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The stock market looks set for a higher open after the June payrolls report came in stronger than expected.
S&P 500
futures were up 0.3%, while
Dow Jones Industrial Average
futures had risen 0.2%, and
Nasdaq Composite
futures had advanced 0.6%. The 10-year Treasury yield declined 0.031 percentage point to 1.451%.
The U.S. economy added 850,000 jobs in June, beating forecasts for 675,000, while the unemployment rose to 5.9%, up from 5.8% in May. Average hourly earnings rose just 0.3%, slower than the 0.4% economists had forecast, suggesting that labor pressures might be easing. For now, that combination of stronger job growth and slower inflation looks to have gotten investors in a risk-on mood.
Tesla
(TSLA) stock has dipped 0.3% after reporting 201,250 deliveries during the second quarter. that was slightly below Bloomberg estimates for 204,160.
Virgin Galactic
(SPCE) has jumped 23% after Richard Branson said he would go to space before
Amazon.com
‘s (AMZN)
Jeff Bezos.
PNC Financial Services
(PNC) has risen 1% after getting upgraded to Outperform from Underperform at Wolfe Research.
Anglo American
(NGLOY) has gained 3.6% after getting upgraded to Outperform from Market Perform at Bernstein.
DiDi Global
(DIDI) has fallen 9.7% after China revealed a cybersecurity review of the recently IPOed company.
Write to Ben Levisohn at [email protected]