The US economy added more jobs than projected in May, while economists said upward revisions to payrolls growth in the two prior months indicated momentum in hiring activity. Total nonfarm payrolls rose by 172,000 last month, the Bureau of Labor Statistics said Friday, nearly double the 88,000 increase expected in a Bloomberg-compiled survey.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust retreated by 1.3% in Friday's premarket activity, after the May jobs report. US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 1% before the start of regular trading.
The Canadian labor market sparked back to life in May, with the 88,000 gain in jobs well above consensus expectations and taking the unemployment rate back down to 6.6%, said CIBC after Friday's Labour Force Survey.
The May employment report showed nonfarm payrolls rose by 172,000, well above the 88,000 jobs increase expected in a survey compiled by Bloomberg as of 7:30 am ET, while April payrolls were revised upwards to a 179,000 increase and March payrolls were revised upwards to a 214,000 increase, for a net upward revision of 93,000 jobs.
Canada's employment increased by 88,000, or 0.4% month over month, in May and the unemployment rate fell 0.3 percentage point to 6.6%, said the country's statistical agency on Friday. The job gains and unemployment rate were better than the consensus gain of 10,100 and a consensus jobless rate of 6.9% provided by MUFG.
Canadian inflation readings for April have come in below market expectations, while the USMCA trade deal negotiations deadline of July 1 is approaching fast, said UBS. This follows a period of generally weaker economic data from Canada, as evidenced by a sharp decline in economic surprise indexes, writes the bank in a note to clients.
Nomura said it expects the Bank of Canada to keep rates unchanged, including the policy interest rate at 2.25%, at next week's policy meeting. Canada's central bank is slated to release its policy statement at 9:45 a.m. ET on Wednesday. Data released since the April meeting has been dovish, noted Nomura.
The US dollar fell against its major trading partners early Friday ahead of the release of May employment data at 8:30 am ET. Nonfarm payrolls are expected to rise by 88,000 in May after a 115,000 increase in the previous month, while the unemployment rate is forecast to remain at 4.3%, and hourly earnings are forecast to rise by 0.3% after a 0.2% gain.
The benchmark US stock measures were mostly tracking in the red before the open Friday as traders await a key employment report for May. The S&P 500 decreased 0.5% and the Nasdaq was off 1% in premarket activity, while the Dow Jones Industrial Average edged up 0.1%. The indexes finished the previous trading session mostly up, with the Dow recording a fresh closing high.
Canada releases May's Labour Force Survey at 8:30 a.m. ET on Friday, at the same time as the United States jobs report, said ING. The narrative in Canada has been "less constructive" than in the U.S., writes the bank in a note. Consensus is looking at stabilization on Friday: 6.9% and 10,000 job gains.
Societe Generale in its early Friday economic news summary pointed out: -- Brent steady around US$95/barrel into nonfarm payrolls, United States/Iran peace talks stall after Hezbollah rejected U.S.-brokered truce in Lebanon. -- India: Reserve Bank of India leaves key rate unchanged at 5.25%, vote unanimous, stance neutral.
Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF climbing 2.6%. The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF added 1.5%. Bitcoin was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4...
Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.1% and the State Street Financial Select Sector SPDR ETF climbing 2.6%. The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF added 1.5%. Bitcoin was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4...
US nonfarm payrolls are expected to rise by 85,000 in May after a 115,000-jobs gain in April, based on a survey compiled by Bloomberg, while the unemployment rate is expected to remain at 4.3%. The May employment report is due to be released at 8:30 am ET Friday.
US equity indexes rose in midday trading Thursday amid a broad-based rally as a decline in crude oil futures helped push government bond yields lower. The Dow Jones Industrial Average jumped 1.6% to 51,516.9, the S&P 500 rose 0.5% to 7,591.9, and the Nasdaq Composite added 0.2% to 26,899.5 in Thursday's midday trading.
Gold prices were higher midafternoon on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran. Gold for July delivery was last seen up US$40.50 to US$4,507.40 per ounce.
Financial stocks were higher in Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF climbing 2.5%. The Philadelphia Housing Index increased 0.5%, and the State Street Real Estate Select Sector SPDR ETF added 1%. Bitcoin was falling 1.4% to $63,157, and the yield for 10-year US Treasuries decreased 2.2 basis points to 4.469%...
Financial stocks were higher in Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF climbing 2.5%. The Philadelphia Housing Index increased 0.5%, and the State Street Real Estate Select Sector SPDR ETF added 1%. Bitcoin was falling 1.4% to $63,157, and the yield for 10-year US Treasuries decreased 2.2 basis points to 4.469%...
Canada updates the Labour Force Survey for May on Friday at 8:30 a.m. ET, said Scotiabank. Consensus sits at a 10,000 gain in jobs, with most expecting a rise except for an anonymous entry, noted the bank. Scotiabank estimates a 25,000 increase, with an unchanged unemployment rate of 6.9%. May is when university and college grads heave a sigh of relief after completing exams, pointed out the bank.
IQVIA (IQV) said Thursday that a subsidiary has priced an offering of 950 million euros of 4.625% senior notes due June 15, 2033. Proceeds will be used to refinance its debt, the company said. IQVIA (IQV) shares were up about 3% in morning trading. Price: 187.71, Change: +5.66, Percent Change: +3.11. MT Newswires does not provide investment advice.
Treating the current tariff environment as permanent, the Canadian Parliamentary Budget Officer now projects real gross domestic product growth of 1.1% for this year and 1.6% in 2027, down from 1.3% and 1.8%, respectively, from its September 2025 outlook.
Gold prices rose early on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran. Gold for July delivery was last seen up US$59.10 to US$4,526.00 per ounce.
US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg as of 7:30 am ET. The four-week moving average jumped by 6,500 to 214,750 after increasing by 5,500 to a level of 208,250 in the previous week.
The Canadian economy hit a clear soft patch at the start of 2026, as confirmed by last week's gross domestic product, said Scotiabank. GDP was essentially flat in Q1, coming in below all expectations and pointing to softer underlying demand pressures, noted the bank. That said, the headline weakness should be interpreted with "caution," stated Scotiabank.
CES Energy Solutions (CESDF) entered into an underwriting agreement with a syndicate of underwriters to sell, pursuant to a private placement, $300.0 million of its 5.625% senior unsecured notes due June 15, 2033, it said overnight Wednesday. The offering is expected to close on or about June 15, subject to closing conditions.
Celcuity (CELC) said late Wednesday it has priced an upsized offering of $500 million of its 0.25% convertible senior notes due 2032. Underwriters have been granted a 30-day option to purchase up to an additional $75 million of the notes.
Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index decreasing 1% and the State Street Financial Select Sector SPDR ETF shedding 1.1%. The Philadelphia Housing Index dropped 0.4%, and the State Street Real Estate Select Sector SPDR ETF rose 0.2%. Bitcoin fell 2.5% to $65,538.2, and the yield for 10-year US Treasuries rose 3.6 basis points to 4.49%. In economi...
Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.9% and the State Street Financial Select Sector SPDR ETF shedding 1.1%. The Philadelphia Housing Index was down 0.7%, and the State Street Real Estate Select Sector SPDR ETF was up 0.3%. Bitcoin was falling 2.5% to $65,538.2, and the yield for 10-year US Treasuries rose 3.6 basis points t...
US economic activity increased at "a slight to moderate" pace in 10 of the 12 Federal Reserve districts since mid-April, though underlying signs were less encouraging, the Fed's latest Beige Book released Wednesday showed.
Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.8% and the State Street Financial Select Sector SPDR ETF shedding 0.9%. The Philadelphia Housing Index was down 0.9%, and the State Street Real Estate Select Sector SPDR ETF was up 0.7%. Bitcoin was falling 2.4% to $65,724, and the yield for 10-year US Treasuries was rising 5 basis points to 4...
Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.8% and the State Street Financial Select Sector SPDR ETF shedding 1%. The Philadelphia Housing Index was down 0.9%, and the State Street Real Estate Select Sector SPDR ETF was up 0.6%. Bitcoin was falling 1.2% to $65,838, and the yield for 10-year US Treasuries was rising 4 basis points to 4.4...
The US services sector saw continued expansion in May, with Institute for Supply Management data showing a faster growth rate sequentially, but S&P Global (SPGI) pointing to a deceleration. The ISM's purchasing managers' index rose to 54.5 last month from 53.6 in April.
Canada's gross domestic product has now contracted for two consecutive quarters and the recession word is making the rounds again, said TD after Friday's Q1 GDP data. Defining a recession in Canada isn't as straightforward as the popular "two consecutive quarters of negative GDP" rule of thumb, writes the bank in a note to clients.
All three major US stock indexes were down late-morning Wednesday, as oil prices and US Treasury yields rose amid concerns about the ongoing conflict between the US and Iran. In company news, Alphabet upsized its equity capital raise to $84.75 billion from the previously announced $80 billion, according to a regulatory filing Tuesday.
The Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger for some time even after its resolution.
Canada's Q1 gross domestic product weakness prompts UBS to lower its 2026 growth forecast to 1.0%, although the headline technical recession overstates the degree of underlying softness given volatile trade and inventory swings. While the picture isn't all negative, the bank has lowered its forecast for real GDP growth in 2026.
The Institute for Supply Management's US services index rose to a reading of 54.5 in May from 53.6 in April, compared with expectations for a smaller increase to a reading of 53.8 in a survey compiled by Bloomberg.
ADP's monthly measure of private payrolls showed a 122,000 increase in May, slightly above expectations compiled by Bloomberg as of 7:30 am ET for an increase of 120,000.
Celcuity (CELC) said Wednesday it plans to issue $400 million in convertible senior notes due 2032 through an underwritten public offering. The company said it intends to grant underwriters a 30-day option to purchase up to an additional $60 million of notes for over-allotments. Celcuity (CELC) said the terms, including interest and conversion rates, will be determined at pricing.
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