Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Investing.com-- U.S. stock futures ticked lower on Thursday evening after the S&P 500 and Nasdaq notched fresh record highs, boosted by a surprisingly strong monthly jobs report
that underscored the economy’s resilience.
Trading volumes were subdued on Thursday in a holiday-shortened session, and markets will be shut on Friday for the Independence Day holiday.
S&P 500 Futures fell 0.2% to 6,317.0 points, while Nasdaq 100 Futures inched 0.1% lower to 23,033.75 points by 20:01 ET (00:01 GMT). Dow Jones Futures were also trading 0.1% lower at 45,038.0 points.
S&P 500, Nasdaq hit fresh record peaks on strong jobs data
In the regular trading session on Thursday, the S&P 500 rose 0.8%, and NASDAQ Composite jumped 1%, both hitting new highs for the third time in a holiday-shortened week. The Dow Jones Industrial Average gained 0.8%.
Data on Thursday showed that the U.S. economy added more jobs than anticipated in June, in a sign of ongoing resilience in the labor market despite recent concerns over the impact of sweeping tariffs.
U.S. nonfarm payrolls rose by 147,000 in June, beating forecasts of 111,000, with gains in state jobs and healthcare offsetting federal job cuts.
The jobless rate edged down to 4.1%, while wage growth slowed to 0.2%, easing inflation concerns.
Fed policymakers — who are partly tasked with aiming for maximum employment — have been keeping close tabs on incoming labor market data, especially as they remain wary of the impact of Trump’s tariff agenda on the wider economy.
The solid jobs report prompted markets to scale back expectations for a July rate cut, with the likelihood of a first cut of the year now shifting toward September.
Trump’s massive tax-cut bill clears Congress
President Donald Trump’s tax-cut bill cleared its final hurdle Thursday, as the Republican-led House narrowly approved the sweeping package.
The bill that cuts taxes, boosts border security, and lowers social safety-net spending now moves to Trump’s desk, ahead of the July 4 target he set to finish the legislation.
The nonpartisan Congressional Budget Office estimates the bill would add $3.4 trillion to the $36.2 trillion national debt.
The bill also lifted the U.S. debt ceiling by $5 trillion, temporarily avoiding the risk of default.
Markets were also monitoring developments on trade deals ahead of Trump’s July 9 deadline.
With the deadline less than a week away, the U.S. has finalized only three agreements—with the UK, China, and Vietnam.