ETFs

4 Stocks & 3 ETFs Surge After June Jobs Report – Direxion Daily NYSE FANG+ Bull 2X Shares (ARCA:FNGG), MicroSectors FANG & Innovation 3x Leveraged ETN (ARCA:BULZ)

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Stocks and ETFs rose slightly Friday morning after the release of U.S. jobs figures. report for junewhich showed that the unemployment rate, at 4.1%, and the number of unemployed, at 6.8 million, had changed little.

Unemployment rose from 3.6% in June 2023, when 6 million people were out of work, according to the U.S. Bureau of Labor Statistics.

According to CME Group’s FedWatch tool, traders see a 71.8% chance that the Federal Reserve will cut interest rates at its September meeting.

Read also : Private employers add 150,000 jobs in June, fewer than expected: Job growth ‘solid, but not broad-based’

Limiting the screener to stocks with a market cap greater than $50 billion, here are the top-performing stocks in Friday’s premarket session following the jobs report, according to Benzinga Pro.

  • Tesla Inc. jumped 1.77% to $250.41 in pre-market trading.
  • SAP SE SAP rose 1.4% to $205.94.
  • NXP Semiconductors NV The NXPI gained 0.66% to $274.10.
  • Taiwan Semiconductor Manufacturing Co., Ltd. TSM rose 1.32% to $182.89.

Exchange-traded funds (ETFs) gained after the release of jobs data:

  • MicroSectors Solactive FANG Innovation 3X Leveraged ETN BULZ gained 1.45%.
  • Direxion Daily NYSE FANG+ Bull 2X Actions FNGG rose by 2.2%.
  • SPDR Gold Shares GLD improved by 1%.

Bill Adams, chief economist of Comerica Banknoted that the unemployment rate rose in June to its highest level since late 2021, but he also said that sharp downward revisions to March and April jobs reports made the recent trend significantly weaker.

“The June jobs report was pretty good and won’t prompt the Fed to cut interest rates at its policy decision this month,” he said.

“But a rate cut is likely at the next decision in September.”

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Photo via Shutterstock.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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