STOCKS HIT RECORD HIGHS: Here's what you need to know
All three indices finished at record highs.
First up, the scoreboard:
- Dow: 21,195.40, +51.22, (+0.24%)
- S&P 500: 2,437.62, +7.56, (+0.31%)
- Nasdaq: 6,302.33, +56.96, (+0.91%)
- US 10-year yield: 2.150%, -0.067
- WTI crude oil: $47.78, -0.58, -1.20%
1. The jobs report missed big, and the unemployment rate fell to a 16-year low. The economy added 138,000 nonfarm payrolls, while the unemployment rate fell to 4.3%, the Bureau of Labor Statistics said Friday in its monthly report.
2. Moreover, labor force participation fell to 62.7% from 62.9% in April. And wage growth held steady, growing 2.5% from the previous year, falling below economists' expectations of 2.6% and matching the 2.5% rate in April.
3. Looking under the hood of the data, it's notable that retail keeps bleeding jobs. Retail trade lost 6,100 jobs overall, with the bulk of the losses coming from department stores, "other general merchandise" stores, and food and beverage stores. The number of workers in general merchandise stores who have lost their jobs since October is greater than the entire number of people employed in the US coal industry.
4. The US oil-rig count rose for the 20th straight week, Baker Hughes said. The oil-rig count rose by 11 to 733, the biggest jump in seven weeks, Baker Hughes' weekly report showed. The count of gas rigs fell by three to 182. The count of miscellaneous rigs was unchanged at two, taking the total rig count up by eight to 916.
5. Restoration Hardware crashed 26% after a disappointing forecast for the second quarter. The high-end furniture retailer said on Thursday that it estimated second-quarter adjusted earnings per share in a range of $0.38 to $0.43, below the range of $0.53 to $0.75 that analysts had estimated according to Bloomberg.
6. Lululemon surges after beating on earnings and announcing store closures for its kids' line. Ivivva, the activewear brand for girls, will become a primarily online-only business as 40 of the 55 stores close, Lululemon said in its earnings statement on Thursday.
ADDITIONALLY:
Trump's chief economic adviser just made an embarrassing admission.
Gary Cohn denies he wants Janet Yellen's job.