All eyes are on the June employment report heading into Friday trading. The Dow Jones Industrial Average
The Labor Department this morning said the U.S. economy added just 80,000 jobs in June, shy of market expectations of 100,000, while the unemployment rate held steady at 8.2%. Job creation has averaged just 75,000 per month in the second quarter after a first quarter that saw an average of 226,000 new jobs each month. The news sent Dow futures tumbling 0.6% before trading opened.
Around the world, markets were down in Europe and mixed overnight in Asia. Spanish borrowing costs jumped as yields on the 10-year treasury once again topped 7%, which is considered an unsustainable rate for the country to stay solvent. The International Monetary Fund also said it would lower its growth forecast for the global economy from 3.5% to a rate to be announced in 10 days. The IMF had already decreased its projection for U.S. growth a tick from 2.1% to 2%.
Samsung estimated it would post record-breaking profits in its second quarter, with a 79% jump to around $6 billion, thanks to the sharp rise in Galaxy smartphone sales. However, shares of the Korean company closed lower due to a diminished revenue outlook.
Other stocks to watch today include JPMorgan Chase
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Fool contributor Jeremy Bowman holds no positions in the companies in this article. The Motley Fool owns shares of JP Morgan Chase. Motley Fool newsletter services have recommended buying shares of Automatic Data Processing. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
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