Listen to this articleAs the trading session closed on July 5, 2024, most of Wall Street was pushing the exchanges to record levels.
A new report on the labor market, during a week shortened by the July 4 holiday, bolstered hopes of an early rate easing. The Labor Department reported that employers added 206,000 jobs in June, down from 218,000 in May but still showing strength in hiring in the economy.
However, job growth for April and May was revised downward and average hourly earnings rose slightly. The unemployment rate rose to 4.1% from 4.0%. Midweek, minutes from the latest Fed meeting noted that employment and other economic data suggested inflation was declining but noted more evidence was needed before starting to cut interest rates.
A separate Labor Department report showed job openings rose slightly to 8.1 million in May, after a downward revision to 7.9 million in April. The number was initially reported at 8.1 million. The April revision was the first time the number was below 8 million since February 2021. A speech by Fed Chairman Powell in Portugal this week highlighted the central bank’s concerns.
“All we want to understand is that what we’re seeing right now is the true value of underlying inflation,” Powell said. “Getting the balance of monetary policy right at this critical time is what I’m thinking about in the middle of the night.”
The Journal-Record Stock Price Index fell 4.22 points, or 0.18 percent, to close at 2,310.55. Declining issues outnumbered advancing ones by a ratio of 3 to 1.
BOK Financial fell 3.36 points, or 3.67%, in its latest filing with the Securities and Exchange Commission (SEC). The fund increased its holdings in BOKF. According to the filing, the fund acquired an additional 2,713 shares and now holds 2,751,466 shares, valued at $235,633,000. BOKF closed at 88.28, the biggest decline in dollar terms.
Alliance Resource Partners was the biggest gainer, up 0.81 points, or 3.31 percent. The company’s shares reached a 52-week high of 25.75 this week, following a record high of 25.53. ARLP closed at 25.27.
Matrix Services fell 1.16 points, or 11.68%, to close at 8.77. According to SEC filings, Azarias Capital Management reduced its holdings in MTRX during the most recent quarter. Azarias sold 270,654 shares and now owns 991,107 shares, valued at $12,914,000. MTRX was the stock with the largest percentage decline.
