Friday, June 7, 2019
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WHAT TO WATCH
The U.S. Bureau of Labor Statistics will deliver its May jobs report Friday morning. The latest assessment of the U.S. labor market comes against a backdrop of rising global trade tensions, some softening economic data and speculation that the Federal Reserve is teetering toward a cut to benchmark interest rates.
Consensus economists anticipate that the U.S. economy added 175,000 non-farm payrolls in May, based on Bloomberg-compiled data last updated Friday. Private payrolls are seen to have totaled 174,000. The unemployment rate is expected to have held at a 49-year low of 3.6%, and wages are estimated to have continued to grow at a 3.2% rate over last year.
The expected payroll print for May would mark a decline from April’s reading of 263,000, which was above-trend compared to the average gains over the three months prior.
European economy worsens as Germany industrial output plunges: German industrial production plunged the most in almost four years in April and the nation’s central bank gave a gloomy assessment of the outlook, suggesting a persistent slump in Europe’s largest economy. [Bloomberg]
Pence warns Mexico tariffs still set for Monday: Vice President Mike Pence said the U.S. still plans to impose tariffs on Mexico next week over the flow of undocumented migrants from Central America, but talks between the two nations continue. “At this point the tariffs are going to be imposed on Monday,” Pence said Thursday in Pennsylvania. [Bloomberg]
Beyond Meat gives strong guidance, shares rise: Beyond Meat (BYND) shares soared 24% after reporting its first quarterly earnings release as a public company. The alternative-meat company posted revenue of $40.2 million exceeding analysts estimates of $38.92 million during the first quarter. [Yahoo Finance]
Also: Here's where you can actually find Beyond Meat [Yahoo Finance]
Zoom shares surge after reporting quarterly sales beat: Zoom (ZM) topped Wall Street’s expectations during its first quarterly results as a public company. The video conferencing software company on Thursday reported first-quarter sales that more than doubled over last year to $122 million, ahead of expectations for $111.4 million. [Yahoo Finance]
Chanos says you can't fire Elon Musk: Bearish investor Jim Chanos, who’s had a long-running bet against Tesla (TSLA), blasted CEO Elon Musk’s management style but dismissed the idea that he could get the boot — even with the company’s constant turmoil and missed expectations. [Yahoo Finance]
Walmart will start delivering groceries to your fridge: Walmart (WMT) is going on “offense” in the delivery wars with its newest offering — a store associate who puts your groceries away neatly in your refrigerator, even when you’re not home. [Yahoo Finance]
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