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Key Takeaways
- The S&P 500 and Nasdaq added to their record highs as the latest report on U.S. unemployment was seen as a possible catalyst for the Fed to consider cutting interest rates.
- Macy’s shares soared on a report Arkhouse Management and Brigade Capital Management again boosted their bid for the retailer.
- Shares of firms tied to the cryptocurrency market fell along with digital coins as the trustee for Mt. Gox began repaying creditors.
The S&P 500 and Nasdaq were rising in mid-afternoon trading Friday, after the government’s June jobs report showed a rise in the unemployment rate. That boosted speculation the labor market may be softening enough for the Federal Reserve to cut interest rates soon.
Macy’s (M) shares took off on a report activist investor Arkhouse Management and its partner, Brigade Capital Management, have boosted their offer to buy the biggest U.S. department store chain for a second time.
This week’s rally in Tesla (TSLA) shares continued after a state-run media outlet in China said Beijing has added the carmaker’s Model Y SUV to the government’s procurement catalog.
Rising prices for gold, copper, and other metals lifted shares of Freeport McMoRan (FCX), Newmont Corporation (NEM), and other miners.
Shares of companies tied to the cryptocurrency market slid along with crypto prices as the trustee for bankrupt exchange Mt.Gox began repaying creditors with Bitcoin and Bitcoin cash. Shares of U.S. crypto exchange Coinbase Global (COIN) and major crypto holder MicroStrategy (MSTR) lost ground.
Southwest Airlines (LUV) shares tumbled in the first full day of trading after the airline approved a “poison pill” defense in response to activist investor Elliot Investment Management taking a major stake in the carrier and calling for a shakeup in leadership. Shares of Southwest and those of rivals Delta Air Lines (DAL) and United Airlines Holdings (UAL) are also being negatively affected by flight disruptions caused by Hurricane Beryl.