Here are five key things investors need to know when starting their trading day:
1. craze
The S&P 500 and Nasdaq both hit record highs and closed at record highs on Wednesday. (The market was closed on Thursday due to the July 4th holiday.) The broader market index rose 0.51%, and the technology index rose 0.88%, with large technology stocks leading the gains, such as Tesla and Nvidia. The exception was the Dow Jones Industrial Average, which fell 23.85 points, or 0.06%, on the day. Trading volume was light on Wednesday as the New York Stock Exchange closed in early trading. Follow real-time market updates.
2. Slow down?
A sign is seen at a job fair at Brunswick Community College in Bolivia, North Carolina, United States, Thursday, April 11, 2024.
Alison Joyce | Bloomberg | Getty Images
Friday’s jobs report is expected to show slower wage growth as concerns about the broader economy mount. Economists surveyed by Dow Jones expect the June nonfarm payrolls report, due at 8:30 a.m. ET, to show an increase of 200,000. If successful, the number would be lower than the 272,000 reported in May. Job growth is expected to remain solid, but investors and economists will focus on the unemployment rate, which has been slowly rising. In May, the rate rose to 4%, the first time it hit that threshold since January 2022, and it is expected to remain at that level.
3. Luxury goods go global
Saks Fifth Avenue stores are located at Waterside Shops.
John Graeme | Light Rocket | Getty Images
HBC, the parent company of Saks Fifth Avenue, said it will acquire luxury retailer Neiman Marcus Group in a deal worth $2.65 billion. The acquisition will create Saks Global, which includes Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus’ namesake department store chain and Bergdorf Goodman. As part of the deal, Saks.com CEO Marc Metrick will become Saks Global CEO, and HBC CEO Richard Baker will serve as executive chairman of the company. The deal comes at a turbulent time for traditional brick-and-mortar retailers, which are struggling amid the e-commerce boom.
4. Federal Reserve Talks
On June 12, 2024, a trader was working while the screen was playing the press conference held by Federal Reserve Chairman Jerome Powell after announcing the Federal Reserve interest rate at the New York Stock Exchange.
Brendan McDermid | Reuters
Fed officials said at the June meeting that inflation is moving in the right direction. But they reiterated that they are not prepared to cut rates from their current range until they are “more confident” that inflation is moving toward the Fed’s 2% target. Minutes of the meeting released on Wednesday showed some disagreements among the 19 central bankers involved in the negotiations, with some even saying they might be inclined to raise interest rates. But in the end they decided to stabilize the interest rate at 5.25%-5.50%.
5. Biden’s backlash
On July 2, 2024, US President Biden talked about extreme weather at the Emergency Operations Center in Washington, DC.
Jim Watson | AFP | Getty Images
Some wealthy Democratic donors, including an heiress to the Disney family fortune, have said they will suspend donations to the party until President Joe Biden drops out of the presidential race. The uprising comes after Biden’s disastrous debate performance raised concerns about his ability to win the race against former President Donald Trump. Abigail Disney, the granddaughter of Walt Disney Co. co-founder Roy O. Disney, has funded the party for years but told CNBC she will stop donating because “the stakes are too high.” high”. She is not alone. Gideon Stein, chairman of the Moriah Foundation, also said he would suspend planned donations of $3.5 million unless Biden steps down. The president said he has no plans to quit.
—CNBC’s Alex Harring, Jeff Cox and Brian Schwartz contributed to this report.
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