FOX Business’ Cheryl Casone breaks down the June ADP report, which comes in below expectations at 2.37 million.
U.S. equity markets ticked higher Wednesday as the nation’s reopening from coronavirus lockdowns buoyed employment and boosted optimism heading into the final half of a volatile year.
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The Dow Jones Industrial Average gained 165 points, or 0.64 percent, while the S&P 500 and the Nasdaq Composite rose 0.55 percent and 0.41 percent, respectively. The major averages on Tuesday closed out their strongest quarter in more than 20 years.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25836.16 | +23.28 | +0.09% |
| SP500 | S&P 500 | 3119.23 | +18.94 | +0.61% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10149.77826 | +91.01 | +0.90% |
Wednesday’s moves came as the ADP employment report showed the private sector added 2.37 million jobs in June, less than the 3 million jobs that were expected. The May report, however, was revised upward from a loss of 2.76 million jobs to an addition of 3 million jobs.
Monthly government payroll data will be released on Thursday, as U.S. markets are closed Friday in observance of Independence Day.
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Pfizer and BioNTech announced positive data from a Phase 1/2 study of their experimental COVID-19 vaccine. The results showed subjects who received the drug had elevated levels of antibodies.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNTX | BIONTECH | 72.02 | +5.28 | +7.91% |
| PFE | PFIZER INC. | 34.26 | +1.55 | +4.76% |
Boeing was under pressure after a report that it failed to inform the Federal Aviation Administration of alterations to its MCAS flight control system on the widely-sold 737 Max, which has been faulted in two fatal crashes, according to Reuters.
United Airlines announced plans to triple the number of flights to nearly 25,000 in August, bringing capacity up to roughly 40 percent of what it was a year ago. Elsewhere in the industry, American Airlines has begun allowing full flights.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | BOEING COMPANY | 181.45 | -1.85 | -1.01% |
| UAL | UNITED AIRLINES HLDG. | 34.34 | -0.27 | -0.78% |
Facebook CEO Mark Zuckerberg has agreed to meet with the organizers of an ad boycott over hate speech on the social-media platform. More than 400 brands, including Coca-Cola and Starbucks, have joined the cause.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | FACEBOOK INC. | 236.83 | +9.76 | +4.30% |
Beyond Meat, in a partnership with Alibaba’s grocery stores, will begin selling its plant-based burgers in 50 Shanghai locations starting Saturday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 139.38 | +5.39 | +4.03% |
On the earnings front, FedEx beat on both the top and bottom lines as the COVID-19 pandemic caused a surge in deliveries.
Macy’s booked a $3.2 billion writedown due to COVID-19 and said sales in May and June were ahead of expectations.
General Mills reported its fourth-quarter profit jumped 10 percent from a year ago as consumers stocked up amid COVID-19 lockdowns. The consumer-foods maker expects a material drop in fourth-quarter sales for 2021.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FDX | FEDEX CORPORATION | 156.62 | +16.40 | +11.69% |
| M | MACY’S INC. | 6.47 | -0.41 | -5.89% |
| GIS | GENERAL MILLS | 60.80 | -0.85 | -1.38% |
Commodities were mixed, with oil up 23 cents at $39.50 a barrel and gold down $24 to $1,776.50 an ounce.
U.S. Treasurys were lower, causing the yield on the 10-year note to rise by 3.3 basis points to 0.686 percent.
European markets were mixed, with Germany’s DAX down less than 0.1 percent, while France’s CAC 40 and Britain’s FTSE rose 0.14 percent and 0.29 percent, respectively.
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In Asia, markets finished mixed, with China’s Shanghai Composite and Hong Kong’s Hang Seng adding 1.39 percent and 0.52 percent, respectively, while Japan’s Nikkei slid 0.75 percent.
