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Stock Market Today – 8/5: Stocks flat as investors await July Jobs data

US stock-index futures turned little on Friday ahead of key employment numbers that will provide further clarity on the direction of the economy and whether the Federal Reserve’s inflation-fighting rate hikes are affecting corporate recruitment plans.

Futures tied to the Dow Jones Industrial Average were up 0.32%, or 105 points, while S&P 500 futures were up 0.21% and Nasdaq 100 futures were flat.

US government debt prices traded lower on Friday morning ahead of the latest jobs data. The yield on the benchmark 10-year Treasury note rose to 2.6809% and the yield on the 30-year Treasury bond rose to 2.9638%. Yields move inversely to prices.

A major focus for investors ahead of the open is July’s non-farm payrolls report, which gives investors additional insight into what investors expect from the Fed’s recent inflation-fighting rate hike and how the labor market is holding up to correspondingly slow growth. will provide clues.

Analysts polled by FactSet expect 258,000 new jobs to be added to the economy last month after June’s gain of 372,000.

Market watchers are looking for signs that the US labor market, which has remained resilient despite rising rates and a similar slowdown in economic growth, will allow the Fed to reduce its aggressive interest rate hikes.

Nevertheless, companies including Walmart (wmt) – Walmart Inc. Get Reports, Amazon (AMZN) – Amazon.com Inc. Get Report, Tesla (TSLA) – Tesla Inc. Report and get Robinhood (hood) – Receive reports from Robinhood Markets Inc. The report has already laid out planned layoffs, and economists expect more job losses from companies in construction, technology, retail and finance.

Inflation continued to rise in June, with the Consumer Price Index jumping 9.1%. But economists expect inflation to peak, and are now waiting for signs that job growth may be on the way.

Shares of Virgin Galactic before Friday’s market open (SPCE) – Virgin Galactic Holdings, Inc. The report was down about 10% in premarket trading, when the space tourism company said it has postponed the start of its commercial flights by another three months, citing delays in refurbishment work on its carrier aircraft.

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Virgin Galactic announced that commercial service is being pushed back to the second quarter of 2023, the latest blow to the launch of its space tourism business. The company had earlier pushed back the date from the fourth quarter of this year to the first quarter of next year.

AMC Entertainment (AMC) – acquire AMC Entertainment Holdings Inc. The Class A report stock, meanwhile, was down more than 10% after the meme stock mascot announced a special dividend in the form of “ape” preferred shares.

The AMC said it would issue a special dividend of one AMC preferred equity unit for each AMC Class A share. At the close of business on August 19.

AMC has applied to list its AMC preferred equity units on the New York Stock Exchange under the symbol “APE” beginning August 22. The symbol is a nod to investors who converted the company to meme stock, who often refer to themselves as “Apes” or “Ape Nation”.

Warner Bros. Discovery (WBD) – Get Warner Bros. Discovery Inc. Reported shares were down more than 10% after the media giant said earlier this year a loss in its first earnings report as a combined entity since Discovery’s merger with AT&T’s WarnerMedia.

On the other hand, Lyft’s shares (lift) – Lyft Inc. get receive. The report was up more than 12% after the ride-sharing Uber competitor reported stronger-than-expected second-quarter adjusted operating results due to cost-cutting and belt-tightening.

Lyft on Thursday posted second-quarter adjusted operating profit of $79.1 million, well ahead of its own projection and Wall Street’s forecasts three months ago. Lyft still posted a comprehensive net loss of $377.2 million compared to a year ago.

DoorDash (dash) – Get DoorDash Inc. Class A report shares, meanwhile, were up over TK% in the premarket after the delivery app company posted higher revenue in the latest quarter, as consumers stuck to restaurants and stores to order food and household essentials – Inauguration.

DoorDash also raised guidance for the year on the total value of orders placed on its platform, even though it said it expects “a softer consumer spending environment” in the second half of the year.

Caravan (cvna) – Get Carvana Company. Shares of the Class A report rose nearly 9% after the online used-car dealer said it was aggressively cutting costs as consumer demand remains under pressure and the company faces the prospect of an economic slowdown. Used to be.

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