A view of the Wall Street street sign with the New York Stock Exchange during the coronavirus pandemic on May 25, 2020 in New York City.
Noam Galai | Getty Images
Stocks moved higher on the final trading day of the holiday-shortened week, fueled by better-than-expected jobs data. The Nasdaq Composite hit a new all-time intraday high, although all the major averages retreated from their highs mid-morning after Florida reported the largest single-day increase in Covid-19 cases since the pandemic began.
This is a live blog. Here’s what’s happening:
11:56 am: Markets at midday: Stocks jump on strong jobs report
The major averages were up sharply around midday trading as investors cheered a massive spike in U.S. jobs creation for last month. The Dow traded 254 points higher, or about 1%. The S&P 500 and Nasdaq also traded around 1% higher. Those gains put the averages on pace for big weekly gains. —Imbert
11:48 am: Online insurer Lemonade pops in public-market debut
Lemonade popped more than 52% in its initial public offering, trading above $53 per share. The online insurer had priced its shares at $29, above an expected range of $26 to $28 per share. —Imbert
10:35 am: Stocks retreat from highs following spike in Florida Covid-19 cases
The major averages fell from their highs of the day after Covid-19 cases in Florida increased by 10,109 on Thursday in the biggest single-day increase since the pandemic began. The Dow last traded 270 points higher, after earlier gaining more than 460 points. Stocks most sensitive to the economy’s reopening, including airlines and cruise line operators, pared their gains following the report. – Stevens
10:27 am: Apple target lowered at Evercore ISI
Evercore ISI lowered its price target on shares of Apple to $370 from $375 based on forecasts for a weak product quarter due to store closures and supply chain headwinds. The firm maintained its outperform rating on the stock, however, and said that some of the losses should be offset by an acceleration in services revenue. The new target is about 1% higher than where shares currently trade. – Stevens
10:18 am: NYSE advancers lead decliners nearly 8-1
Nearly eight stocks traded higher for every decliner at the New York Stock Exchange on Thursday after a stellar U.S. jobs report sparked a massive market rally. Overall, 2,428 NYSE-listed names were higher while 302 declined. —Imbert
10:04 am: Blowout jobs report could endanger future stimulus, says Washington Post
While 4.8 million jobs were added to the economy in June, the strong economic data could threaten the amount of stimulus the federal government plans to give Americans, people familiar with the matter told the Washington Post. White House economic officials told advisers that Thursday’s job report will likely decrease the amount of additional stimulus and solidify opposition to extending the $600 million unemployment increase, the Washington Post said Thursday. – Fitzgerald
9:54 am: Economy is ‘roaring back,’ says Trump
President Donald Trump said the economy is “roaring back” after the U.S. added 4.8 million jobs in June. “Today’s announcement proves that our economy is roaring back. It’s coming back extremely strong. We have some areas where we’re putting out the flames of the fires … I think it’s working out very well,” the president said during a press conference on Thursday following the economic data’s release. – Stevens
9:39 am: Nasdaq Composite soars to new record high
The Nasdaq Composite hit a new all-time intraday high of 10,299.96 shortly after the open. The tech-heavy index is the top performer among the major averages this year after gaining more than 19%. – Stevens
9:30 am: Stocks jump on heels of jobs data
The major averages jumped at the open on Thursday, fueled by better-than-expected jobs data. The Dow rose 366 points for a gain of 1.4%, while the S&P 500 and Nasdaq Composite were up 1.2% and 1.1%, respectively. Nonfarm payrolls rose by 4.8 million in June, much better than the increase of 2.9 million expected by economists surveyed by Dow Jones. – Stevens
9:15 am: Reopening stocks jump after jobs report
Shares of companies with businesses tied to the reopening of the economy surged in premarket trading following the strong June jobs report. Shares of American Airlines rose 4% in extended trading. United and Delta both jumped about 3%. Kohl’s and Gap rose 4% and 3%, respectively. Cruise lines also got a boost, with Carnival up 4%. – Fitzgerald
8:39 am: U.S. weekly jobless claims higher-than-expected
The number of Americans filing for unemployment benefits for the first time rose more than expected last week as the coronavirus pandemic continues to pressure the U.S. economy.
The Labor Department said Thursday that initial jobless claims rose by 1.427 million in the week ending June 27. Economists polled by Dow Jones expected initial U.S. jobless claims to rise by another 1.38 million for the week ending June 27. – Imbert
8:35 am: U.S. jobs increase by better-than-expected 4.8 million in June
Nonfarm payrolls jumped by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday. Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth U.S. holiday. – Cox
8:28 am: Avis Budget climbs on upgrade
Shares of rental car company Avis Budget Group gained 6% in premarket trading after Morgan Stanley’s Adam Jonas upgraded the stock to overweight. The analyst said in a note that the used car outlook is recovering more quickly than expected, which would help the company’s financial outlook.
CNBC Pro subscribers can read more here. —Pound
8:25 am: Needham lowers Facebook estimates on advertising boycott
Wall Street firm Needham lowered its earnings estimates on Facebook for the end of 2020 due to the hundreds of companies pulling their ad dollars from the social media giant. A steady stream of companies came out in support of the “#StopHateForProfit” campaign, promising to pause advertising spend on Facebook to encourage the company to amp up efforts against hate speech and disinformation. “Our channel checks indicate that certain brands will boycott FB thru the Nov election,” Needham analyst Lauren Martin told clients. Martin said the social media giant is not cutting costs fast enough to offset a downdraft in revenue. The firm slashed its full-year earnings estimate to $6.80 per share from $7.47 per share. – Fitzgerald
8:05 am: Tesla jumps on better-than-expected deliveries
Shares of Tesla jumped more than 9% in premarket trading after the company said it delivered 90,650 vehicles in the second quarter, far surpassing the 72,000 deliveries expected by analysts polled by FactSet. Deliveries are the closest approximation of sales numbers reported by Tesla. – Kolodny, Wayland
7:39 am: Boeing completes FAA recertification flights, shares jump
Boeing shares rose more than 2% in the premarket after the airplane maker completed the FAA recertification test flights for the grounded 737 Max. The plane has been grounded since March 2019 following two fatal crashes that killed hundreds. “We will lift the grounding order only after FAA safety experts are satisfied that the aircraft meets certification standards,” the FAA said in a statement. —Imbert
7:30 am: Stocks set to jump with Dow posting 200-point plus gain
U.S. stock index futures pointed to a jump at the open for the major averages on the final trading day of the holiday-shortened week. Futures on the Dow Jones Industrial Average climbed 1%. The move implied a 200-point gain at the open. S&P 500 futures rose 0.8%. Nasdaq-100 futures added 0.6%
All eyes were on two market-moving employment reports set to be released at 8:30 am ET, including the monthly employment report. Economists expect about 3 million jobs were created in June, up from the 2.5 million added in May. The weekly jobless claims data will also be released Thursday morning, which will provide Wall Street with a better sense of how many are still collecting unemployment benefits. – Stevens
– CNBC’s Jesse Pound and Jeff Cox contributed reporting.
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