BY THE NUMBERS
Stock index futures rose slightly after the release of the government’s better-than-expected June employment report. The S&P 500 rose 0.5% to register yet another record close Thursday. The broad index is riding a six-day win streak, matching its longest of 2021. A higher session Friday would give it its first seven-day win streak since last August.
The Dow – which lagged the other major averages in June – has risen in three straight sessions and is at its highest since June 4. The Dow, S&P 500 and Nasdaq are all positive for the week and are on track to chalk up a second straight weekly gain.
* Treasury yields dip despite anticipation over June jobs report (CNBC)
The U.S. economy added 850,000 jobs in June, eclipsing the Dow Jones consensus projection of 706,000. The Labor Department’s key report also showed the unemployment ticked up to 5.9%, when economists expected it to come in at 5.6%.
At 10:00 a.m. ET, May factory orders are projected to show a 1.7% jump following April’s 0.6% decline.
Bitcoin was trading slightly higher this morning to around $33,100 per token. The world’s largest cryptocurrency by market value has faced weakness in the past two months and last week briefly turned negative for the year when it sank below $29,000.
* Bitcoin’s ‘mining difficulty’ is about to fall. Here’s what that means for the cryptocurrency (CNBC PRO)
There are no earnings reports on the calendar for today, either this morning or after today’s closing bell. The New York Stock Exchange is closed Monday in observance of Independence Day.
IN THE NEWS TODAY
Robinhood Markets has 18 million retail clients and more than $80 billion in customer assets, according to its highly anticipated IPO filing Thursday. The free stock trading pioneer said it was profitable in 2020, registering $7.45 million in net income on net revenue of $959 million. However, the brokerage ended the first three months of this year with a loss of $1.4 billion, which is connected to its emergency fundraising during January’s GameStop frenzy. (CNBC)
* Feds seized Robinhood CEO’s phone as part of GameStop trading probe (CNBC)
* Robinhood says dogecoin accounted for 34% of crypto revenue in Q1 (CNBC)
Space tourism company Virgin Galactic (SPCE) scheduled its next test spaceflight for July 11, and company founder Sir Richard Branson intends to be onboard. The timing is particularly noteworthy, as the U.K. billionaire aims to beat Jeff Bezos to space. The Amazon founder is scheduled to launch on July 20 with his own company, Blue Origin. Shares of Virgin Galactic rose more than 28% in premarket trading. (CNBC)
Toyota Motor sold more vehicles in the U.S. than General Motors (GM) in the second quarter, marking the first time the Japanese automaker has done so in a three-month reporting period. On Thursday, Toyota said it sold 688,813 vehicles in America from April through June, narrowly edging out GM’s 688,236 vehicles. Toyota’s results topped analyst expectations; GM’s…