Mixed jobs data, stock market up, Tesla shares, Microsoft laying off 9000 employees, and more.

0:00 Speaker 1 With us this morning, Sunday morning, and this is Independence Day weekend. We have John Cherit. Do you give us yes and the financial markets an update? What the heck happened this way day?

0:13 Speaker 2 John heard morning. Well, it was a shortened trading week, as you know, because July the fourth was a holiday, of course, but we began the week on Monday last. With the end of the month and the quarter and the half, we had a bumper June a record first half of the year, and for the second quarter of

0:29 the down was up five percent. And is that eighteen percent of the S and P five hundred by eleven percent. Now, there was some mixed jobs data on Wednesday. The ADP Private Jobs report lost thirty three thousand jobs in June, the first time that’s happened for about two years. But then on Thursday, the non farms the government Jobs report

0:47 added one hundred and forty seven thousand new jobs, way more than expecting and easing fears of a slowdown in hiring. So it seems as if the US economy is on an even keel and the FED is stable. But I do think the strong jobs report on Thursday rules out and interest rate cuts in July I think that’s off

1:05 the table now. Corporate news, Tesla deliveries down fourteen percent, but that’s okay because we thought they’d be down twenty percent, so that’s better than expected. Tesla shares rose five percent on the news, but they are down between sixteen and twenty percent for the year so far. Microsoft the other big story, laying off nine thousand workers. Second time they

1:22 made a big cut like that this year, jobs going in sales and among xbox staff. You saw John all the political theater of the last three days or so regarding the BBB, the big beautiful bill. It’s big, it’s beautiful, it’s a bill. And also you saw the Vietnam trade deal go through as well and more expected by the

1:42 deadline of July the nights with other countries. As a result of that, on Thursday half day trading markets closed early and they were flirting with the record territory. And so we look forward and let me wish you’re very happy July the fourth weekend. We look forward now, John, don’t we to the next big one, which is the

2:00 two hundred and fiftieth birthday of our country, which is in just under one year’s time, and the countdown has begun, Josh.

2:08 Speaker 1 Well, John Cherrit, thank you so much. And now are you a British citizen? I underste and your daughter just became a US citizen.

2:17 Speaker 2 Well, thank you for mentioning that I am a British citizen still. But both my girls, Ellie who’s a journalist and Imogen, who is a nurse. Ellie became a citizen last Tuesday just outside Trenton in New Jersey, and Imogen is going to become a citizen all being well next week sometime. And here’s the thing. My Ellie is a

2:36 journalist and she put a picture which I took of her alongside the US flag. It got four million views. Can anybody.

2:47 Speaker 1 And this Independence Day as an immigrant US citizen, I welcome them to America. God bless you, and God bless America on this weekend.

2:56 Speaker 2 Yeah, God bless America. God bless you and everybody at the station. Thanks for m much, John,