Equities were a mixed bag on Thursday with the Dow up .06%, the S&P 500 off 0.12% and the Nasdaq down 0.16%. SJM popped on a strong earnings release, while Crude finished higher on assurances from OPEC that supplies would be constrained over the intermediate term.
Today’s futures are mixed with the Dow and the Nasdaq slightly higher and the S&P 500 e-mini off 0.04% as of this writing. All eyes will be on the big jobs report out this morning which will give the latest reading on whether the economy is “cooling” or not.
Eco Data Releases | Friday June 7th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 06/07/2024 08:30 | Two-Month Payroll Net Revision | May | — | — | -22k | — |
| 06/07/2024 08:30 | Change in Nonfarm Payrolls | May | 180k | — | 175k | — |
| 06/07/2024 08:30 | Change in Private Payrolls | May | 165k | — | 167k | — |
| 06/07/2024 08:30 | Change in Manufact. Payrolls | May | 5k | — | 8k | — |
| 06/07/2024 08:30 | Unemployment Rate | May | 3.90% | — | 3.90% | — |
| 06/07/2024 08:30 | Average Hourly Earnings MoM | May | 0.30% | — | 0.20% | — |
| 06/07/2024 08:30 | Average Hourly Earnings YoY | May | 3.90% | — | 3.90% | — |
| 06/07/2024 08:30 | Average Weekly Hours All Employees | May | 34.3 | — | 34.3 | — |
| 06/07/2024 08:30 | Labor Force Participation Rate | May | 62.70% | — | 62.70% | — |
| 06/07/2024 08:30 | Underemployment Rate | May | — | — | 7.40% | — |
| 06/07/2024 10:00 | Wholesale Trade Sales MoM | Apr | 0.50% | — | -1.30% | — |
| 06/07/2024 10:00 | Wholesale Inventories MoM | Apr F | 0.20% | — | 0.20% | — |
| 06/07/2024 12:00 | Household Change in Net Worth | 1Q | — | — | $4839b | — |
| 06/07/2024 15:00 | Consumer Credit | Apr | $10.000b | — | $6.274b | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Friday June 7th, 2024
No S&P 500 Constituents reporting today
Factor Friday: Mega Cap. Growth back in the driver’s seat
The Mag7 dynamic really hasn’t gone anywhere. As soon as there’s a whiff of weakness on the economic data, rotation shifts towards domestic mega cap. Growth at the expense of Value and at the expense of international stocks as well.
- Panel 1: Russell 3000, 1yr, daily
- Panel 2: Russell Mega Cap. Growth vs. Russell Mega Cap. Value
- Panel 3: Russell Mid-Cap. Growth vs. Russell Mid-Cap. Value
- Panel 4: Russell Small-Cap. Growth vs. Russell Small-Cap. Value
Sources: Bloomberg
