Stock Market Update
02-Jul-26 09:09 ET
Futures point to higher open
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +119.00.
The stock market remains on track for a higher opening as semiconductor stocks look to bounce back from yesterday’s rout while the market assesses this morning's economic data.
Nonfarm payrolls increased by just 57,000, while nonfarm private payrolls rose by just 49,000, driven by a 69,000 increase in private education and health services that was offset by a 61,000 decline in leisure and hospitality. Moreover, one can extrapolate that average hourly earnings struggled again to keep up with inflation. They were up 0.3% month-over-month in June, pitted against a 0.5% month-over-month increase in CPI inflation in May.
The key takeaway from the report for the market, which likes to see the good in the bad, is that the softer payrolls and pressure on real earnings should temper concerns about an imminent rate hike.
