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Gold Falls as the Dollar and Yields Rise After an Unexpected Surge in May U.S. Employment

Gold traded lower early on Friday as the dollar and yields climbed as the United States reported an unexpected jump in May employment.Gold for July delivery was last seen down US$28.50 to US$4.476.50 per ounce.The U.S. Bureau of Labor Statistics reported the country added 172,000 jobs in May, up from 115,000 a month earlier and well ahead of expectations for a rise of 80,000 new positions according to Marketwatch. The unemployment rate held steady at 4.3%.Gold has been pressured by the rising oil prices that have followed the U.S. war on Iran, with buyers concerned central banks will need to raise interest rates to combat rising energy inflation. Traders have turned away from gold as a store of value amid the inflation worries, preferring the dollar as a hedge should central banks raise interest rates to slow rising prices.The dollar rose off overnight lows following the data, with the ICE dollar index last seen up 0.1 points to 99.51 after earlier touching 99.16. Treasury yields were sharply higher, with the yield on the U.S. two-year note last seen up 10.2 basis points to 4.151%, while the 10-year note was paying 4.539%, up 5.8 points.

$GCN6$GLD

Sectors48d ago

Sector Update: Tech Stocks Fall Premarket Friday

Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.5% lower.Samsara (IOT) shares were down more than 3% even after the company posted higher fiscal Q1 non-GAAP earnings and revenue.Guidewire Software (GWRE) reported higher fiscal Q3 adjusted earnings and revenue, and raised its fiscal 2026 revenue outlook. Guidewire Software stock was down more than 11 pre-bell.United Microelectronics (UMC) reported sales of 22.94 billion New Taiwan dollars ($727.9 million) in May, up 17.8% from a year earlier. Shares of United Microelectronics were 0.4% lower premarket.

$GWRE$IOT$UMC$XLK$XSD

Oil & Energy48d ago

EMEA Oil Update: Crude Drifts Lower Friday; Snaps 2-Week Losing Streak

Oil prices eased on Friday, but remained on track for a net weekly gain, snapping a two-week losing streak.Front-month Murban crude futures fell 1.2% to $92.38 per barrel, while Brent futures were down 0.7% to $94.38/bbl.While a tentative, US-mediated Israel-Lebanon ceasefire initially cooled front-month risk premiums, structural de-escalation between Washington and Tehran has stalled.However, Lebanese Parliament Speaker Nabih Berri officially rejected the US-mediated deal, according to an Al Jazeera report citing the state-run National News Agency on Friday."Trump is reportedly reluctant to resume full-scale war with Iran and would end the truce only if Tehran kills US troops. US-Iran talks show little progress, hindered by Israel's operations in Lebanon," Saxo Bank analysts said.Meanwhile broader US-Iran backchannel talks are showing negligible progress, heavily complicated by ongoing regional military friction.Underpinning the physical market is a severely disrupted supply matrix countered by surprisingly resilient demand parameters.The Strait of Hormuz, the world's most critical maritime oil transit chokepoint, remains effectively closed to normalized commercial shipping, keeping a structural risk premium firmly embedded across global prompt-month balances.However, this supply-side shock has not broken the long-term consumption outlook.Speaking at the St. Petersburg International Economic Forum, OPEC Secretary General Haitham Al Ghais confirmed that the organization is strictly maintaining its global oil demand growth forecast at 1.2 million barrels per day for the year.

Commodities48d ago

Market Chatter: India Eyes Higher Biogas Output Through Subsidies, Guaranteed Prices Program

The Indian government intends to increase the production of compressed biogas through a program that provides higher guaranteed purchase prices and subsidies to new facilities, Bloomberg reported Friday, citing undisclosed sources.The policy proposes a hike in offtake prices for compressed biogas, while also providing financial advantages for new project developers, the report said.The program, likely to be unveiled this month and implemented by the Ministry of Petroleum and Natural Gas, aims to increase the number of operational compressed biogas plants to about 700 from 200 now over the next few years, the report said.Called Sampoorn, meaning complete or perfect in Hindi, the program also targets an increase in the proportion of biogas used for blending with other natural gas to 5% of the overall consumption by end of fiscal year 2029 ending March, the report said.Compressed biogas, a methane-based fuel formed from organic waste, is considered to be carbon-negative by policymakers. Through this program, the government also intends to reduce carbon emission, combat the spike in fossil fuel prices, and tackle environment challenges, the report added.has reached out to the Indian Ministry of Petroleum and Natural Gas for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Treasury48d ago

Canada's Labor Market Shows Signs of Life in May, With A Strong Rebound in Job Creation, Says Desjardins

In contrast to expectations for a "modest" 10,000 increase, Canadian employment rose 88,000 during the month, said Desjardins after the Friday Labour Force Survey (LFS).Strength was broad-based across industries and was all in full-time work, noted the bank. That saw the unemployment rate drop to 6.6% from 6.9% in April.The rebound largely reverses the job losses observed earlier in the year, with the level of employment now just shy of its December 2025 peak, stated Desjardins.Yields across the Government of Canada (GoC) bond curve are rising, led by the short end, where traders are now pricing in between one and two rate hikes for the remainder of this year, added the bank.That said, given the volatility in the LFS, it's difficult to have much confidence in the signaling power of Friday's reading, according to Desjardins.The bank continues to see downside risks for the Canadian economy, both from fundamental weakness and trade negotiations.

$CXY

Asia48d ago

Hong Kong Johnson Warns of Up to 90% Drop in Full-Year Profit

Hong Kong Johnson (HKG:1955) expects an 85% to 90% decline in attributable profit for the year ended March 31 from HK$16 million a year prior, according to a Friday Hong Kong bourse filing.The janitorial services provider's revenue is expected to jump between 82% and 87% from HK$1.84 billion in the prior-year period.The firm attributed the profit forecast to higher costs amid sustained geopolitical tensions and rising oil prices, as well as downward pressure on the gross profit margin of the cleaning services sector due to intense competition.

HKG:1955

Sectors48d ago

Sector Update: Energy

Energy stocks were advancing pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%The United States Oil Fund (USO) was down 0.6% and the United States Natural Gas Fund (UNG) was 1% lower.Front-month US West Texas Intermediate crude oil was 0.5% lower at $92.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.4% to $94.64 per barrel, and natural gas futures were down 1.4% at $3.29 per 1 million British Thermal Units.BP (BP) agreed to subscribe for 10 million British Pounds ($13.5 million) in convertible loan notes and secure exclusive crude oil marketing rights in new agreements, Coastal Africa Group said. BP stock was 0.8% lower premarket.

$BP

Commodities48d ago

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Friday After May Jobs Report

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 1.3% in Friday's premarket activity, after the May jobs report.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 1% before the start of regular trading.US nonfarm payrolls increased by 172,000 in May, exceeding expectations for an 88,000 gain, while the unemployment rate held at 4.3% and average hourly earnings rose 0.3%, in line with forecasts.The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.April's consumer credit data is scheduled for a 3:00 pm ET release.In premarket action, bitcoin was down by 1.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% lower, Ether ETF (EETH) retreated by 5.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) gained by 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced by 0.1%.Lululemon Athletica (LULU) shares were down more than 11% pre-bell after multiple analysts cut their price targets following the athletic apparel retailer's lowering of its full-year outlook amid weak sales trends.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.8%, the Vanguard Health Care Index Fund (VHT) retreated by 0.3%, while the iShares US Healthcare ETF (IYH) slipped 0.7%. The iShares Biotechnology ETF (IBB) was flat.Cooper (COO) was up by nearly 8% premarket after the company reported higher fiscal Q2 adjusted earnings and revenue late Thursday.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.1%, while the Vanguard Industrials Index Fund (VIS) gained 0.5% and the iShares US Industrials ETF (IYJ) was inactive.CAE (CAE) gained by nearly 3% before the opening bell. The company said it has received regulatory approval for the renewal of its normal course issuer bid to purchase, for cancellation, up to about 16.1 million common shares, or about 5% of its outstanding share capital as of May 29.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Affirm (AFRM) shares were down more than 2% pre-bell after closing the prior session with a 3.7% gain. Affirm and Canada Pension Plan Investment Board said Thursday that they renewed and expanded their forward-flow agreement for consumer installment loans.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.8%, and the iShares US Technology ETF (IYW) was 1.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 1.7%, while the iShares Semiconductor ETF (SOXX) fell by 3%.Nvidia (NVDA) shares were down 1.8% in premarket activity after ending Thursday's session with a 1.8% increase. Multiple media outlets reported Chief Executive Officer Jensen Huang as saying that the company cleared Samsung Electronics, SK Hynix, and Micron Technology to supply advanced high-bandwidth memory for its HBM4 artificial intelligence accelerators.EnergyThe iShares US Energy ETF (IYE) was up 0.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.2% higher.X-Energy (XE) stock was up more than 1% before the opening bell a day after the company reported total Q1 revenues and grant income of $43.4 million, representing a 109% increase compared to the prior-year period.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.2% to $92.87 per barrel on the New York Mercantile Exchange. Natural gas was down 0.9% to $3.31 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 0.3%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for July retreated by 0.3% to $4,492.60 an ounce on the Comex. Silver futures declined by 1.4% to $72.91 an ounce. SPDR Gold Shares (GLD) was down by 0.2%, and the iShares Silver Trust (SLV) decreased by 1.5%.

Dow JonesNasdaq CompositeS&P 500$AFRM$BETH$BITO$CAE$COO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LULU$NVDA$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XE$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Mining & Metals48d ago

Orla Mining Resumes Operations at Camino Rojo

Orla Mining (OLA.TO, ORLA) reported that the "illegal blockade" has ended now and operations have resumed at its Camino Rojo Mine in Zacatecas, Mexico, on Friday.Dialogue continues onsite between management, employees, and the union including the resumption of bonus negotiations, it said. Without further interruptions, the company said it reiterated its 2026 gold production guidance for Camino Rojo of 110,000 to 120,000 ounces."We are pleased to welcome our employees back to work and thank the union and the Mexican Labour Authority for their partnership in resolving the matter," said Orla Mining Chief Executive Jason Simpson. "We look forward to continuing our dialogue with the employees and union partners to reach a mutually beneficial agreement on the productivity bonus."U.S.-listed shares of the company were last seen down 0.6% at US$11.25 in pre-market trading.

$OLA.TO

Sectors48d ago

Sector Update: Financial

Financial stocks were edging higher premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.6% lower.Wealthfront (WLTH) stock was down more than 5% after the company posted fiscal Q1 earnings and revenue that missed analysts' expectations, with EPS declining year over year.

$WLTH

Treasury48d ago

Canada's Labor Market Energizes in May, Bank of Canada to Stay on Hold, Says CIBC

The Canadian labor market sparked back to life in May, with the 88,000 gain in jobs well above consensus expectations and taking the unemployment rate back down to 6.6%, said CIBC after Friday's Labour Force Survey (LFS).Job gains were driven by full-time work, with the sector breakdown showing particularly strong growth in construction, information & recreation, transportation and manufacturing, noted the bank.However, while much stronger than expected, the release should be viewed in the context of the weakness seen earlier in the year, pointed out CIBC. The six-month average for employment is still slightly negative, at 2,000 lower, and the unemployment rate is still a touch higher than the recent low recorded in January.Statistics Canada noted that students seem to be seeing a better start to the summer job market than in recent years, and the unemployment rate for 15-24 year olds fell by almost 1% to 13.4%. Prime-aged (25-54) unemployment also fell from 6% to 5.6%.Hourly wage growth for permanent employees was weaker than expected at 3.2%, suggesting that many of the new jobs picked up this month may have been lower-paying, stated the bank.For the Bank of Canada, Friday's release shouldn't change the current on-hold stance, even with the large headline beat.For now, Friday's strength has brought Canada back to where it stood earlier in the year, and further tightening in the labor market will need to be seen -- alongside an acceleration in core inflation -- to bring the BoC off the sidelines, added CIBC.

$CXY

Asia48d ago

Muyuan Foods' Finished Hog Sales Up 7.4% in May

Muyuan Foods (HKG:2714, SHE:002714) sold nearly 6.9 million finished hogs in May, up 7.4% year on year, according to a Hong Kong bourse filing Friday.The average selling price of finished hogs was around 9.80 yuan per kilogram, representing a year-on-year decrease of 33%.The company generated 8.57 billion yuan in sales from finished hogs during the month, down 30% from a year prior.The lower selling price and sales revenue of finished hogs were mainly due to fluctuations in hog market conditions.

HKG:2714SHE:002714

Sectors48d ago

Sector Update: Healthcare

Healthcare stocks were rising premarket Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) advancing by 0.7% and the iShares Biotechnology ETF (IBB) 0.3% higher.Amneal Pharmaceuticals (AMRX) stock was up more than 1% after the company said interim results from its phase 4 study of Crexont to treat Parkinson's disease demonstrated substantial clinical benefit after patients switched to the drug from Rytary.

$AMRX

US Markets48d ago

ABM Industries Fiscal Second-Quarter Results Top Views; Maintains Full-Year Earnings Outlook

ABM Industries' (ABM) fiscal second-quarter results topped market expectations, while the facility services provider reiterated its full-year earnings outlook.The company on Friday posted adjusted earnings of $0.90 a share for the quarter ended April, up from $0.86 the year before and surpassing the FactSet-polled consensus for $0.88. Revenue improved 8.4% to $2.29 billion, exceeding the Street's view for $2.22 billion.The stock gained 1.3% in the most recent premarket activity."Our second-quarter performance was highlighted by organic revenue growth of 6.1% and record first-half new sales bookings of $1.2 billion," Chief Executive Scott Salmirs said in a statement. "Beyond the top line, we executed well in the quarter, resulting in improved margin on a sequential basis and continued solid free cash flow generation."For fiscal 2026, ABM continues to project adjusted EPS to come in between $3.85 and $4.15, compared with the average analyst estimate of $3.96. Revenue is now pegged to grow at the top end of the firm's previously issued guidance range of 4% to 5%. The Street is looking for $9.18 billion.The company expects "meaningfully" higher volume in its technical solutions and manufacturing and distribution businesses in the second half, Salmirs said.Revenue in the business and industry segment remained unchanged at $1.02 billion in the second quarter, as robust growth in the company's UK operations was largely offset by the exit of certain clients, it said. The manufacturing and distribution division revenue rose 17% to $463.8 million, buoyed by acquisitions, recent client wins and ongoing expansions.Aviation business sales advanced 20% to $310.8 million, reflecting healthy domestic air travel trends and the continued ramp of new contracts, according to ABM. Revenue in the technical solutions segment jumped 27%, while the education business ticked up 1.9%."We are encouraged by constructive demand trends across the majority of our end markets, and remain focused on executing with discipline as the broader macroeconomic environment continues to evolve," Salmirs said.

$ABM

Sectors48d ago

Sector Update: Consumer

Consumer stocks were edging higher premarket Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.Lululemon Athletica (LULU) stock was down more than 11% after the company posted a decline in fiscal Q1 earnings and cut its 2026 guidance.

$LULU

Asia48d ago

Zhongliang Logs 550 Million Yuan in May Contracted Sales

Zhongliang (HKG:2772) recorded contracted sales of around 550 million yuan in May, with a gross floor area (GFA) of 58,000 square meters, according to a Friday Hong Kong bourse filing.The property firm's average selling price for the month stood at approximately 9,500 yuan per square meter.For the five months ended May 31, contracted sales and GFA reached roughly 3.12 billion yuan and 319,000 square meters, respectively, with an average selling price of 9,800 yuan per square meter.

HKG:2772

Mining & Metals48d ago

Trulieve Cannabis Announces Uplist to NYSE

Trulieve Cannabis' (TRUL.CN) subordinate voting shares have been approved for listing on the New York Stock Exchange (NYSE), the company said on Friday.The subordinate voting shares are expected to begin trading on the NYSE under the symbol "TRLV" at the opening of trading on June 10, 2026.The company anticipates the subordinate voting shares will continue trading on the Canadian Securities Exchange under the symbol "TRUL" and the OTCQX under the symbol "TCNNF" until the close of market on June 9, 2026."Acting Attorney General Todd Blanche reclassified medical marijuana to Schedule III in April 2026, following an Executive Order by President Trump in December 2025," said the company. "The final order issued in April rescheduled state licensed medical marijuana products and created a pathway for Drug Enforcement Administration ("DEA") registration for state licensed medical marijuana businesses under the treaty authority pursuant to the United Nations Single Convention on Narcotic Drugs."Following medical marijuana rescheduling, the company completed a corporate restructuring and investment by a third party resulting in the deconsolidation of operations in markets serving both medical and adult use customers, the company said.The company's remaining consolidated operations consist only of state licensed medical marijuana facilities and include 206 medical marijuana dispensaries supported by 3.5 million square feet of production capacity registered with the DEA, it added."As the first U.S. cannabis company to list on a major U.S. exchange, we are excited for the opportunity to expand our shareholder base, increase liquidity, and raise awareness for the benefits of medical marijuana," said Kim Rivers, Founder and Chief Executive Officer of Trulieve. "Common sense action by President Trump to reclassify medical marijuana to Schedule III paved the way for this historic milestone. Uplisting to the NYSE is a major advancement for Trulieve and the industry."

$HMMJ.TO$TRUL.CN

Sectors48d ago

Sector Update: Tech

Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.7% lower.Samsara (IOT) shares were down more than 2% even after the company posted higher fiscal Q1 non-GAAP earnings and revenue.

$IOT

International48d ago

May US Nonfarm Payrolls Rise More Than Expected, Unemployment Rate Steady

The May employment report showed nonfarm payrolls rose by 172,000, well above the 88,000 jobs increase expected in a survey compiled by Bloomberg as of 7:30 am ET, while April payrolls were revised upwards to a 179,000 increase and March payrolls were revised upwards to a 214,000 increase, for a net upward revision of 93,000 jobs.Private payrolls rose by 120,000 in May after a 177,000 increase in April, well above the increase of 89,000 private jobs expected. Leisure and hospitality jobs increased by 70,000 and health care and social assistance jobs rose by 47,200.The unemployment rate remained at 4.3% in May, as expected. The labor force participation rate was also unchanged from 61.8% in April, and the size of the labor force rose by 83,000 on an increase in household employment that was partially offset by a decline in household unemployment.Hourly earnings rose by 0.3%, as expected, and faster than a 0.2% increase in April. Hourly earnings were up 3.4% year-over-year, slower than a 3.6% year-over-year gain in the previous month.The average workweek was unchanged at 34.3 hours in May, as expected.The monthly employment report released by the Bureau of Labor Statistics consists of two separate surveys and is considered the most important data release for the month. The survey of businesses measures the levels of employment and wages and the length of the average workweek, broken down by industry.The survey of households measures the number of people working or looking for work, the unemployment rate, those that have left the workforce and reasons for part-time work.Market reaction can be mixed, particularly when the two surveys disagree. A strong increase in employment or a decline in the unemployment rate is generally a positive for stocks as sign of a strong US economy, but bonds would react negatively to the same news, particularly if wages rise sharply at the same time.

Research48d ago

Morgan Stanley Upgrades Inditex to Overweight, Boosts PT

Morgan Stanley on Friday upgraded Spanish clothing retailer Industria de Diseño Textil (ITX.MC), d/b/a Inditex, to overweight from equal weight and raised its price target to 62 euros from 52.50 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$ITX.MC

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Commodities48d ago