Jobs report, DoorDash jumps and more: Friday's 5 things to know
Market watchers will also keep an eye on stock reactions to results from AMC and DoorDash as another week of earnings concludes
ProChain Capital President David Tawil argues the U.S. economy needs to see higher rates even if it's 'bitter' medicine.
Here are the key events taking place on Friday that could impact trading.
JOBS REPORT: The key economic report of the week comes before the opening bell when the Labor Department is expected to say the U.S. economy added 250,000 new nonfarm jobs in July.
"It won't be like the 372,000 we saw in June," said Joanie Bily, Workforce Analyst at Employbridge. "We could see revisions and even see June's number revised."
It would mark the weakest job growth since December 2020, consistent with other data showing cooling labor market. The unemployment rate is anticipated to hold steady at 3.6% for the fifth month in a row.
AMC DECLARES SPECIAL DIVIDEND, POSTS QUARTERLY LOSS
July jobs report to be release Friday (AP Photo/Jeff Chiu, File / AP Newsroom)
AMC ENTERTAINMENT: Shares are 7% lower in premarket trading after the company reported a bigger-than-expected loss and announced it will pay a special dividend in the form of preferred shares. Quarterly revenue rose to $1.17 billion, edging past estimate of $1.16 billion, while net loss of 24 cents per share was bigger than market expectation of 21 cents, according to Refinitiv data.
DOORDASH: Shares are 11% higher in premarket trading after the company said it received a record number of customer orders in the second quarter, boosted by resilient demand and its acquisition of Finnish delivery service Wolt Enterprises.
The DoorDash app is shown on a smartphone. (AP Photo / AP Newsroom)
DoorDash said orders grew 23% in the April-June period, surpassing Wall Street’s expectations. The company raised its full-year order forecast. DoorDash said its net loss for the quarter more than doubled to $263 million as it closed the $8.1 billion acquisition of Wolt.
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EARNINGS REPORTS: The second-busiest week of 2Q earnings season wraps up Friday morning with results from Goodyear Tire, data storage giant Western Digital, broadcasters Gray Television and AMC Networks, movie theater operator Cinemark Holdings, and fantasy and sports betting giant DraftKings among many others.
A Tesla vehicle drives past Tesla's primary vehicle factory. (REUTERS / Reuters Photos)
ELON MUSK SUGGESTS BIG TESLA FACTORY EXPANSION PLANS
TESLA MEETING Shareholders have approved a three-for-one stock split. Preliminary results of the shareholder vote were announced at the company's annual meeting at its factory in Austin, Texas. CEO Elon Musk also discussed a major factory expansion and might announce another factory site this year, and it expects to have about a dozen in the future.