Trish’s Market Notes: Stocks Rally Into The Holiday, Markets Not Buying Delta Panic, Jobs Increase

Investors will have more reasons to celebrate this July 4th, as markets hover near all time highs.

Most of the bears’ warnings are being ignored as markets are not buying the delta variant panic. Indeed, major stock indices rose again in Friday’s premarket trading despite panic over the spread of delta.

On Thursday, JP Morgan stated that it does not consider the delta variant a significant risk for the stock market. The vaccination rate in developed countries is just too high for the strain to pose a serious public health risk.

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However, the investment bank did state that tech stocks might come down once the market reassesses the risk of lockdowns.

Johnson & Johnson announced that their vaccine is effective against the delta variant.

Meanwhile, investors should be pleased with U.S. payroll numbers for June. 850,000 jobs were added to the economy last month, more than expected and the unemployment rate fell to 5.9%.

Equities

U.S. futures were rose on good news on the vaccine front, as well as the strong jobs report.

S&P 500 futures: 4,315.75, +0.38%
Nasdaq futures: 14,604.50, +0.22%
DOW futures: 34,598.00, +0.23%

U.S. Dollar and Treasuries

10-year Treasury yields declined. The dollar rose also fell compared to a basket of other fiat currencies.

U.S. Dollar Index (DXY): 92.48, -0.12%
10-year Treasury yield: 1.435%

2-year Treasury yield: 0.250%

Stocks To Watch

Stocks of Virgin Galactic soared after founder Richard Branson announced he would board a space flight with six people on July 11. The proposed date means that Branson would beat Jeff Bezos’ Amazon to space by nine days.

TAT Technologies announced a partnership with a multinational conglomerate Honeywell, for maintenance of its 131 Series auxiliary power units.

Transportation conglomerate Saltchuk Holdings announced a plan to acquire all outstanding shares of an oil tanker company Overseas Shipholding Group for $3 per share.

  • SPCE Virgin Galactic Hol. $55.35, +28.15%, 2.53M (volume)
  • TATT Tat Technologies $9.159, +54.58%, 1.68M (volume)
  • OSG Overseas Shipholdin. $2.820, +34.29%, 801.11K (volume)

Commodities To Watch

Oil continues to trade around $75 a barrel, as the OPEC+ members have been unable to reach an agreement on increasing output. Gold strengthened.

  • WTI crude: $74.68, -0.73%
  • Brent crude: $75.34, -0.66%
  • Gold: $1,787.70, +0.61%

Crypto

The global crypto market cap decreased by -1.43% in the last 24 hours. Bitcoin dipped below $33,000.

  • BTC: $32,934.07, -1.87%
  • ETH: $2,029.63, -4.81%
  • BNB: $277.50, -3.84%
  • DOGE: $0.24, -5.07%
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