certainly helped JPMorgan Chase, the nationʻs largest bank.
After months of performative wrangling, the showboats of US politics have finally agreed to give the country more leeway in borrowing, a move that extinguishes the risk of a potentially cataclysmic default on its government bonds. For everyone else, the deal on the debt ceiling is a rare jolt of good news in a worrywart year, as HSBC summed up nicely this week. “Recapping the first five months of 2023 reads more like a song list of doom-mongers rather than anything else,” Max Kettner, chief multi-asset strategist at the bank wrote this week.
The markets were climbing on Friday as the S&P 500 was up 56 points (1.3%), the Dow Jones Industrial Average jumped 619 points (1.9%), and the Nasdaq Composite gained 120 points (0.9%) as of 12:30 p.m. ET. A news report on Monday by American Banker about Comerica's alleged violations of compliance requirements for the U.S. Treasury's Direct Express program sent the stock price tumbling earlier this week. More bad news followed, not specific to Comerica, but to regional banks in general, as the Federal Deposit Insurance Corp. (FDIC) came out with a report that said U.S. banks lost $472 billion, or 2.5% of total deposits, in the first quarter.
Also in this newsletter: US jobs market still hot, Gazprom-backed militias in Ukraine and the secrets of UK recycling
Holidaymakers face travel chaos at Heathrow as security guards prepare to strike for 33 days over summer.
Upwork (UPWK) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.