Trish’s Market Notes: Economy Adds 943,000 Jobs

Investors got some good news on Friday morning: increasingly, Americans are getting back to work. The economy added 943,000 jobs in the latest month was the unemployment rate fell to 5.4%.

But, there’s still a long way to go. Though roughly half of all states have ended the federal government’s $300 per week unemployment benefit (which has helped spur more people back into the workforce) there are still an estimated 9.2 million jobs open and available and employers complain they cannot find enough workers.

Meanwhile, the markets reacted positively to the news with Friday’s futures indicating a higher open.

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Still, some smart money is growing increasingly cautious. More and more investors are warning that the stock market does not reflect reality. Howard Marks, co-founder and co-chairman of Oaktree Capital warned investors that markets are in an “everything bubble.”

Equities

U.S. stock futures were mixed in premarket trading, ahead of the release of unemployment data. The tech-heavy Nasdaq index dropped.

Level Chg. Chg. %
DOW Futures 34,971.00 28 0.08%
S&P 500 Futures 4,423.50 2 0.05%
Nasdaq Futures 15,150.75 -16.25 -0.11%

 

U.S. Dollar and Treasuries

The yield on 10-year Treasuries rose two basis points. The dollar strengthened against a basket of major currencies. 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.41 +0.17 (+0.18%)

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.073% 0.002 0.071%
U.S. 2 Year Treasury Note 0.212% 0.004 0.208%
U.S. 5 Year Treasury Note 0.747% 0.023 0.724%
U.S. 10 Year Treasury Note 1.255% 0.032 1.224%
U.S. 20 Year Treasury Bond 1.809% 0.040 1.770%
U.S. 30 Year Treasury Bond 1.904% 0.036 1.868%

 

Stocks To Watch

Stocks of a Chinese logistics firm BEST Inc surged as crypto investors reportedly confused it with a cryptocurrency Bitpanda (BEST). The crypto was running a promotion at the time of the news. On Monday, BEST Inc entered into an agreement with Cainiao to provide cross-border logistics from China to Thailand, Vietnam and Cambodia. 

Sphere 3D entered into an agreement with Hertford Advisors Ltd that would give it a 6-month exclusive right over Hertford’s Bitcoin mining agreements. Sphere finalized a purchase of up to 60,000 Bitcoin mining machines. 

Didi Global was up in premarket trading as the company was reported to be weighing giving up control over user data, in order to appease Chinese authorities. 

Biopharmaceutical company Nabriva Therapeutics reported its Q2 2021 financial results as well as positive results from Phase 3 trials from lefamulin in China. 

 

Symbol Price Chg. Chg. % Volume
Sphere 3D Corp ANY $5.85 +2.410 +70.06% 2.27M
BEST Inc BEST $1.23 +0.1800 +17.14% 2.19M
Didi Global DIDI $9.85 +0.52 +5.57% 977.02K
Nabriva Therapeutic. NBRV $1.32 +0.1600 +13.79% 397.03K

 

Commodities To Watch

Oil prices rose as tensions in the Middle East outweighed the concerns over the spread of the delta variant. Gold dropped. 

Price Chg. %
WTI Crude Oil $69.48 0.56%
Brent Crude Oil $71.71 0.59%
Natural Gas $4.14 0.05%
Gold $1,799.80 -0.50%
Silver $25.09 -$0.01
Copper $4.39 0.94%
Soybeans $1,332.50 0.30%

 

Crypto

The global crypto market cap increased 4,71% in the last 24 hours, despite the looming crackdown on crypto investing by the U.S. government. The White House announced it would back senators that want stricter crypto regulation. 

Symbol Price Chg. % Market Cap.
Bitcoin BTC $40,508.84 +6.26% $760.67b
Etherium ETH $2,746.96 +5.40% $320.23b
Cardano ADA $0.1999 +1.34% $26.14b
Ripple XRP $0.7323 +2.77% $32.27b
Dogecoin DOGE $1.37 +1.98% $32.27b

 

 

 

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