Stocks gain on positive jobs data, but close near lowsDow +92.39 at 25827.38, Nasdaq +53.00 at 10207.63, S&P +14.15 at 3129.88 [BRIEFING.COM] The S&P 500 increased 0.5% on Thursday amid positive labor market data, although it was up as much as 1.6% in early action. The Nasdaq Composite (+0.5%), Dow Jones Industrial Average (+0.4%), and Russell 2000 (+0.3%) also finished near session lows, but the Nasdaq did notch another record close. With the market closed on Friday in observation of Independence Day, investors received the Employment Situation Report one day early, and it came in better than expected for the second straight month. It also showed that there was still a lot more re-hiring activity needed to get to where things were before the pandemic. Briefly, June nonfarm payrolls increased by 4.800 million (Briefing.com consensus 3.50 million), and the unemployment rate improved to 11.1% (Briefing.com consensus 12.6%) from 13.3% in May. Initial jobless claims for the week ending June 27 also decreased slightly to 1.427 million (Briefing.com consensus 1.355 million) for its 13th straight decline. Every sector in the S&P 500 was on pace to close in positive territory following the data, but a late fade in the market took several sectors into the red. The cyclical materials (+1.9%), energy (+1.1%), and industrials (+0.8%) sectors set the performance pace, while the real estate (-0.3%) and communication services (-0.1%) sectors closed lower. The late-day selling was likely due to some profit-taking activity in front of the holiday weekend. At today's intraday high, the S&P 500 was up 5.2% for the week. Tesla ($TSLA 1208.66, +89.03, +8.0%), however, showed no signs of slowing down after the company pleased investors with its Q2 delivery data. TSLA shares rose 26% this week, including today's 8% gain. U.S. Treasuries finished little changed. The 2-yr yield declined one basis point to 0.15%, and the 10-yr yield was unchanged at 0.68%. The U.S. Dollar Index was also little changed at 97.22. WTI crude rose 1.7%, or $0.66, to $40.42/BBL. Reviewing Thursday's economic data, which featured the Employment Situation Report for June: June nonfarm payrolls increased by 4.800 million (Briefing.com consensus 3.50 million). June private sector payrolls increased by 4.767 million (Briefing.com consensus 3.00 million). June unemployment rate was 11.1% (Briefing.com consensus 12.6%), versus 13.3% in May. June average hourly earnings declined 1.2% (Briefing.com consensus -1.0%) versus a 1.0% decline in May.The key takeaway from the report as far as the market is concerned is that it reflects an economy that is bouncing back from the depths of the COVID-19 shutdown period. There are still far too many people unemployed (17.750 million), yet the June numbers are moving in the right direction.Initial jobless claims for the week ending June 27 decreased by 55,000 to 1.427 million (Briefing.com consensus 1.355 million).The key takeaway from the report is that initial claims remain at an alarmingly high level and will continue to be a drag on economic activity.The Trade Balance report for May showed a widening in the deficit to -$54.6 billion (Briefing.com consensus -$53.0 billion) from a downwardly revised $49.8 billion (from -$49.4 billion).The key takeaway from the report is that exports (-$6.6 billion) and imports (-$1.8 billion) both declined in May, underscoring the adverse impact of the coronavirus on the global economy.New orders for manufactured goods increased 8.0% m/m in May (Briefing.com consensus 7.2%) following a downwardly revised 13.5% decline (from -13.0%) in April.The key takeaway from the report is that it reflects a recovery in new order activity following the depths of the COVID-19 shutdown period. When the market reopens on Monday, investors will receive the ISM Non-Manufacturing Index for June. Nasdaq Composite +13.8% YTDS&P 500 -3.1% YTDDow Jones Industrial Average -9.5% YTDRussell 2000 -14.2% YTD Market Snapshot Dow25827.38+92.39(0.36%)Nasdaq10207.63+53.00(0.52%)SP 5003129.88+14.15(0.45%)10-yr Note 0/320.673NYSEAdv 1810 Dec 1099 Vol 897.2 mlnNasdaqAdv 1894 Dec 1417 Vol 4.0 bln Industry Watch Strong: Energy, Materials, IndustrialsWeak: Real Estate, Communication Services Moving the Market -- Stocks close higher but near session lows in front of the holiday weekend-- Nonfarm payrolls increased by 4.800 million in June (Briefing.com consensus 3.50 million), unemployment rate improved to 11.1% (Briefing.com consensus 12.6%)-- Late profit-taking activityStocks end higher as U.S. unemployment rate falls to 11.1% Stocks closed out the holiday shortened week on an up note after a better than expected jump in job additions last month, although that was before the more recent surges in COVID-19 cases in a number of emerging U.S. hot spots. The major averages pared some of their gains in the afternoon as some of those hot spot states, such as Florida, Arizona and California, reported their daily virus figures, but the indexes finished trading with gains ahead of the long Fourth of July weekend. ECONOMIC EVENTS: In U.S. data, nonfarm payrolls increased 4.8M in June, which was better than expected, while the unemployment rate came down by a more than expected amount to 11.1%. Initial jobless claims fell 55,000 to 1.43M in the week ended June 27. The trade deficit widened 9.7% to $54.6B in May as exports dropped 4.4% and imports slipped 0.9%. Factory orders bounced 8.0% in May after dropping a record 13.5% in April. In energy news, Baker Hughes reported that the U.S. Rig Count is down 2 rigs from last week to 263. In COVID-19 news, Florida reported 169,106 virus cases in the state, up from 158,997 yesterday, Arizona reported a day-to-day increase of 3,333 cases, and California reported a 1.7% increase in COVID-19 cases in the state since yesterday. California also reported 6,163 deaths in the state, a 1.2% increase. TOP NEWS: Shares of Tesla ($TSLA) surged almost 8% after the car maker reported the delivery of 90,650 vehicles in the second quarter, topping the consensus estimate of 83,071 for the period. The company also noted that it produced 82,000 vehicles in the quarter. In other auto news, Ford (F) reported U.S. sales were down 33.3% year-over-year in the second quarter to 433,869 vehicles, with U.S. truck sales down 26.6% and U.S. SUV sales down 29.9%. Ford added that U.S. car sales in Q2 fell 59.5% to 44,650, noting that coronavirus concerns "clearly affected" the quarter's sales numbers. Meanwhile, The Wall Street Journal reported yesterday that McDonald's ($MCD) is halting the reopening of dine-in services in the U.S. as COVID-19 cases continue to surge across many states. The fast food chain said it would wait three weeks before any new U.S. locations add dine-in service to its drive-through, takeout, and delivery operations, according to the Journal. On the IPO front, Lemonade ($LMND) opened at $50.06 per share after its initial public offering was priced at $29 per share. Additionally, Moderna ($MRNA) shares fell 4.9% after STAT reported that a 30,000-patient trial of the company's COVID-19 vaccine candidate, which was expected to start next week, has been delayed. Moderna is making changes to the trial plan, which has pushed back the expected start date of the Phase 3 study, according to STAT. Later on, however, Moderna CEO Stephane Bancel told CNBC's Meg Tirrell that the July start for the trial is on. "We have always said July. And I confirm July," Bancel said, noting that there are always small protocol changes to trials. MAJOR MOVERS: Among the noteworthy gainers was Graf Industrial ($GRAF), which rose 48.2% after it and Velodyne agreed to form Lidar Technology. Also higher was Nu Skin ($NUS), which gained 24.9% after two analysts upgraded the stock following the company raising its Q2 revenue guidance thanks to strength in the Americas and EMEA. Among the notable losers was MEI Pharma ($MEIP), which dropped 18.3% after announcing that an interim futility analysis of the ongoing Phase 3 study of pracinostat in combination with azacitidine in patients with AML has demonstrated it was unlikely to meet the primary endpoint of overall survival compared to the control group.Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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