long live7 updates

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  Fri, Jul 5, 2024 at 12:38 pm EDT

  Shares rise in afternoon trade

  Stocks were mostly higher Friday afternoon, following a June jobs report that could put pressure on the Federal Reserve to cut interest rates as early as September.

  The S&P 500 (^GSPC) put up 0.3% on the heels of the report after hitting a record in a short session on Wednesday. The Dow Jones Industrial Average (^DJI) fell 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.8%, driven by gains in technology companies.

• Friday, July 5, 2024 11:45 AM EDT

  Epic Games says Apple refuses to launch its Europe Games Store

  Epic Games, maker of the popular “Fortnite” video game, has rejected its submissions to Apple ( AAPL ) that would allow it to launch a game store in Europe, hampering its efforts.

  In response, the game publisher said it had shared its concerns with the European Commission, escalating a long-standing feud between the two companies over Apple allowing buyers direct access outside the App Store.

  In A series of X Friday posts, Epic Games said Apple objected to the design, placement and labeling of certain digital buttons in submission documents for its mobile storefront. Epic argues that it uses the same naming conventions in app stores on other platforms and follows standard conventions for buttons in iOS apps.

  “Apple’s rejection is arbitrary, capricious and in violation of the DMA, and we have shared our concerns with the European Commission,” Epic said in the filing.

  Last month, EU regulators brought their first charges under a new digital competition law against Apple, accusing Apple of preventing app developers from driving customers to more affordable options outside its app store.

• 

  Friday, July 5, 2024 at 11:00 am EDT

  Tesla continues its winning streak

  Shares of Tesla ( DSLA ) rose as much as 1.1% in morning trading on Friday, setting the company up to extend its longest winning streak in a year.

  After a 30% rally over the past seven sessions — and a nearly 40% rally over the past month — the stock is nearing a breakout for 2024 after falling 40% year-to-date since mid-April. Yahoo Finance reported Ines Ferré. The gains were more than the S&P 500’s modest 3.5% gain over the past month.

  Tesla’s extended rally comes as the carmaker beat quarterly deliveries earlier this week.

  Apart from these production and distribution decisions, Tesla bulls They also highlighted the company’s fastest growing segment – its energy storage business.

  Tesla will report its quarterly results on July 23 after the market closes. Analysts also expect the company to unveil its much-anticipated Robotaxis on August 8.

• Friday, July 5, 2024 10:15 AM EDT

  Stocks trending in morning trade

  Here are some of the leading stocks on Yahoo Finance’s Trending Tickers page during Friday morning trading.

  Tesla (D.S.L.A): Tesla shares retreated some after investors sent the EV maker up 25% last week after the company reported vehicle deliveries that beat Wall Street expectations. More broadly, bullish analysts say investors will expect a positive quarterly report later this month and the unveiling of a robotaxi in early August to create the next phase of the Tesla story. Shares were down less than 1% in morning trading.

  Coinbase (currency): The crypto market wobbles and drags down the companies associated with it. The digital asset exchange fell 5%, reflecting falling prices for Bitcoin (BTC-USD), the most popular cryptocurrency and the largest by market cap. Bitcoin fell to its lowest level against the dollar since February. Crypto miner Marathon (MARA) fell 7%, while online broker Robinhood (HOOD) fell 4%.

  Macy’s (M): Shares of the troubled department store chain rose as much as 10% Friday morning, Following a statement An investor group has proposed a second time to buy it. The latest offer is $300 million more than the previous one.

  Samsung Electronics (005930.K.S): The manufacturing giant gained 3% on Friday morning, with quarterly profit up 15 times from a year ago, lifting shares buoyed by the AI ​​boom to a three-year high.

• 

  Friday, July 5, 2024 at 9:33 am EDT

  Stocks are steady as the unemployment rate rises

  U.S. stocks were near all-time highs on Friday as investors weighed how the June jobs report, which showed a slightly higher unemployment rate, could impact the Federal Reserve’s interest rate decision.

  The S&P 500 (^GSPC) was little changed ahead of the report. The Dow Jones Industrial Average (^DJI) slipped below the flatline, while the tech-heavy Nasdaq Composite (^IXIC) moved above it. As all three gauges were closed on Thursday for the Fourth of July holiday, Friday’s trading session continued action from Wednesday.

• 

  Fri, Jul 5, 2024 at 8:59 am EDT

  Pressure mounts for the central bank to act

  There’s no doubt what the story will be coming out of Friday’s jobs report — the risk of the Federal Reserve ending up behind the curve.

  As many believe it was too slow to raise interest rates in 2022, the Fed may cut rates too late.

  With the unemployment rate at its highest level since November 2021, other data — such as the continued rise in jobless claims and the drop in job openings — are starting to look like they’re sending a clear signal that headline job gains have overstated strength. of the labor market.

  Inflation data continues to slow toward the central bank’s 2% target, although that progress stalled in the first few months of the year.

  A key feature of this policy regime is the Powell Fed’s sensitivity to inflation data ahead of its target after a 40-year rise in inflation, which we see in 2022. But the labor market is starting to speak loud and clear: things are getting tough for more workers.

  Neil Dutta at Renaissance Macro, who has become a leading voice on Wall Street, has said the central bank needs to be more hawkish on these rate cuts. In a note minutes after Friday’s report was dropped, he said: “Today’s employment report should confirm expectations for a September rate cut. Economic conditions are cooling and this is diversifying the Fed’s tradeoffs.”

  In Dutta’s view, the central bank’s July meeting should set the schedule for a September cut.

• 

  Fri, Jul 5, 2024 at 8:54 am EDT

  Job gains are slowing, but the unemployment rate is set to hit its highest level since 2021

  The U.S. labor market added more jobs than expected in June, while the unemployment rate rose unexpectedly, with the job market continuing to cool after November 2021.

  Data from Bureau of Labor Statistics A U.S. economic report released Friday added 206,000 nonfarm payroll jobs in June, more than the 190,000 expected by economists.

  The unemployment rate rose to 4.1%, up from 4% in the previous month and the highest reading in nearly three years. June’s job additions saw a slight decline from May, which slowed Friday’s job gains to 218,000 from 272,000.

  Stock futures rose following the report, adding to gains after the market traded earlier this week amid softer-than-expected economic data, including gauges of inflation that suggested the U.S. was moving back toward an “inflationary path.” According to Federal Reserve Chairman Jerome Powell.