Friday's Trading: 5 Things to know
The report on nonfarm payrolls is the most anticipated economic report of the month and could indicate that hiring is slowing
Avalanche of economic data hits market hard
Main Street Asset Management CFO Erin Gibbs, Hennion & Walsh Asset Management President Kevin Mahn and Thrasher Analytics founder Andrew Thrasher discuss the market's reaction to the Federal Reserve's handling of inflation and state of the economy.
Here are the key events taking place on Friday that could impact trading.
NONFARM PAYROLLS: The most anticipated report of the month will be released Friday morning. The Labor Department is expected to say the U.S. economy added 325,000 new nonfarm jobs in May. That’s down from the 428,000 in April. The unemployment rate is expected to slip to 3.5%, down from 3.6% in April. Look for hourly earnings to rise 0.4% from April and to jump 5.2% from a year ago.
FILE - A hiring sign is displayed at a restaurant in Schaumburg, Ill. ((AP Photo/Nam Y. Huh, file) / AP Newsroom)
SERVICES SECTOR: The Institute for Supply Management releases its non-manufacturing PMI for May. This gauge of services sector activity is expected to edge down to 56.4, the lowest since February 2021, after slipping unexpectedly to 57.1 in April. A reading above 50 indicates expansion. Approximately two-thirds of U.S. economic activity occurs in the service sector.
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FRONTIER AIRLINES: The airline will pay Spirit Airlines a breakup fee of $250 million if regulators block a merger between the two carriers. Frontier is trying to gain investor support for its merger and fend off a hostile bid from rival JetBlue Airways.
LULULEMON: Shares rose 2% in after-hours trading after the athletic apparel retailer raised its full-year revenue forecast. Sales were better than Wall Street expected. The company earned $190 million in the first quarter, compared with $145 million a year earlier.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LULU | LULULEMON ATHLETICA INC. | 326.72 | +9.61 | +3.03% |
CRUISE: A company controlled by General Motors has become the first fully driverless ride-hailing service in California, according to the Associated Press. California regulators have given the robotic taxi service the green light to begin charging passengers for driverless rides in San Francisco.