Wall Street’s main indexes were poised to open higher on Friday following the July 4 holiday, bolstered by data showing U.S. job growth slowed to a still-healthy pace in June. The Labor Department reported non-farm payrolls increased by 206,000 in June, above the expected 190,000, though May’s figures were revised down.
The unemployment rate remained at 4.1%, and average hourly earnings rose 0.3%. The softer jobs report supports the case for a potential Federal Reserve rate cut in September, with market odds for a 25-basis point cut rising to 72%.
Megacaps like Alphabet, Amazon, and Meta Platforms saw modest gains, while Tesla rose 1.9%. Macy’s surged 6.9% on a takeover bid increase. Conversely, cryptocurrency-related stocks fell 5%-7% following a Bitcoin slump.
At 8:47 a.m. ET, Dow e-minis were up 0.12%, S&P 500 e-minis up 0.07%, and Nasdaq 100 e-minis up 0.16%, setting the stage for a positive weekly close for major indexes.
