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- 💥 What This Morning's Mixed Jobs Report Means For Stocks
💥 What This Morning's Mixed Jobs Report Means For Stocks
How Friday's highly-anticipated labor market data impacts the Fed's planned rate cuts, Intel tries to save face and more
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Happy Friday! I love setting off fireworks, and I’ve got nine good fingers to prove it. But, if you buy enough fireworks, you’re going to get a dud every now and then. And that’s kind of what we got this morning: after a highly-anticipated jobs report, the market is pretty flat. Plus, Intel’s last-ditch effort to save face?
—Aaron Bry
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MARKET SNAPSHOT
Yesterday: Mixed day on the Street, with the Nasdaq closing slightly in the green while the S&P and Dow fell.
On Our Radar: Looking ahead to next week, we will get CPI on Wednesday followed by PPI on Thursday. Some names reporting earnings include Adobe, RH and more.
TOP STORY
Job Creation Falls Short Of Expectations In August, Unemployment Rate Ticks Lower, Wage Growth Soars
Basically: Signs of a cooling U.S. labor market eased in the government's Friday August jobs report, tempering recession fears that had intensified in July and earlier this week.
So: In August, the U.S. economy added 142,000 nonfarm payrolls, signaling a sharp improvement from July’s downwardly revised 89,000. Here’s how the jobs number impact the chances of the Fed cutting by 50bps this month.
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FIVE ZINGERS
The Saga Continues: U.S. Steel has had a volatile week, with the stock bouncing back on rumors that $CLF could be a buyer once again.
What Do You Meme: ‘Meme stock’ Faraday Future is soaring this morning, trading up more than 15%. Here’s what’s going on.
Buy This Not That: Jim Cramer is getting bullish on this cruise-line stock, but says you can leave this one behind.
Moving Target: Toyota joins the list of car companies to change their targets for going fully electric. Here’s why it matters.
Your Chance At $30k Risk-Free: Benzinga's World Championship of Trading is about to take off, and all you have to do is sign up and paper trade for your chance at the prizes.
ONE FOR THE ROAD
Basically: Mobileye Global Inc stock is trading lower Friday amid reports that Intel Corp is eying a strategic stake sale of the Israeli autonomous driving company.
So: Intel could sell up to 88% of its stake in Mobileye, Bloomberg cites familiar sources. The company will decide this at Mobileye’s September board meeting in New York. Here’s why the sale could be bad news for both companies.
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