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Investors hoping the jobs report on Friday would provide a green light for a Federal Reserve cut sooner rather than later were disappointed. Steady hiring continues to fuel consumer spending and, in turn, an economic expansion unlike any the U.S. has seen. Employers added 2.75 million jobs over the last 12 months, including 272,000 in May, the Labor Department said Friday. Investors had been eagerly awaiting the payrolls data for more clues on how the economy is faring. After the report, traders pushed back their expectations for when the Federal Reserve will cut rates. Ten-year Treasury yields climbed above 4.4% following the jobs data, after dropping for six straight days. Futures markets are now pricing in roughly coin-flip odds for a rate-cut by the Fed's September meeting, according to CME Group's FedWatch Tool. Before the jobs data, they showed a 70% chance that the central bank would cut by then. Meanwhile, meme lord Keith Gill's highly anticipated YouTube livestream lasted 48 minutes and had as many as 650,000 people watching at its peak. That didn't help GameStop shares, which tanked 39% after unexpectedly releasing first-quarter results and announcing a share-sale plan Friday. Stock indexes ended in the red, after wavering for much of the day. The S&P 500 dropped 0.1%, the Nasdaq declined 0.2% and the Dow fell 0.2%, or 87 points. They all logged weekly gains to kick off June. Here’s what else Heard on the Street was watching:
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They say that the second-happiest day in a sailor’s life is when he buys his boat. The happiest is the day he sells it. Buyer’s remorse isn’t universal, and it often takes a while to set in, but the Covid-19 pandemic saw more than its share of regrettable big-ticket purchases. Extra cash and a desire for social distancing pushed sales of recreational vehicles, boats, motorcycles and snowmobiles to multiyear or all-time records. Then the cost of living increased, remote working got harder and, crucially, the interest rates to finance shiny, new playthings surged. The result: Overflowing dealer lots at a time when plenty of lightly-used versions sit in driveways and marinas.
The Wall Street Journal’s Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying—a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage, sign up for an email alert, and learn how you can use social media to support Evan.
Food makers are in something of an extended slump as American consumers feel increasingly pinched. Grocery sales last year were hit by the twin shocks of inflation and the expiration of pandemic-era benefits. Many had hoped that this year would mark the start of a recovery, but it hasn’t quite worked out that way. Companies including Campbell Soup and J.M. Smucker this week flagged new signs of consumer caution in categories including snacks, coffee and peanut butter.
Apple has yet to even detail the software powering its next generation of iPhones, but Wall Street is already expecting them to sell big. Asia's battery makers have a lot riding on the U.S. election.
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