video Economy is slowing, but still growing: Nancy Prial
Essex Investment Management co-CEO Nancy Prial explains why a potential ‘technical recession’ would be an unusual recession on ‘The Claman Countdown.’
Here are the key events taking place on Friday that could impact trading.
JOBS REPORT: The key economic report this holiday-shortened week comes Friday morning when the Labor Department is expected to say the U.S. economy added 268,000 new nonfarm jobs in June. That’s down from a stronger-than-expected 390,000 in May and would mark the weakest job growth since April 2021, consistent with other data showing signs of a cooling labor market.
The unemployment rate is anticipated to hold steady at 3.6% for the third month in a row.
A UPS worker prepares to deliver packages in the Manhattan borough of New York City. (REUTERS/Carlo Allegri / Reuters Photos) MERGER VOTE: Spirit Airlines has again postponed a shareholder vote on a proposed merger with Frontier Airlines to continue talks with Frontier and rival bidder JetBlue Airways. The vote was to be held Friday and has been pushed back until at least July 15. JOBS REPORT WILL OFFER FRESH RECESSION CLUES
The delay is seen as an indication that the merger of the two discount airlines lacks shareholder support in the face of a JetBlue bid that is higher in current value.
A Frontier Airlines airplane taxis past a Spirit Airlines aircraft at Indianapolis International Airport in Indianapolis, Indiana, U.S., on Monday, Feb. 7, 2022. (Luke Sharrett/Bloomberg via Getty Images / Getty Images) LEVI STRAUSS: Watch shares of the jean maker after it reported higher sales and earnings for the quarter that topped expectations. Levi shares ended Thursday’s regular session up 4% at $16.41 and added another 4% in after-hours trading. Levi Strauss & Co. labels are seen on jeans for sale inside the company’s flagship store in San Francisco, California. (David Paul Morris/Bloomberg via Getty Images / Getty Images) GAMESTOP: Shares of the video-game retailer fell nearly 7% to $128.25 in after-hours trading after the company announced that it had fired its Chief Financial Officer and laid off a number of its employees as the video game giant seeks to reshape the company. GAMESTOP FIRES CFO AMID STAFF SHAKEUP
The announcement that GameStop was firing CFO Michael Recupero was first reported by Axios, citing an internal memo.
A GameStop store. (AP Photo/John Minchillo, File) OIL'S WEEK: Prices traded cautiously as recession fears continued to weigh on sentiment. U.S. West Texas Intermediate crude traded at $102 a barrel. Brent crude futures traded at $104 a barrel after a near 4% rebound on Thursday. ENERGY EXPERT WARNS 'TIGHT' GLOBAL OIL MARKET IS 'GETTING WORSE' Silhouette of working oil pumps on sunset background. (iStock / iStock) CLICK HERE TO READ MORE ON FOX BUSINESS
Both contracts are set for their second straight weekly loss. U.S. crude saw a sharp sell-off on Tuesday, when WTI slid 8% and Brent tumbled 9%.
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