There is plenty of news for investors to chew on as they head into Friday trading.
Top of the list? The news that European regulators hit Facebook with fresh anti-trust probes in both the EU and UK.
In the UK, regulators are probing whether Facebook has an unfair advantage in its Marketplace and Dating platforms.
Meanwhile, in the EU, a formal antitrust investigation will be conducted to determine whether or not Facebook has breached its rules in advertising.
Facebook is promising to cooperate with the probes and says they’re “without merit.”
May Jobs Numbers Disappoint
Investors are hoping for a continuation of easy money policy from the Fed as a result of the lackluster May jobs report.
For the month of May, employers added 559,000, falling short of the 671,000 estimate. The unemployment rate, however, did fall to 5.8% from 6.1%. Many Americans are still shooting to remain on the sidelines and forego a return to work. The labor force participation hovw 61.1% with more than 100 million Americans choosing not to participate in the workforce.
The anticipated result of fewer workers and an active Fed is potential inflation and prolonged labor shortages.
Stocks to Watch Friday
Meme stocks and crypto are still seeing plenty of volatility.
AMC lost much of its Thursday’s gains, but the stock is still at an all-time high. According to a report from CNBC, Mudrick Capital no longer has a debt or equity investment in the company.
Facebook, as mentioned above, may see softness in its stock price today as the EU and UK bring the company to task for potentially violating anti-trust laws. (Why can’t the U.S. do this?)
Regulators are concerned with whether or not Facebook is using its vast collection of data on users so that its Facebook Marketplace service can gain an unfair advantage in the classified ads industry. The lawsuit could result in a significant fine.
Tesla shares rebounded in premarket trading after Wednesday’s drop. The stock dropped more than 5% after a report cited declining sales in China. The news comes after a voluntary recall of more than 7,000 vehicles in the U.S.
- AMC AMC Entertainment Holdings Inc, $47.39, -7.67%, 6.57M (volume)
- FB Facebook Inc. Cl A $324.73, -0.40%, 26.7K (volume)
- TSLA Tesla Inc. $581.39, +1.49%, 129.73K (volume)
Premarket
Investors bid up stocks on the heels of the jobs report.
- S&P 500 futures: 4,208.25 +0.40%
- Nasdaq futures: 13,544.50, +0.30%
- DOW futures: 34,675.00, +0.32%
U.S. Dollar and Treasuries — Dollar was stable, treasury yields increased.
- U.S. Dollar Index (DXY): 90.57, +0.07%
- 10-year Treasury yield: 1.625%, from previous 1.591%
- 2-year Treasury yield: 0.160%, from previous 0.130%
Commodities To Watch
Oil is creeping up in the premarket trading. Gold is falling slightly after Thursday’s selloff.
- WTI crude: $69.01, +0.29%
- Brent crude: $71.45, +0.20%
- Gold: $1,872.80 -0.03%
Crypto
The global crypto market cap decreased by 7.67% in the last 24 hours. Bitcoin slid on another Elon Musk tweet. Dogecoin erased much of its gains.
- BTC: $36,563.00, -5.72%
- ETH: $2,625.85, -6.54%
- DOGE: $0.3607, -12.14%
