Friday's trading: 5 things to know
Several stocks in the news could move the markets including Spirit Airlines, Levi Strauss and GameStop
Here are the key events taking place on Friday that could impact trading.
JOBS REPORT: The key economic report this holiday-shortened week comes Friday morning when the Labor Department is expected to say the U.S. economy added 268,000 new nonfarm jobs in June. That’s down from a stronger-than-expected 390,000 in May and would mark the weakest job growth since April 2021, consistent with other data showing signs of a cooling labor market.
The unemployment rate is anticipated to hold steady at 3.6% for the third month in a row.
MERGER VOTE: Spirit Airlines has again postponed a shareholder vote on a proposed merger with Frontier Airlines to continue talks with Frontier and rival bidder JetBlue Airways. The vote was to be held Friday and has been pushed back until at least July 15.
JOBS REPORT WILL OFFER FRESH RECESSION CLUES
The delay is seen as an indication that the merger of the two discount airlines lacks shareholder support in the face of a JetBlue bid that is higher in current value.
LEVI STRAUSS: Watch shares of the jean maker after it reported higher sales and earnings for the quarter that topped expectations. Levi shares ended Thursday’s regular session up 4% at $16.41 and added another 4% in after-hours trading.
GAMESTOP: Shares of the video-game retailer fell nearly 6% in premarket trading after the company announced that it had fired its Chief Financial Officer and laid off a number of its employees as the video game giant seeks to reshape the company.
GAMESTOP FIRES CFO AMID STAFF SHAKEUP
The announcement that GameStop was firing CFO Michael Recupero was first reported by Axios, citing an internal memo.
OIL'S WEEK: Prices traded cautiously as recession fears continued to weigh on sentiment. U.S. West Texas Intermediate crude traded at $102 a barrel. Brent crude futures traded at $104 a barrel after a near 4% rebound on Thursday.
ENERGY EXPERT WARNS 'TIGHT' GLOBAL OIL MARKET IS 'GETTING WORSE'
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Both contracts are set for their second straight weekly loss. U.S. crude saw a sharp sell-off on Tuesday, when WTI slid 8% and Brent tumbled 9%.