Stocks and ETFs gained modestly on Friday morning after the U.S. jobs report for June, which showed that both the unemployment rate, at 4.1%, and the number of unemployed people. at 6.8 million, changed little.
Unemployment has risen from the 3.6% unemployment registered in June 2023, when 6 million people were out of work, according to the U.S. Bureau of Labor Statistics.
Traders are assigning a 71.8% chance the Federal Reserve cuts interest rates at its September meeting, according to the CME Group’s FedWatch tool.
Also Read: Private Employers Add 150,000 Jobs In June, Less Than Expected: Job Growth ‘Solid, But Not Broad-Based’
Restricting the screener to stocks with a market cap above $50 billion, here are the top stock performers in Friday’s premarket session following the jobs report, according to Benzinga Pro.
- Tesla Inc. jumped 1.77% to $250.41 in premarket trading.
- SAP SE (NYSE:SAP) moved up 1.4% to $205.94.
- NXP Semiconductors N.V. (NASDAQ:NXPI) gained 0.66% to $274.10.
- Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) improved 1.32% to $182.89.
Exchange traded funds rallying after the jobs data were:
- MicroSectors Solactive FANG Innovation 3X Leveraged ETNs (NYSE:BULZ) gained 1.45%.
- Direxion Daily NYSE FANG+ Bull 2X Shares (NYSE:FNGG) moved up 2.2%.
- SPDR Gold Shares (NYSE:GLD) improved 1%.
Bill Adams, chief economist for Comerica Bank, noted that he unemployment rate rose in June to the highest since late 2021, but he also said the big downward revisions to job reports from March and April made the recent trend look considerably weaker.
“The June jobs report was pretty good, and won’t make the Fed cut interest rates at their decision this month,” he said.
“But a rate cut is likely at the following decision in September.”
Read Now:
- Fed Meeting Preview: Economists Predict Steady Rates In June, Fewer Cuts Ahead
Photo via Shutterstock.
