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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a roughly flat opening on Friday, as traders seem reluctant to make any significant moves as they digest the Labor Department?s closely watched monthly jobs report.
The Labor Department released a report showing weaker than expected job growth in the month of July due in part to a drop in government employment and the closing of Toys ?R? Us stores.
While employment rose by less than expected in July, the report also showed significant upward revisions to the increases in employment in May and June.
An historic milestone for Apple (AAPL) contributed to a substantial advance by the tech-heavy Nasdaq during trading on Thursday, while renewed trade war concerns weighed on some of the other Dow components.
The major averages subsequently ended the day mixed. While the Dow edged down 7.66 points or less than a tenth of a percent to 25,326.16, the Nasdaq jumped 95.40 points or 1.2 percent to 7,802.69 and the S&P 500 climbed 13.86 points or 0.5 percent to 2,827.22.
The rally by the Nasdaq came amid a continued advance by shares of Apple, which surged up by 2.9 percent to a new record closing high after soaring by 5.9 percent on Wednesday.
With the jump, Apple became the first U.S. company to reach a $1 trillion market capitalization as traders continued to react positively to its upbeat fiscal third quarter results and guidance.
On the other hand, trade concerns weighed on some of the other Dow components after President Donald Trump's administration confirmed reports it is considering raising the rate of tariffs on Chinese imports.
U.S. Trade Representative Robert Lighthizer said Trump has directed him to consider increasing the proposed tariff rate on $200 billion worth of Chinese goods to 25 percent from the previously announced 10 percent.
"The Trump Administration continues to urge China to stop its unfair practices, open its market, and engage in true market competition," Lighthizer said. "We have been very clear about the specific changes China should undertake."
He added, "Regrettably, instead of changing its harmful behavior, China has illegally retaliated against U.S. workers, farmers, ranchers and businesses."
In response, China reiterated its threat to retaliate, with the Chinese Ministry of Commerce declaring the communist country fully prepared to defend its dignity and the interests of its people.
A day ahead of the release of the monthly jobs report, the Labor Department released a report showing a modest increase in initial jobless claims in the week ended July 28th.
The report said initial jobless claims inched up to 218,000, an uptick of 1,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to rise to 220,000.
A separate report from the Commerce Department showed factory orders climbed by 0.7 percent in June, matching economist estimates.
Biotechnology stocks showed a significant move to the upside over the course of the session, driving the NYSE Arca Biotechnology Index up by 1.5 percent.
Regeneron Pharmaceuticals (REGN) posted a standout gain after the biotech company reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
Considerable strength also emerged among retail stocks, as reflected by the 1.4 percent gain posted by the Dow Jones Retail Index.
Tobacco, computer hardware, and telecom stocks also moved notably higher, while steel stocks moved sharply lower amid concerns about the impact of the trade dispute between the U.S. and China.
Within the steel sector, U.S. Steel (X) posted a particularly steep loss despite reporting better than expected second quarter results.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Partly reflecting a drop in government employment and the closing of Toys ?R? Us stores, the Labor Department released a report showing much weaker than expected U.S. job growth in the month of July.
The Labor Department said non-farm payroll employment climbed by 157,000 jobs in July after spiking by an upwardly revised 248,000 jobs in June.
Economists had expected employment to increase by about 190,000 jobs compared to the jump of 213,000 jobs originally reported for the previous month.
Despite the weaker than expected job growth, the unemployment rate edged down to 3.9 percent in July from 4.0 percent in June, matching estimates.
A separate report from the Commerce Department showed the U.S. trade deficit widened in the month of June amid an increase in imports and a decrease in exports.
The report said the trade deficit widened to $46.3 billion in June from a revised $43.2 billion in May. The deficit had been expected to widen to $46.5 billion from the $43.1 billion originally reported for the previous month.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the service sector in the month of July.
The ISM?s non-manufacturing index is expected to edge down to 58.6 in June from 59.1 in July, although a reading above 50 would still indicate growth in the service sector.
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| | Stocks in Focus |
Shares of Take-Two Interactive (TTWO) are moving sharply higher in pre-market trading after the video game publisher reported better than expected second quarter results.
High-definition camera maker GoPro (GPRO) is also likely to see early strength after reporting a narrower than expected second quarter loss on revenues that beat analyst estimates.
Shares of Kraft Heinz (KHC) may also move to the upside after the food giant reported second quarter results that exceeded expectations on both the top and bottom lines.
On the other hand, shares of Symantec (SYMC) are likely to come under pressure after the cybersecurity company reported better than expected first quarter results but provided disappointing guidance.
CBS Corp. (CBS) may also see early weakness after the mass media company reported second quarter results that beat expectations but CEO Les Moonves refused to address allegations of sexual harassment
Shares of Shake Shack (SHAK) are also likely to move to the downside after the restaurant chain reported second quarter results that exceeded analyst estimates but provided disappointing full-year same store sales guidance. |
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| | Europe |
European stocks are trading higher on Friday as the euro and pound have fallen against the dollar, helping lift exporters.
While the U.K.?s FTSE 100 Index has advanced by 0.8 percent, the German DAX Index is up by 0.5 percent and the French CAC 40 Index is up by 0.3 percent.
In economic news, euro area private sector growth eased in July, ceding most of the momentum gained in the prior month, data from IHS Markit showed.
The composite output index fell to 54.3 in July from 54.9 in June, in line with the flash estimate. The slowdown was mainly centered on the service sector, where growth eased from June's four-month high.
Eurozone retail sales grew at a steady pace of 0.3 percent sequentially in June, driven by food sales, Eurostat figures showed. Sales were expected to climb 0.4 percent.
Elsewhere, British service sector growth eased more than expected in July to the weakest level in three months, survey data from IHS Markit showed.
French lender Credit Agricole has jumped after its second quarter core profit jumped 20 percent from last year, helped by growing revenues in most business divisions.
Royal Bank of Scotland has also rallied in London on news it would pay its first dividend in a decade.
Packaging and paper group Mondi has soared after it reported a 25 percent increase in half-year underlying profit, helped by higher selling prices and good demand.
Meanwhile, Swiss Re has moved to the downside. After reporting a drop in first-half net profit, the reinsurance company said it is planning a stock market listing next year for its U.K. unit.
British Airways parent IAG has slumped after reporting its half-year results. Bookmaker William Hill has also fallen sharply after it swung to a huge loss in the 26 weeks to June 27th.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mixed on Friday, as caution prevailed amid renewed trade worries and ahead of the release of the U.S. jobs data for July later in the day.
China?s Shanghai Composite Index dropped 27.58 points or 1 percent to 2,740.44 after a survey from Caixin showed China?s services sector continued to expand in July, albeit at a slower pace. Hong Kong?s Hang Seng Index edged down 38.24 points or 0.1 percent to 27,676.32.
The service sector PMI stood at 52.8, down from 53.9 in the previous month as new orders expanded at their weakest rate in more than two and a half years.
Japanese shares closed roughly flat as trade war jitters and caution ahead of key U.S. jobs data kept investors on the sidelines. The Nikkei 225 Index inched up 12.65 points or 0.1 percent to 22,525.18, while the broader Topix Index closed 0.5 percent lower at 1,742.58, dragged down by banks.
Suzuki Motor jumped 8.6 percent after the automaker posted a record-high operating profit in the first quarter. On the other hand, Toyota Motor shed 0.9 percent despite reporting a 19 percent rise in first quarter profits, beating estimates.
In economic news, the services sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Nikkei showed with a PMI score of 51.3, down from 51.4 in the previous month.
Minutes from the Bank of Japan?s June meeting showed that board members were worried about soft inflation and the rising cost of ultra-loose monetary policy.
Australian shares fluctuated before closing marginally lower on trade war concerns. Weaker base metal prices on concerns over a global trade war weighed on the mining sector, with BHP Billiton losing 1.6 percent and Rio Tinto ending down 1.4 percent. Banks ANZ, Commonwealth and Westpac fell around 1 percent.
Meanwhile, a weaker Aussie dollar helped lift healthcare stocks, with Cochlear and CSL rising half a percent and 1 percent, respectively.
Energy stocks such as Woodside Petroleum and Origin Energy rose 1-2 percent after U.S. crude futures rose nearly 2 percent on Thursday amid expectations that inventories would soon decline again.
On the data front, retail sales figures for June topped forecasts, while a survey showed Australia's service sector activity expanded at a much slower rate in July.
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| | Commodities |
Crude oil futures are slipping $0.01 to $68.95 a barrel after jumping $1.30 to $68.96 a barrel on Thursday. Meanwhile, after falling $7.50 to $1,220.10 an ounce in the previous session, gold futures are rising $3.70 to $1,223.80 an ounce.
On the currency front, the U.S. dollar is trading at 111.40 yen compared to the 111.66 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1605 compared to yesterday?s $1.1585.
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