The Market Is Open Today. Stocks Are Rising After Strong June Jobs Report. - Barron's

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On the economic front, Friday will see nonfarm payrolls data, a key jobs indicator.

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U.S. stocks were rising on Friday, after a stronger-than-expected U.S. jobs report.

Shortly after the open, the Dow Jones Industrial Average was up 55 points, or 0.2%. The S&P 500 was up 0.3%, while the Nasdaq Composite rose 0.4%. The 10-year Treasury yield declined 0.031 percentage point to 1.451%.

The U.S. economy added 850,000 jobs in June, beating forecasts for 675,000, while the unemployment rose to 5.9%, up from 5.8% in May. Average hourly earnings rose just 0.3%, slower than the 0.4% economists had forecast, suggesting that labor pressures might be easing. For now, that combination of stronger job growth and slower inflation looks to have gotten investors in a risk-on mood.

In Asia, Tokyo’s Nikkei 225 rose 0.3%, while Hong Kong’s Hang Seng slipped 1.8%. The Shanghai Composite fell 1.95%. The FTSE 100 in London lifted 0.2% as the pan-European Stoxx 600 was 0.3% higher. The CAC 40 in Paris was up 0.1% and Frankfurt’s DAX rose 0.4%.

The share price moves of Neles and Valmet diverged significantly after the two Finnish industrial firms said that they have agreed to merge. Shares in Neles, which offers flow-control products such as valves used in the oil-and-gas-refinement process, rose 7%, while shares in Valmet—which provides technology and automation systems to industry—dropped 6%.

Dutch semiconductor companies added buoyancy to European stocks, with ASML stock rising 1% and shares in ASM International rising 1.5%. ASML, which supplies critical equipment to chip makers, got a boost as Micron Technology said it would begin using its machines from 2024. Fellow industry supplier ASM announced that orders in the second quarter of the year were much higher than previously guided, expected to exceed €500 million ($591 million).

Inditex stock fell near 1%, after French prosecutors opened an investigation into the retail giant, which owns Zara, over suspected concealment of “crimes against humanity” linked to forced labor of minority Muslim Uyghurs in the Xinjiang region of China, Reuters reported. Prosecutors will also reportedly investigate three other retailers: Uniqlo France, SMCP, and Skechers. Shares in Japan’s Fast Retailing, which owns Uniqlo, fell near 1%.

Tesla  (ticker: TSLA) stock rose 1.4% after reporting 201,250 deliveries during the second quarter. That was slightly below Bloomberg estimates for 204,160.

Virgin Galactic  (SPCE) has jumped 18.3% after Richard Branson said he would go to space before  Amazon.com  ‘s (AMZN) Jeff Bezos.

Didi Global (DIDI) has fallen 7.2% after China revealed a cybersecurity review of the recently IPOed company.

PNC Financial Services  (PNC) has risen 0.4% after getting upgraded to Outperform from Underperform at Wolfe Research.

Anglo American  (NGLOY) has gained 3.6% after getting upgraded to Outperform from Market Perform at Bernstein.

Write to Ben Levisohn at ben.levisohn@barrons.com

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The Market Is Open Today. Stocks Are Rising After Strong June Jobs Report. - Barron's
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