5 Things to Know Before the Stock Market Opens Friday – NBC New York

• The U.S. economy added 206,000 jobs in June.
• HBC, the parent company of Saks Fifth Avenue, announced it will buy Neiman Marcus Group in a deal valued at $2.65 billion.
• Some wealthy Democratic donors say they will withhold their money unless President Joe Biden drops out of the presidential race.

Here are five key things investors need to know to start the trading day:

1. Success Series

THES&P 500 and the Nasdaq Composite Index Both indexes hit new all-time highs Wednesday and closed at record highs. (Markets were paused Thursday for the July 4 holiday.) The broader market index gained 0.51%, while the tech-heavy index climbed 0.88%, led by large-cap tech names such as You're here And Nvidia. THEDow Jones Industrial Average The U.S. stock index was the exception, losing 23.85 points, or 0.06 percent, on the day. Trading volume was moderate on Wednesday, with the New York Stock Exchange closing early. Live Market Updates.

2. Employment report

THE The US economy created 206,000 jobs In June, the Dow had forecast a reading slightly above 200,000. The May nonfarm payrolls report was also revised down, with a gain of 218,000, a sharp decline from the initial estimate of 272,000. The unemployment rate, however, unexpectedly rose in June, to 4.1%. That was the highest level since October 2021 and slightly above the 4% expected. It’s a mixed signal for Federal Reserve officials as they weigh their next move.

3. Luxury goes global

HBC, the parent company of Saks Fifth Avenue, said it would acquire another luxury retailer Neiman Marcus Group has closed a deal valued at $2.65 billion. The acquisition will create Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus’ namesake department store chain and Bergdorf Goodman. Saks.com CEO Marc Metrick will become Saks Global’s chief executive officer as part of the transaction, and HBC CEO Richard Baker will serve as the company’s executive chairman. The deal comes at a turbulent time for traditional retailers, which have struggled due to the rise of e-commerce.

4. Discussions with the Fed

Federal Reserve officials at their June meeting Fed officials indicated that inflation was headed in the right direction. But they reiterated that they were not prepared to lower interest rates from their current range until they had “greater confidence” that inflation was moving closer to the Fed’s 2% target. Minutes of the meeting, released Wednesday, showed some disagreement among the 19 central bankers who took part in the discussions, with some even indicating they might be inclined to raise rates. But they ultimately decided to keep rates at 5.25%-5.50%.

5. Reaction against Biden

A few Wealthy Democratic Donorsincluding an heiress of theDisneyMembers of the Disney family, which has a family fortune, have said they will withhold donations to the party until President Joe Biden withdraws from the presidential race. The uproar comes after Biden’s disastrous debate performance sparked concerns about his ability to win the race against former President Donald Trump. Abigail Disney, the granddaughter of Walt Disney Company co-founder Roy O. Disney, has bankrolled the party for years but told CNBC she is stopping her contributions because “the stakes are way too high.” And she’s not alone. Gideon Stein, the president of the Moriah Fund, also said he is holding off on $3.5 million in planned donations unless Biden withdraws. The president has said he has no plans to withdraw.

CNBC's Alex Harring, Jeff Cox and Brian Schwartz contributed to this report.

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