Friday, May 24, 2024

Falling job gains can’t stop U.S. markets from reaching record highs

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Good evening, Bull Sheeters. This is Fortune financial journalist Rey Mashayekhi, filling in one last time this week for Bernhard with a special PM edition of the newsletter.

Markets around the world ended the week on an exceptionally strong note. U.S. indices rocked a disappointing November jobs report to close at record highs, while Europe skipped Brexit talks to post gains across the board. Meanwhile, China has hit back at a new U.S. law targeting Chinese companies listed in the United States, and Japan continues to craft economic stimulus packages.

Market update


  • the Dow is back above 30,000 points after gaining 0.8% on the day, while the S&P 500 climbed 0.9% to close just under 3700 and the Nasdaq was up 0.7% to complete in the north of 12,400. These figures represent record close for all three indexes.
  • The exceptional performance of the market on Friday came in the wake of a disappointing unemployment report from November, which depicts a U.S. economy struggling with a COVID-19 surge that has forced parts of the country to reinstate lockdown measures. President elect Joe biden said the “disaster” report “shows a broken economy”, and urged lawmakers to act on stimulus legislation.
  • It seems that those on Capitol Hill are get the memo As long as stimulation talks are concerned, with the President of the Chamber Nancy Pelosi noting “Momentum” of negotiations between leaders on both sides of the aisle.
  • In regulatory news, the SECOND at colonized with The cheesecake factory on charges that the restaurant chain misled investors about the impact of the pandemic about his business.
  • The pharmaceutical and biotechnology trade groups have deposit a prosecution against the Trump administration on its measures to reduce drug prices.


  • The main European scholarships all had a bullish Friday. London FTSE increased by 0.9%, that of Frankfurt DAX increased by 0.4% and CAC 40 in Paris and in the pan-European STOXX 600 gained 0.6%.
  • Brexit negotiations continue to dominate the agenda. Friday deliberations ended on a sour note, with sides interrupt discussions and by imposing accountability on their leaders – namely, the British Prime Minister Boris Johnson and President of the European Commission Ursula von der Leyen– to find common ground during the weekend.
  • Meanwhile, London’s financial industry keep sweating on Brexit, because a trade deal with the EU will not cover a UK financial sector that a flight of assets and operations to the continent.
  • Companies hoping for a new EU-US Data Transfer Pact shouldn’t hold his breath, according to the EU privacy watchdog.
  • The battle for the The EU’s € 1.8 trillion budget rages, with Poland and Hungary dig on their objections.


  • the Asian markets were mostly at the end of the week. Tokyo Nikkei was the exception (-0.2%), but both Hang Seng (+ 0.4%) and South Korea KOSPI (+ 1.3%) recorded gains. In mainland China, the main indices of Shanghai (+ 0.1%) and Shenzhen (+ 0.4%) also increased.
  • HuaweiBattle between US government and US government shows signs of slowing down, with Department of Justice would have discussed an agreement with Meng Wanzhou, the financial director of the Chinese firm, who would allow her to return home, according to the The Wall Street Journal.
  • Japanese Prime Minister Yoshihide Suga said his government will finalize a new economic recovery plan next week, with one of his collaborators floating a safety net for Japanese companies hit hard by the pandemic.
  • China at retaliated in the United States on a pair of measures this week targeting Chinese companies. he slammed a new law requiring Chinese companies listed in the US to follow US auditing standards as “clearly discriminatory”, and also critical the passage of the Pentagon to blacklist of four Chinese companies for their ties to the Chinese military.
  • President of Taiwan at called for a bilateral trade agreement with the United States, which she said “would strengthen US support for Taiwan in the face of relentless intimidation” from China.
  • Burger King India IPO has proven a huge size blow after pulling $ 9.5 billion in auctions—more than 150 times the number of shares available—Investors in the Bombay National Stock Exchange.

Somewhere else

  • Gold slipped slightly but stays on top $ 1800 / ounce.
  • the dollar fell again.
  • Bitcoin sunk below $ 19,000.
  • Crude oil climbed with Brent negotiate around $ 49 / barrel.


In numbers

It’s Friday, so let’s take a look at some numbers before we strike the weekend.


It was the Nikkei closing price at the end of the session on Friday, down 58 points compared to the day before. So what’s remarkable about that number and the Tokyo Stock Exchange’s 16% rally since early November?

It is well known that the Nikkei has never fully recovered the losses sustained when The bursting of the asset price bubble in Japan 30 years ago. Indeed, anyone who believes that stock markets only rise over the long term need only consider index performance in the next three decades to find the opposite.

But ultimately, it looks like the TSE is emerging from this 30-year hole. Last month the Nikkei closed above 26,000 points for the first time since May 1991, and it has continued to climb ever since. Tuesday it finished above 26,700 points for the first time since April 18, 1991, and closed above 26,800 points twice this week before retreating slightly on Friday. Omedetō at the Nikkei – it’s been a long time.

$ 95 million

How much is it Frank Slootman, CEO of Snowflake earn every month in the form of stock options in his cloud computing company, which was one of the hottest names on Wall Street since its IPO in September. Snowflake shares shot immediately during the company’s public debut and have continued to soar ever since, closing at nearly $ 388 a share on Friday.

$ 3.1 billion

How much is it By Dash hope to raise thanks to its upcoming IPO, an amount that could allow the start of online food delivery a valuation as high as $ 35.7 billion. By Dash amended its IPO – which just earlier this week called for a $ 2.6 billion hike that would value the company at around $ 32 billion – revealing it expects to sell around $ 33 million shares priced at $ 90 to $ 95 each.


That’s all about me this week; you will be back in Bernhard’s hands on Monday. Be sure to check out today’s readings below and have a wonderful weekend.

Rey mashayekhi
@ reym12

As always, you can write tobullsheet@fortune.comor reply to this email with suggestions and comments.


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