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07Jul2017 Pre-Market Commentary: Wall Street Act Positively As The U.S. Economy Gains 222,000 Jobs In June, Crude Prices Fall, US Dollar Volatile

Written by Gary

US stock index futures extended gains this morning (SPY +0.3%) after a report showed that 222,000 jobs were added in the public and private sector. Crude prices . . .


Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.17%, while the CAC 40 is leading the DAX lower. They are down 0.33% and 0.12% respectively.

. . . have fallen sharply into the high 44 handle and World stocks are poised to end the week at six-week lows in the face of oil weakness.

US adds 222,000 jobs, beating expectations

Unemployment rate climbs to 4.4% as labor force participation rate rises to 62.8%.

Read More »

Today's Markets

In Asia, Japan -0.3%. Hong Kong -0.5%. China +0.2%. India flat.
In Europe, at midday, London +0.1%. Paris -0.3%. Frankfurt -0.2%.
Futures at 6:20, Dow flat. S&P +0.1%. Nasdaq +0.2%. Crude -3.1% to $44.10. Gold -0.2% to $1220.80.
Ten-year Treasury Yield flat at 2.37%

Today's Economic Calendar

8:30 Non-farm payrolls
10:30 EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count

Companies reporting earnings today »

What Is Moving the Markets

Here are the headlines moving the markets.

Futures extend gains after strong U.S. jobs data

(Reuters) - U.S. stock index futures extended gains on Friday after a Labor Department report showed that 222,000 jobs were added in the public and private sector in June, far higher than economists' estimate of 179,000.

Central banks in focus as oil slump, spiking bond yields dent risk appetite

LONDON (Reuters) - World stocks are poised to end the week at six-week lows in the face of oil weakness, a spike in bond yields and anticipation of tighter monetary policy, particularly in the United States.

U.S. job growth accelerates in June, but wages continue to lag

WASHINGTON, (Reuters) - U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal

Let's make a deal: Automakers, U.S. auctions align to prop up used car prices

CARLETON, Mich. (Reuters) - Two lanes apart at a noisy, fast-paced auto auction near Detroit, two vehicles show why major U.S. automakers have a problem with used cars.

Berkshire Hathaway Energy to buy Oncor

(Reuters) - Berkshire Hathaway Energy, a unit of Warren Buffett's Berkshire Hathaway Inc, said on Friday it would acquire Oncor Electric Delivery Company LLC in a deal that puts Oncor's equity value at about $11.25 billion.

Tesla wins giant battery contract in Australia, has 100-day deadline

SYDNEY (Reuters) - Tesla Inc has won an Australian contract to install the world's biggest grid-scale battery, in what experts say will be a litmus test for the reliability of large-scale renewable energy.

Toshiba under pressure to consider 'Plan B' as chip sale falters: sources

TOKYO (Reuters) - As the $18 billion sale of Toshiba Corp's memory chip unit to a government-approved consortium falters, some bankers and potential investors are pressing the board to seriously consider alternatives, people with direct knowledge of the sale process said - including picking a new buyer.

Elliott Advisors makes fresh legal move against Akzo Nobel's chairman

AMSTERDAM (Reuters) - Activist hedge fund Elliott Advisors has filed a second lawsuit in its attempt to oust the chairman of Dutch paints group Akzo Nobel over his rejection of a 26.3 billion-euro ($30 billion) takeover proposal from U.S. group PPG Industries .

U.S. seeks funds tied to North Korea from eight big banks

(Reuters) - U.S. authorities have tried to seize millions of dollars associated with several companies that deal with North Korea, including the country's military, from eight large international banks, according to court filings made public on Thursday.

Silver Prices Bounce Higher After Futures Manipulated 7% Lower In Minute

Silver Prices Bounce Higher After Futures Manipulated 7% Lower In Minute

- Silver prices 'flash crash' before rebound
- Silver hammered 7% lower in less than minute in Asian trading
- Silver fell from $16 to $14.82, before recovering to $15.89
- Silver plunge blamed on another 'trading error'
- Gold similar 'flash crash' last week and similar recovery
- Hallmarks of market manipulation as $450 million worth of silver futures sold in minute

Rethinking The Fed: Sowing The Seeds Of Financial Destruction

Authored by Mike Shedlock via MishTalk.com,

Time and time again, the Fed sows seeds of the next financial crisis in actions it takes to mitigate the previous financial crisis that it caused.

Have we reached that point yet?

The Guardian reports Central Banks Raise Alarm Over New Crash After Steep Rise in Lending.

Soaring stock markets, which have become detached from underlying values, were another sign that unjustified exuberance had replaced last year's overly pessimistic reaction to political events such as the US election and the UK's Brexit vote, BIS cautioned in its annual report published on Sunday.

Claudio Borio, the chief economist at the BIS, welcomed a turnaround in global growth over the past year that had "strengthened considerably and [was] forecast to return to long-term averages soon".

He said: "Economic slack in the major economies has diminished further; in some, unemployment rates have fallen back to levels consistent with full employment. And inflation has moved closer to central bank objectives."

But he warned that financial markets and policymakers were too quick to forget the risks that ...

Frontrunning: July 7



LIVE: Hamburg police demand reinforcements, as G20 starts amid heavy rioting (the Local)

G-20 Protesters Delay Arrivals at Hamburg Summit With Blockades (BBG)

Tensions Run High as Trump and Putin Prepare to Meet (WSJ)

Trump-Putin meeting under the microscope (Reuters)

Gorbachev urges Trump and Putin to 'rebuild trust' (AFP)

Wall Street Eyes Jobless Rate, Wages in June Jobs Report (WSJ)

Oil prices plummet 3 percent on oversupplied market (Reuters)

Wall Street Cash Pumps Up Oil Production Even as Prices Sag (WSJ)

Russia Is the Biggest Loser in G-20 Stock Markets (BBG)

World leaders pressure Trump on climate (Reuters)

How Do You Put a Price on Investment Research? (BBG)

Buffett Keeps Building His Energy Unit as Far as the Eye ...

Donald Trump Meets Vladimir Putin: Here Is The "Historic" Handshake

While the first official bilateral meeting between president Donald Trump and Russian president Vladimir Putin is still some three hours away, moments ago the two presidents finally met unofficially as the Group of 20 leaders met in Hamburg, at which point Trump and Putin shook hands.

Donald Trump and Vladimir Putin shake hands for the first time pic.twitter.com/xJ5tgcmCKS

— The Telegraph (@Telegraph) July 7, 2017

The highly anticipated first handshake happened in private earlier today much to the disappointment of the world's press who were poised to capture the "historic" moment.

#Handshake between Trump and Putin at #G20Summit #G20 pic.twitter.com/yQKCa8siFS

— Thomas Mæland (@MlandThomas) July 7, 2017

The handshake's happened! At the G20 Kremlin spokesman says Trump & Putin "shook hands & said they'll see each other soon" for the bilateral

— Steve Rosenberg (@BBCSteveR) July 7, 2017

But fear not: the two leaders will meet again later this afternoon for a low ...

The World's Most Profitable Tech Company? Not Apple

The South Korean tech giant has surpassed Apple in profitability, but needs its U.S. peer's fortunes to stay healthy.

Trump Is Right: China Could Press North Korea More on Trade

In addition to banning coal imports from North Korea, China could tighten the trade screws on its neighbor a lot more if it wanted to.

Electric Cars Need More Than Fans

Electric vehicles threaten oil's future as they are being favored by governments and even traditional manufacturers like Volvo, but they must keep improving to overcome the advantage of conventional cars.

Rail Week Ending 01 July 2017: Total June Traffic Up 4.5%

Week 26 of 2017 shows same week total rail traffic (from same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. The economically intuitive sectors slowing continues.

Deep Dive: 40 S&P 500 stocks have slumped 20% or more in 2017

Energy and retail companies dominate the list of losers, but Tesla isn't among them.

This is exactly how many years of work you should reveal on your resume

It may sound counter intuitive, but sometimes having too much experience can hurt you.

Economic Report: U.S. adds 222,000 jobs in June as hiring surges

The U.S. created 222,000 new jobs in June as hiring accelerated in the spring, showing that companies are still finding ways to add staff despite a growing shortage of skilled workers.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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