Stock market live Thursday: S&P up 4% for the week, Nasdaq new record, blowout jobs number

Stocks moved higher on the final trading day of the holiday-shortened week, fueled by better-than-expected jobs data. The Nasdaq Composite hit a new all-time intraday high, although all the major averages retreated from their highs mid-morning after Florida reported the largest single-day increase in Covid-19 cases since the pandemic began. 

Here’s what happened:

• The Nasdaq Composite hit a new intraday all-time high of 10,310.36
• The Nasdaq Composite closed up 0.52% at a new record of 10,207.63 for its 23^rd record close this year, and its fourth straight positive day
• The Nasdaq Composite gained 4.62% this week, for its best week since May 8
• The Dow gained 0.36% for its third positive day in four
• The Dow gained 3.25% this week in its best weekly performance since June 5
• The S&P closed 0.45% higher for its fourth straight positive day
• The S&P gained 4.02% for the week in its best weekly performance since June 5
• The Russell 2,000 closed up 0.32% for its third positive day in four
• The Russell 2,000 gained 3.85% this week, for the best week since June 5. – Francolla

Stocks traded in positive territory throughout Thursday’s session, as better-than-expected jobs numbers pushed the major averages higher. A growing number of Covid-19 cases capped upside gains, however, and the averages closed below their highs of the day.

The Dow gained 93 points to finish the session 0.36% higher, while the S&P rose 0.45%. The Nasdaq Composite gained 0.52%, hitting both a record intraday high as well as a record closing high. All three averages posted their second week of gains in three. – Stevens

The major averages were up sharply for the week after the release of record-setting U.S. jobs data. The Dow traded more than 200 points higher on the day and was up 3.9% week to date. The S&P 500 gained 1% on Thursday, putting the index up more than 4% week to date. The Nasdaq Composite was on pace for a 5.2% weekly gain after popping more than 1% Thursday. —Imbert

Despite June’s better-than-expected payrolls numbers, employment may never return to pre-Covid levels in a handful of sub-industries. The long-term, nationwide pivot toward e-commerce had already put pressure on apparel retail employment, and economists say the coronavirus could act as a sort-of catalyst for employers to cut labor costs permanently. Other sectors, such as leisure and hospitality, and posting more robust rebound in payrolls numbers. Bars and restaurants employed 12.3 million Americans in February 2020, only to see that figure collapse to 6.2 million in April. It’s since rebounded 47% off that low and for June rose to 9.2 million jobs.Curriers and message carriers are among a rare group that have actually seen a net gain in employment since January. — Franck

Goldman Sachs examined the favorite stocks of small investors and how they perform, finding stocks with the highest individual investor activity have underperformed over the following two weeks. “This suggests individual investors may have tried to ‘buy-the-dip’ in individual names, but the stocks have not immediately outperformed,” a Goldman Sachs analyst told clients. Goldman tracked the volume of “small trades” — those less than $2,000 — as a proxy for retail investor participation.  The top decile of stocks being traded by small investors on a given day have been underperforming the broader market by an average of about 1.4% in the week prior and continue to underperform the two weeks following by an average of 1.3%, the firm noted.  “This suggests that either declines in the S&P 500 lead to an increase in individual investor trading or individual investor trading leads to a decline in equity prices,” the firm said. – Fitzgerald

Shares of Moderna slid more than 6% on Thursday after the company’s late-stage trial for a possible Covid-19 vaccine was delayed, according to a report from health-care publication STAT News. The report, which cited an investigator, said the timeframe of the delay remains unknown. In May, Moderna released data from its early-stage trial, which showed the vaccine produced neutralizing antibodies against Covid-19 in at least eight participants. –Lovelace

Several tech companies and a new IPO have made headlines in early trading.

Tesla – Shares of the electric vehicle maker jumped more than 6%, hitting a new all-time high, after the company said it delivered about 90,650 vehicles in the second quarter. Analysts surveyed by FactSet had expected 72,000 deliveries.

Lemonade — Shares of the insurance tech company saw a major pop for its initial public offering, jumping 80% in the opening minutes. The stock was priced at $29 per share. The company is a member of the 2020 class of CNBC Disruptor 50.

Read more movers here. —Pound 

The major averages were set to post large gains for the holiday-shortened week. The S&P has gained 4.5% this week, while the Dow has risen 3.8%. The Nasdaq Composite is the relative outperformer, and is set to post a weekly gain of 5.2%. This would be the second week of gains in the last three weeks for the major averages. – Stevens

The major averages were up sharply around midday trading as investors cheered a massive spike in U.S. jobs creation for last month. The Dow traded 254 points higher, or about 1%. The S&P 500 and Nasdaq also traded around 1% higher. Those gains put the averages on pace for big weekly gains. —Imbert

Lemonade popped more than 52% in its initial public offering, trading above $53 per share. The online insurer had priced its shares at $29, above an expected range of $26 to $28 per share. —Imbert

The major averages fell from their highs of the day after Covid-19 cases in Florida increased by 10,109 on Thursday in the biggest single-day increase since the pandemic began. The Dow last traded 270 points higher, after earlier gaining more than 460 points. Stocks most sensitive to the economy’s reopening, including airlines and cruise line operators, pared their gains following the report. – Stevens 

Evercore ISI lowered its price target on shares of Apple to $370 from $375 based on forecasts for a weak product quarter due to store closures and supply chain headwinds. The firm maintained its outperform rating on the stock, however, and said that some of the losses should be offset by an acceleration in services revenue. The new target is about 1% higher than where shares currently trade. – Stevens

Nearly eight stocks traded higher for every decliner at the New York Stock Exchange on Thursday after a stellar U.S. jobs report sparked a massive market rally. Overall, 2,428 NYSE-listed names were higher while 302 declined. —Imbert

While 4.8 million jobs were added to the economy in June, the strong economic data could threaten the amount of stimulus the federal government plans to give Americans, people familiar with the matter told the Washington Post. White House economic officials told advisers that Thursday’s job report will likely decrease the amount of additional stimulus and solidify opposition to extending the $600 million unemployment increase, the Washington Post said Thursday. – Fitzgerald

President Donald Trump said the economy is “roaring back” after the U.S. added 4.8 million jobs in June. “Today’s announcement proves that our economy is roaring back. It’s coming back extremely strong. We have some areas where we’re putting out the flames of the fires … I think it’s working out very well,” the president said during a press conference on Thursday following the economic data’s release. – Stevens

The Nasdaq Composite hit a new all-time intraday high of 10,299.96 shortly after the open. The tech-heavy index is the top performer among the major averages this year after gaining more than 19%. – Stevens

The major averages jumped at the open on Thursday, fueled by better-than-expected jobs data. The Dow rose 366 points for a gain of 1.4%, while the S&P 500 and Nasdaq Composite were up 1.2% and 1.1%, respectively. Nonfarm payrolls rose by 4.8 million in June, much better than the increase of 2.9 million expected by economists surveyed by Dow Jones. – Stevens

Shares of companies with businesses tied to the reopening of the economy surged in premarket trading following the strong June jobs report. Shares of American Airlines rose 4% in extended trading. United and Delta both jumped about 3%. Kohl’s and Gap rose 4% and 3%, respectively. Cruise lines also got a boost, with Carnival up 4%. – Fitzgerald

The number of Americans filing for unemployment benefits for the first time rose more than expected last week as the coronavirus pandemic continues to pressure the U.S. economy.

The Labor Department said Thursday that initial jobless claims rose by 1.427 million in the week ending June 27. Economists polled by Dow Jones expected initial U.S. jobless claims to rise by another 1.38 million for the week ending June 27. – Imbert

Nonfarm payrolls jumped by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday. Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth U.S. holiday. – Cox

Shares of rental car company Avis Budget Group gained 6% in premarket trading after Morgan Stanley’s Adam Jonas upgraded the stock to overweight. The analyst said in a note that the used car outlook is recovering more quickly than expected, which would help the company’s financial outlook.

CNBC Pro subscribers can read more here. —Pound

Wall Street firm Needham lowered its earnings estimates on Facebook for the end of 2020 due to the hundreds of companies pulling their ad dollars from the social media giant. A steady stream of companies came out in support of the “#StopHateForProfit” campaign, promising to pause advertising spend on Facebook to encourage the company to amp up efforts against hate speech and disinformation. “Our channel checks indicate that certain brands will boycott FB thru the Nov election,” Needham analyst Lauren Martin told clients. Martin said the social media giant is not cutting costs fast enough to offset a downdraft in revenue. The firm slashed its full-year earnings estimate to $6.80 per share from $7.47 per share. – Fitzgerald

Shares of Tesla jumped more than 9% in premarket trading after the company said it delivered 90,650 vehicles in the second quarter, far surpassing the 72,000 deliveries expected by analysts polled by FactSet. Deliveries are the closest approximation of sales numbers reported by Tesla. – Kolodny, Wayland

Boeing shares rose more than 2% in the premarket after the airplane maker completed the FAA recertification test flights for the grounded 737 Max. The plane has been grounded since March 2019 following two fatal crashes that killed hundreds. “We will lift the grounding order only after FAA safety experts are satisfied that the aircraft meets certification standards,” the FAA said in a statement. —Imbert

U.S. stock index futures pointed to a jump at the open for the major averages on the final trading day of the holiday-shortened week. Futures on the Dow Jones Industrial Average climbed 1%. The move implied a 200-point gain at the open. S&P 500 futures rose 0.8%. Nasdaq-100 futures added 0.6%

All eyes were on two market-moving employment reports set to be released at 8:30 am ET, including the monthly employment report. Economists expect about 3 million jobs were created in June, up from the 2.5 million added in May. The weekly jobless claims data will also be released Thursday morning, which will provide Wall Street with a better sense of how many are still collecting unemployment benefits. – Stevens

– CNBC’s Jesse Pound, Berkeley Lovelace and Jeff Cox contributed reporting.

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