雅虎香港財經 Stock Market News for June 7, 2024
Market News
Stock markets ended mixed on Thursday as market participants digested economic data, indicating a potential slowdown in the labor market. Investors are now eagerly awaiting the nonfarm payrolls report for further insights. The Dow ended in positive territory, while the Nasdaq Composite and the S&P 500 finished in red.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.2% or 78.84 points to close at 38,886.17. Notably, 17 components of the 30-stock index ended in positive territory, while 13 finished in negative zone.
The tech-heavy Nasdaq lost 14.78 points or 0.1% to close at 17,173.12. The major loser of the tech-laden index was Old Dominion Freight Line, Inc. ODFL. The stock price of the shipping company declined 3.3%. Old Dominion Freight Line currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 declined 0.02% or 1.07 points to end at 5,352.96. Out of 11 broad sectors of the benchmark, four ended in negative territory, while seven finished in green. The Utilities Select Sector SPDR (XLU), the Technology Select Sector SPDR (XLK) and the Industrials Select Sector SPDR (XLI) fell 1%, 0.3% and 0.6%, respectively, while the Consumer Discretionary Select Sector SPDR (XLY) rose 0.7%.
The fear-gauge CBOE Volatility Index (VIX) was down 0.4% to 12.58. On Thursday, 10.4 billion shares were traded, lower than the 20-session average of 12.7 billion. The S&P 500 posted 25 new 52-week highs and five new 52-week lows. The Nasdaq Composite registered 57 new 52-week highs and 110 new 52-week lows.
U.S. Labor Market Shows Signs of Cooling
Recent data from the U.S. Labor Department has raised concerns about a potential cooling in the labor market, indicating a shift in economic dynamics. Initial jobless claims rose by 8,000 to 229,000 for the week ending Jun 1. The previous week's level was revised up by 2,000 to 221,000. The four-week moving average decreased to 222,250, marking a fall of 750 from the previous week. The prior week's average was revised up by 500 to 223,000.
Continuing claims came in at 1,792,000 for the week ending May 25, increasing 2,000 from the previous week’s revised level. The prior week's numbers were revised down by 1,000 to 1,790,000. The four-week moving average was 1,788,750, an increase of 2,750 from the previous week's revised average. Last week's average was revised down by 250 to 1,786,000.
Meanwhile, productivity growth in the first quarter was revised down slightly, with nonfarm productivity increasing at a 0.2% annualized rate, lower than the initial estimate of 0.3%. Despite these revisions, year-over-year productivity growth remained strong at 2.9%. Unit labor costs also rose to a 4% annualized rate, lower than of initial estimate of 4.7%.
The widening trade deficit further adds to the economic landscape, the Commerce Department's Bureau of Economic Analysis reported that U.S. trade deficits for goods and services in April came in at $74.6 billion, higher than the consensus estimates of $76.5 billion. March’s data was revised downward to a deficit of $68.6 billion from $69.4 billion reported earlier. April exports were $263.7 billion, $2.1 billion more than March exports. April imports were $338.2 billion, $8 billion higher than March imports.
Investors are now eagerly awaiting Friday's crucial U.S. nonfarm payrolls report, which will provide further insights into the state of the labor market.
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