Here is what you need to know on Friday, July 3:
The US Nonfarm Payroll report showed that the country added 4.8 million new jobs in June, while the unemployment rate contracted to 11.1%, both much better than anticipated. The headline reading for May was upwardly revised to 2.7 million, adding to the good news. Average Hourly Earnings, however, missed the market’s expectations. Ahead of the release, equities were up, and data boosted optimism.
The good mood, however, was short-lived, as the US also reported a record of over 51,000 new coronavirus cases. New York delayed the re-opening of some indoor activity after California lockdown some areas on Wednesday. Dr. Fauci, Trump’s health advisor, said that the virus has never been under control.
Wall Street trimmed early gains, with the three major indexes closing the day with modest gains. Government bond yields were marginally higher at the end of the day. US markets will remain closed this Friday, amid the 4 of July holiday.
Tensions mounted in the Brexit front, as talks between the EU and the UK come to an early end this Thursday, as, according to EU’s chief negotiator Barnier complained of a lack of respect and engagement by the British government. “Serious divergences” remain according to both parts. European Commission President Ursula von der Leyen said that the EU and the UK are still quite far apart from reaching an agreement, adding that the EU will not accept Brexit agreement at any price and that the EU will have to prepare for other possible exit strategies on Brexit.
Gold fell to 1,757.44, bouncing from the level to settle at around 1,776.00. Crude oil prices remained within familiar levels, with WTI stuck around $40.00 a barrel.
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