As US markets close, Asian stocks fall, European stocks rise

NEW YORK (AP) — U.S. stocks remained near record highs after a jobs report showed slowing hiring and contained nuggets of data for optimists and pessimists alike. The S&P 500 was virtually unchanged in early trading Friday. The Dow Jones Industrial Average slipped 0.1% and the Nasdaq Composite rose 0.1%. Treasury yields fell after a mixed U.S. jobs report reinforced Wall Street’s belief that growth in the U.S. economy is slowing and that the Federal Reserve will cut interest rates later this year. Bitcoin fell again, returning to its value against the dollar to where it was in February.

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(AP) Wall Street was mixed amid slowing post-holiday trading ahead of the June Employment Report, which could influence the Federal Reserve's next interest rate decision.

S&P 500 futures rose less than 0.1% before the close on Friday and Dow Jones Industrial Average futures fell less than 0.1% after the July 4 holiday.

The US government will give its full update on the number of workers that employers added to their payrolls in June. Traders are watching those numbers closely in hopes that they will show that the economy is slowing enough to prove that inflation is under control, but not enough to tip it into recession.

That would increase the likelihood that the Federal Reserve will cut interest rates that it has kept at record lows for two decades, easing pressure on the economy by making borrowing less expensive.

Economists estimate that employers added 190,000 jobs, a solid gain, though down from a solid 272,000 jobs in May. Job openings also increased steady decline this year. While layoffs remain relatively low, they have increased in the past month and the number of Americans collecting unemployment benefits is at an all-time high. highest level since the end of 2021.

“The report will play a crucial role in shaping expectations for near-term rate cuts from the Federal Reserve,” said Anderson Alves of Activ Trades. “Markets are currently pricing in a reasonable probability of two rate cuts this year, compared to the Fed’s median forecast of just one in 2024.”

Tesla gained another 1.7% early Friday and was on track for its eighth straight day of gains after announcing earlier this week that Sales fell again in the last quarterbut not as sharply as many thought. Its shares have risen nearly 36% since June 24.

Elsewhere, stocks were broadly higher in Europe after Britain's Labour Party defeated the Conservatives this week. national election.

In London, the FTSE 100 initially rose 0.3% before falling back without gain. The pound sterling rose from 1.2760 to 1.2786 dollars on Thursday evening. The euro rose from 1.0812 dollars to 1.0821 dollars.

Britain has endured a turbulent run of years under Conservative rule, leaving many voters pessimistic about the future of their country. Britain’s exit from the European Union, followed by the COVID-19 pandemic and Russia’s invasion of Ukraine, have battered the economy. Growing poverty and cuts to public services have prompted complaints of a broken Britain.

Leader of the Labour Party Keir Starmer faces the daunting task of reinvigorating a stagnant economy and a demoralized nation.

Germany's DAX jumped 0.8% after the government agreed to a budget for 2025 and a recovery plan for Europe's largest economy, ending a months-long feud that threatened to topple Chancellor Olaf Scholz's center-left coalition.

The disagreements have fueled speculation that the already unpopular government could collapse and trigger early parliamentary elections in which Germany could follow the lead of other European countries in moving to the political right.

The CAC 40 in Paris rose by 0.3%.

In Asia, Japan's benchmark Nikkei 225 index rose above 41,000 points Friday morning before falling back from Thursday's record close of 40,913.65. It lost just over a point to end at 40,912.37 after the government reported that consumer spending fell a more-than-expected 1.8% in May.

The dollar fell to 160.66 Japanese yen from 161.26 yen.

Hong Kong's Hang Seng Index fell 1.3 percent to 17,799.61 points and the Shanghai Composite Index was down 0.3 percent at 2,949.93 points. The Shanghai benchmark index is trading near its lowest levels since February.

Seoul's Kospi jumped 1.3 percent to 2,862.23 points after Samsung Electronics forecast its second-quarter operating profit would rise more than 15 times from a year earlier to 10.4 trillion won ($7.52 billion).

As NvidiaTaiwan's TSMC, Tokyo Electron and other chipmakers Samsung are riding a rebound in the semiconductor industry as applications using artificial intelligence take off.

Elsewhere in the region, Australia's S&P/ASX 200 index fell 0.1% to 7,822.30 points. Taiwan's Taiex gained 0.1% and Bangkok's SET gained 0.8%.

Benchmark U.S. crude oil gained a cent to $83.87 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude oil, the international benchmark, lost 13 cents to $87.30 a barrel.

Bitcoin has fallen by another 3.8%. The cryptocurrency has already lost more than 13% of its value in the first five days of July and is at its lowest level in months.