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In Dow Jones news today, stock prices climbed as 222,000 new U.S. jobs were created in the month of June and the average hourly wage grew.
Here are the numbers from Friday before the closing bell for the Dow, S&P 500, and Nasdaq:
|Index||Closing||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Tuesday's economic calendar.
The Five Top Stock Market Stories for Friday
- This morning, the U.S. Department of Labor announced that the American economy added 222,000 non-farm jobs last month. The agency also upwardly revised previous job estimates from April and May, a statement that added increased optimism over the U.S. jobs market. The news was welcome and offset pessimism after a report Thursday indicated that hiring momentum had cooled heading into the summer. The official June unemployment rate sits at 4.4%.
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- The U.S. Federal Reserve was back in focus Friday after it released a semi-annual report on monetary policy. The report precedes an upcoming testimony before Congress by Fed Chair Janet Yellen. With the job market humming and confidence in manufacturing growth adding fuel to the economy, it is likely that the central bank will raise interest rates one more time in 2017.
- Crude oil prices pushed lower again Friday after new data indicated that OPEC production continues to rise. According to a monthly production report, the global oil cartel's output ticked higher for the second consecutive month. Such data raises concerns that OPEC leaders are struggling to follow through on their commitment to cap excessive production in order to boost oil prices. Meanwhile, Baker Hughes announced that the number of U.S. production rigs increased last week. With 763 rigs in operation, the U.S. oil market has the highest number of platforms in use since April 2015. The WTI crude oil price today fell 2.7%, and Brent crude dipped 2.8%.
- U.S. President Donald Trump met with Russian President Vladimir Putin today. It was the first meeting between the two world leaders and follows months of accusations that Russia interfered in the 2016 U.S. election.
- President Trump said he is considering a "severe" response to North Korea's continued defiance of international laws about missile testing. Trump said that the United States is prepared to move on its own, but he also said that he would like to reach a diplomatic solution through cooperation with other nations. President Trump would especially like China to provide some assistance, but as we discovered, the cost of such cooperation would come at a very steep price.
Three Stocks to Watch Friday: AMZN, BRK.A, TSLA
- More information on the deal between Amazon.com Inc. (Nasdaq: AMZN) and Whole Foods Market Inc. (NYSE: WFM) was released on Friday. According to corporate filings, Amazon hiked its bid to $13.7 billion in order to beat out six other possible suitors for the Texas-based grocery giant.
- Warren Buffett was back in the news today. Buffett's firm, Berkshire Hathaway Inc. (NYSE: BRK.A), is close to reaching a deal to purchase the parent company of Oncor Electric Delivery Co., one of the nation's largest electricity transmission companies. The deal is estimated to cost roughly $9 billion. However, news broke late in the Friday session that a hedge fund is looking to challenge the possible deal and try to find another suitor.
5 Facts You Didn't Know About Amazon.com
- Shares of Tesla Inc. (Nasdaq: TSLA) gained more than 1% after the company announced that 3,500 vehicles were in transit to customers last quarter and would be counted toward their delivery figures in the third quarter. CEO Elon Musk also took to the podium to bring up an issue completely unrelated to the TSLA stock performance. He warned this week that the world's population is spiraling out of control and that few individuals seem to be concerned about the issue.
Monday's U.S. Economic Calendar (all times EDT)
- Labor Market Conditions Index at 10 a.m.
- Four-Week Bill Announcement at 11 a.m.
- Three-Month Bill Auction at 11:30 a.m.
- Six-Month Bill Auction at 11:30 a.m.
- TD Ameritrade IMX at 12:30 p.m.
- Consumer Credit at 3 p.m.
- San Francisco Federal Reserve President John C. Williams speaks at 11:05 p.m.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.