The June Jobs Report blew all expectations out of the water with a record 4.8 million non-farm jobs added.
This was a big win for the economy, considering only 2.9 million jobs were expected!
There was a small decrease in Average Hourly Earnings, but the Unemployment Rate dropped to 11.1% (vs. a 12.4% forecast).
All in all it was a GREAT jobs report.
Stocks opened higher on the positive news and continued to rally.
But after the impressive report, the attention turned back towards rising COVID-19 cases.
Ahead of a holiday weekend that is usually centered around large gatherings, Florida reported a 1-day spike of 10,000 coronavirus cases. And Texas issued a statewide mandate for face coverings. The mandate applies to all counties that currently have more than 20 coronavirus cases.
And maybe even worse, in an interview with the Journal of the American Medical Association (JAMA), Dr. Fauci stated the coronavirus may have “mutated”, making it “easier to spread.”
Stocks were sideways in the afternoon, then slide into the close. The drop was mostly like due to a mix of coronavirus concerns and profit taking ahead of the long weekend.
But even though stocks erased today’s early gains it was still a strong week.
The NASDAQ made new record highs (again) and the S&P finished the week with a 4.0% gain.
Here’s where the major markets ended the day:
*As of market close
Tesla (TSLA) shares skyrocketed this afternoon after killer Q2 delivery data. The stock closed 8.0% higheron the day and 26% higher on the week.
Gold (GC) futures settled higher with investors hedging against rising coronavirus infections. Futures finished higher by 0.6% with their 2nd highest close of the year.
News from Moderna (MRNA) didn’t help with today’s coronavirus concerns. A top contender in the race for a vaccine, the company announced a delay in its clinical trial for their COVID-19 vaccine. The stock finished the day with a 4.9% loss.
Markets are closed tomorrow ahead of the 4th of July holiday. Have a safe and happy 3-day weekend!