Jobs growth is back | Trump's Fed pick speaks out | How Kamala Harris became rich

FRI, JUL 05, 2019

EVENING BRIEF

AS OF FRI, JUL 05, 2019 • 04:00 ET

DJIA		26927.03
		-0.14%	-38.97

S&P 500		2990.59
		-0.17%	-5.23

NASDAQ		8161.79
		-0.10%	-8.44

Most Active

DOW
NAME	LAST	CHG	%CHG
MSFT	137.06	-0.40	-0.29%
AAPL	204.23	-0.18	-0.09%
PFE	43.92	-0.47	-1.07%

S&P 500
NAME	LAST	CHG	%CHG
AMD	31.50	+0.31	+0.99%
BAC	29.27	+0.22	+0.76%
GE	10.50	-0.11	-1.04%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	31.50	+0.31	+0.99%
SIRI	5.91	+0.03	+0.51%
MU	39.42	-0.17	-0.43%

EDITOR'S NOTE

The stock market got bad news today: June jobs growth was stronger than expected.

In this topsy-turvy world we now live in, a strong jobs report now qualifies as bad news because it means the Federal Reserve could be less aggressive when it begins cutting rates later this month, as predicted by Wall Street.

Despite Friday's minor setback, the stock market is breaking out of a range that's held it down for nearly a year now. Visions of a "melt-up" scenario driven by a rate cut AND a trade deal are the talk of Wall Street these days. That is, stimulus when we don't need it.

After the strong jobs report, traders dampened their enthusiasm somewhat. Instead of betting on a half-point cut on July 31, now traders now expect only a quarter-point ease, Yun Li reports.

If a Federal Reserve that becomes hesitant to slash interest rates because of a strong economy is something you don't like, fear not, because Trump's Fed nominees are on the way. Trump pick Judy Shelton told CNBC on Friday, "When you consider that more than half of American households are invested through mutual funds and pension funds in the market, I don't want the Fed to pull the carpet out from under them by taking a position that is not conducive to further providing the liquidity for this growing economy."