CNBC Daily Open: Jobs, Jobs and More Jobs
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What you should know today
A half-million jobs
U.S. private companies
Addition of 497,000 new jobs in June
ADP, a payroll-processing firm, says that the number of jobs is more than twice as high as the Dow Jones estimate. This is more than twice the Dow Jones estimate, which was 267,000. It's also higher than May's revised downwardly figure of 267,000. ADP's report on jobs is not always a good indicator of the Department of Labor jobs report. It does show
How strong is the U.S. job market?
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The worst days and the lowest levels
U.S. stocks
Fall Thursday
As traders became concerned about what the hot ADP employment report would mean for interest rates. The yield on 2-year Treasury
The rise in the basis point is around 4 basis points
The 10-year bond jumped nine basis points to 4,031%. Europe's Stoxx 600 Index
Sank 2.34%
It is at its lowest level for three months.
Yellen in China
U.S. Treasury secretary Janet Yellen
She began her four-day journey in Beijing
Yellen and China will discuss "how to manage the U.S.-China relationship responsibly, communicate directly on areas of concern, work together to tackle global challenges," according to the Treasury Department.
Sunday
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BlackRock bullish on Bitcoin
Bitcoin Brief
Yesterday, $31,450 was spent.
Its highest level was reached in June 2022 but it has now dropped to $30.175. BlackRock CEO Larry Fink described cryptocurrency as "an international asset... that people can use as an alternative." Investors are still excited. BlackRock is the largest asset manager in the world.
File to Launch
A spot Bitcoin exchange-traded funds.
[PRO] Investors have become 'too complacent.'
Investors shouldn't assume that just because the markets have been strong in the first half of this year, the second half is going to be the same. Maximilian Uleer of Deutsche Bank, who is the head of European equity strategy and cross-assets, believes that investors are "too complacent".
Two ways to protect investors
From a possible downturn.
Bottom line
The expectation-shattering ADP jobs report was all traders could think about yesterday.
Threads,
Meta's
new Twitter rival, snagging
In one day, 30 million people signed up for the service.
Investors were thrilled. Shares rose about 2% during premarket trading.
BlackRock
CEO Larry Fink
Calling Bitcoin
"An international asset" Watchers of cryptocurrency almost fell into a trance. Prices of
Bitcoin
The 13-month high was reached.
After the release of the jobs data, the room was blown out of proportion. It confirmed that the U.S. economic situation is not influenced by the current interest rate, which means that rates will rise in the coming months.
According to the latest data from Traders, there is a 27,5% chance that the Federal Reserve will increase benchmark rates in September to between 5.5% and 5.75%.
CME FedWatch Tool
Scott Schnipper, CNBC, reported that the odds of this happening were only 18.1% on Wednesday.
Meta closed the day with a loss of 0.81%. Bitcoin dropped 4% since that peak.
The major U.S. indices suffered the same fate. The
S&P 500
The decline in the indices was 0.79%
Dow Jones Industrial Average
The sank by 1.07%, and the
Nasdaq Composite
S&P and Dow fell by 0.82%. These were the S&P's and Dow's worst daily movements since May. All indexes will also post losses for the week.
However, another piece of employment data released yesterday may ease some concerns. However, another piece of employment data released yesterday may soothe some worries.
Job Openings and Labour Turnover Survey
Job listings for May showed up.
The number of people who fell below 9 million was 9.82 millions
It was also 496,000 less than April. The estimate was 9.9 million, which was below the consensus estimate.
When we combine the ADP job report with other data, we get a picture (very blurry), of a lower demand from employers for workers, and more people finding jobs. In other words, it seems that the U.S. labour market is moving towards equilibrium.
The Labor Department
Non-farm payrolls for June
We will have a better idea of the future when tomorrow's report is released. Economists predict a rise of 240,000 in payrolls, and a 3.6% unemployment rate. We all know that expectations are rarely met when it comes the U.S. job market.