#USA #celebrating #parades #fireworks #IndependenceDay
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“July 4 Will Not Be Canceled, Nor Purged From History or Our Hearts” — President Trump (45)
Click here for a list of the Top 4th of July celebrations across America.
US markets are closed Monday in observance of Independence Day.
Friday, at the close: DJIA +152.82 at 34786.35, NAS Comp +116.95 at 14639.33, S&P 500 +32.40 at 4352.34
The S&P 500 (+0.8%), NAS Comp (+0.8%), and DJIA (+0.4%) closed at record highs Friday, powered by the mega-caps following a June NFPs report seen as good to great.
The S&P 500 and NAS Comp also set all-time intraday highs, while the Russell 2000 fell 1.0% on weakness in energy and financial stocks.
From a headline POV, the employment report was great: NFPs (nonfarm payrolls) increased by 850,000. A closer look indicated softening labor market conditions: the unemployment rate (5.9%) was higher than expected, average hourly earnings (+0.3%) increased less than expected, the average workweek (34.7) unexpectedly decreased, and the labor force participation rate (61.6%) was unchanged.
The market viewed the report as a reason to believe the Fed will continue to stay ultra accommodative because it was not as robust or inclusive as it would have liked. Minority groups continued showing higher rates of unemployment.
Looking Ahead: Tuesday, investors will receive the ISM Non-Manufacturing Index for June.
Have a happy, healthy 4th of July, Keep the Faith!
