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5 things to know before the stock market opens

 


The U.S. jobs report is expected to show that employers added 200,000 jobs in June, down from last month; Bitcoin (BTCUSD) and other cryptocurrencies are falling on fears of a selloff after failed exchange Mt. Gox began disbursing $9 billion in payments; the European Union (EU) is reportedly set to warn social media platform X over content violations in the latest move against U.S. tech companies; Disney (DIS), Netflix (NFLX) and other streaming services have asked a Canadian court to reverse content fees; and Shell (SHEL) expects to take an impairment charge of up to $2 billion after work on a biofuels plant was halted. U.S. stock futures were little changed after the Independence Day holiday. Here’s what investors need to know today.

1. Jobs report expected to show slowdown in hiring

After yesterday’s holiday, investors will start the trading day Friday with fresh labor market data when the Bureau of Labor Statistics releases its monthly employment report at 8:30 a.m. ET. Economists expect employers to have added 200,000 jobs in June, down from 272,000 in May, while the unemployment rate is expected to hold steady at 4% and hourly wages are expected to increase 0.3%, down from 0.4% the previous month. In minutes from the Federal Reserve's June meeting released Wednesday, some officials said they were watching jobs numbers more closely as inflation falls, because unexpected weakness in the labor market could prompt the Fed to move more quickly to cut interest rates.

2. Bitcoin and Ether Drop as Mt. Gox Payouts Begin

Cryptocurrency values ​​are plummeting after bankrupt exchange Mt. Gox began paying out up to $9 billion to its former customers, putting selling pressure on cryptocurrencies from holders looking to cash in on gains. Bitcoin (BTCUSD) is down about 3% to around $55,000, while ether is down 3.5%, part of a selloff totaling $170 billion in market capitalization over the past 24 hours. The Mt. Gox payment could put between 65,000 and 140,000 new bitcoins into the market, while customers will also receive payments in Bitcoin Cash.

3. EU reportedly set to warn X for failing to tackle dangerous content

The European Union (EU) is preparing to issue a formal warning to Elon Musk's social media platform X for failing to combat dangerous content, the latest in a series of measures it has taken against big tech companies under recently enacted laws, according to a press release. Bloomberg report. A violation of the Digital Services Act (DSA) could result in X being fined up to 6% of its turnover, the report said. The EU has also used its new Digital Markets Act (DMA) to slam other tech giants, including Apple (AAPL) for unfairly restricting how developers can request payments, and Facebook parent company Meta Platforms (META) for failing to allow users to opt out of data collection.

4. Disney, Netflix among streamers seeking to block Canadian content fees

Walt Disney Co. (DIS), Netflix (NFLX) and other streaming companies have asked a Canadian court to halt plans to impose a 5% sales tax in the country to help fund local content. The Motion Picture Association-Canada's filing with the country's Federal Court of Appeal seeks to end proposed payments from the Canadian Radio-television and Telecommunications Commission, which could cost streaming companies up to C$200 million ($147 million) a year. The Wall Street Journal reported. Other streaming services affected by the complaint include those of Warner Bros. Discovery (WBD) and Paramount Global (PARA).

5. Shell to take on $2 billion after suspending work on its biofuel plant in the Netherlands

British energy giant Shell (SHEL) has announced that it is set to take a writedown of between $1.5 billion and $2 billion after suspending construction of a major biofuels plant in the Netherlands. Europe's largest energy group said on Friday it would charge the tax after weak market conditions forced it to suspend construction of a biofuels plant in Rotterdam and sell its chemicals refinery in Singapore. The company also disclosed that it expected its Integrated Gas segment to generate lower revenue than its first-quarter results “due to seasonality.”

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