It has been unemployment week and after yesterday’s blowout ADP number traders were early awaiting to see the number from today’s monthly unemployment report and the subsequent market reaction. 209 thousand jobs were added on the monthly of June which was below the expectations of around 230 thousand. Not much of a miss but was noticeable was it was the first time it had missed since April of 2022! The jobs market remains robust and with a 3.6% unemployment rate, and averaged earnings rising a touch more than expected at 0.4%, you can cue up the “what will the Fed now do with July hikes” speculation game.

A stock that has came up a few times in the Halftime Report this week has been Rivian. We have noted on the delivery news this week and the improving technical pattern and the company received an upgrade today from $25 to $30 at Wedbush. It pays to listen to the Halftime Report as we drop some gems on there and while the stock is currently overextended you know the second it has a good pattern, we will bring it up.

China has been in the news a lot recently and today was no exception. Chinese authorities are expected to announce a hefty fine on e-commerce giant Alibaba. Alibaba is up nicely on the day as the fine is interpreted as signaling the end of China’s multi-year crackdown on tech companies. China has signaled quite often that it is interested in reviving its economy and it seems like only a matter of time before we get significant stimulus news which would have ramifications not only for Chinese stocks but the commodity markets as well.

Chart of the Day: Rivian (RIVN)

We have discussed Rivian a couple of times on the Halftime Report this week. It pays to tune in!

Today’s line up

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