7/7/22

All eyes are on tomorrow’s jobs report. And mortgage rates just did something they haven’t done in 14 years. Investors are waiting for tomorrow’s jobs report to see how recession fears play into the hot jobs market. Economists expect gains of around 272,000 jobs.

The Dow gained 346, or 1.1%, to close at 31,384
The Nasdaq jumped 259, or 2.25%.
The S&P was up 1.5%, gaining 57.

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Here’s a sign the U.S. labor market is cooling. Weekly jobless claims ticked up a notch to 235,000 for last week. That moves the 4-week average to its highest level in 6 months. The Labor Department report shows several states are recovering from unemployment better than others.

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Mortgage rates just dropped for the second week in a row. The 30-year fixed now averages 5.3%, that’s down from 5.7% just last week. It’s the largest weekly decline since December of 2008. Last year at this time, the 30-year stood at 2.9%.

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GameStop shares are about to get a lot cheaper. The company’s shares will split 4 for 1 on July 22nd. The stock is down about 16% this year, but after the split news it jumped 14% today.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.