Wall Street Today | US Job Market Shows Fresh Strength With ADP and Layoff Data
MACRO
US Job Market Shows Fresh Strength With ADP and Layoff Data
The US labor market showed fresh signs of resilience on Thursday, as private hiring surged, layoffs slowed and filings for unemployment benefits stayed relatively low.
US companies added almost half a million jobs last month, the most in over a year, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab.
Fed’s Logan Says More Rate Hikes Needed to Slow Hot Inflation
The Fourth of July holiday period broke records for travel, despite flight delays and cancelations.
Close to 10.7 million people passed through U.S. airport checkpoints Thursday through Sunday, according to the Transportation Security Administration, which said travel records were broken at airports across the country. A further 2.3 million passengers were screened Monday and just more than 2 million Tuesday.
Investor Anxiety Grows As VIX Index Records Dramatic Increase Amid Fed Rate Hike Concerns
The $CBOE Volatility S&P 500 Index(.VIX$, commonly known as the “fear index,” surged over 20% on Thursday, reflecting the prevailing market volatility across major U.S. stock indices.
With a daily change of 20%, the VIX is on track for its best session of 2023, topping the spike seen on March 8, when it soared 18.3% following the banking failures of Silicon Valley Bank and Signature Capital.
SECTORS
Oil Rises With Inventory Draws Expected in Wake of OPEC+ Cuts
Oil settled a penny higher after a choppy session in which mixed signals, including a price hike for Saudi crudes and broader risk-off sentiment, pulled traders in opposite directions.
Saudi Arabia lifted official selling prices for its flagship Arab Light crude to all regions Thursday, a signal it is confident in market demand. The decision has caused prompt time-spreads to tighten on expectations that buyers will turn to the Atlantic Basin and tighten Brent and US crude markets.
COMPANY
Meta’s Threads Has Over 30 Million Users
$Meta Platforms(META.US$ has launched its Twitter rival, Threads, and early signs are encouraging for the owner of Facebook and Instagram. More than 30 million users signed up to the microblogging app as of Thursday, according to Meta’s CEO Mark Zuckerberg, posting on the app itself.
Amazon’s $1.65 Billion Bid to Buy iRobot Gets In-Depth EU Probe
$Amazon(AMZN.US$’s $1.65 billion bid to buy vacuum cleaner maker $iRobot(IRBT.US$ faces an in-depth European Union investigation amid concerns the takeover could thwart competitors by giving the ecommerce giant access to a new stash of user data.
The European Commission, the EU’s merger watchdog, set a deadline of Nov. 15 to vet the potential impact of deal, which has sparked a backlash from privacy activists.
Ford’s U.S. Sales Jump 9.9% on Big Gains for Its F-Series Trucks
$Ford Motor(F.US$’s second-quarter sales increased 9.9% from a year earlier, spurred by significant sales gains of its F-Series trucks.
The Detroit automaker Thursday reported sales of 531,662 vehicles from April through June, up from subdued results of 483,688 cars and trucks that were weighed down by supply chain problems in the year-ago period.
UBS Rejigs Wealth Leadership in Middle East After Credit Suisse Merger Closes
$UBS Group(UBS.US$ revamped the leadership of its Middle East wealth unit, including naming Credit Suisse’s Bruno Daher as Christl Novakovic’s deputy for the region, as it melds the once-rival teams.
Source: Bloomberg, Dow Jones, CNBC
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