Weak Wall Street, on the eve of the release of the US employment report in July which, taking stock of the situation on the trend of the labor market and therefore on the American economy, will also affect expectations on the decisions that Jerome Powell’s Fed will take on rates.
Among the corporate stories of the day, the agreement with Coinbase reached by the world‘s number one asset management giant BlackRock, which will offer its most important clients the opportunity to trade crypto assets.
The partnership will initially focus on Bitcoin. Coinbase’s prices jumped about 20%.
Wall Street is cautious in the aftermath of the eve’s rally, which saw the Dow Jones jump 400 points, the S&P 500 jump 1.5% and the Nasdaq jump 2.6%. In particular, the S&P 500 index tested the maximum value since June.
Wall Street continues to carry on the strong comeback that began in mid-June. From the lows of that period, the S&P 500 has gained 14.25%.
Other stocks featured in today’s session include Wal-Mart, which kicked off a new round of layoffs in the wake of what it announced last week when it cut its quarterly and full-year 2022 earnings guidance due to of the negative consequences of inflation:
an inflation that in the US is galloping at the strongest pace of the last 40 years, and which is inducing consumers to spend more on necessities such as food than on other products such as clothing and electronics.
With a statement released to CNBC, the American retail giant defined the layoffs as a way to “better position the company towards a solid future”.
Walmart spokesperson Anne Hatfield did not provide details on how many employees will be affected by the layoffs and which divisions will be affected by the cuts.
Wal-Mart is the American company that most of all employs US citizens, employing a workforce of nearly 1.6 million in the US. The stock is down slightly.
Focus on Tesla, pending approval of the request submitted in June by the electric car giant founded by Elon Musk for a 3 to 1 share split. The proposal will be voted on today at Tesla’s annual shareholders’ meeting.