August 5, 2022

Markets:

Stock futures fell Friday after the July jobs report was much better than expected, showing a strong labor market that will likely mean more interest rate hikes from the Federal Reserve.

The labor market added 528,000 jobs in July, easily beating a Dow Jones estimate of a 258,000 increase. The unemployment rate also ticked down to 3.5%, below the 3.6% estimate.

Job growth was expected to slow as the Fed continues to hike interest rates to tame surging inflation, but this report shows a labor market still running hot. The report is a crucial one as it’s one of two the central bank will see before it decides how much to raise rates at its September meeting.

Amazon will acquire iRobot for $61.00 per share, the consumer robot company announced on Friday. The all-cash transaction is valued at approximately $1.7 billion, including iRobot’s net debt.

Shares of DoorDash were up more than 10% in premarket trading Friday after the company reported quarterly results that beat expectations after market close Thursday. The food delivery service said orders grew 23% on the year last quarter, and revenue surged 30%.

Oil prices were moderately lower during Friday morning trading on Wall Street and on track for steep weekly losses. Concerns around a slowdown in demand have sent prices tumbling in recent sessions.

Cryptocurrencies have slumped this week after a rough start to the month. Bitcoin and Ether are both down about 3% week to date and on pace to post their first negative week in five.

Portfolio:

We enter the final trading session of the week holding positions in APPS, SHOP, WEN, DOCN, and holding itrm. We will be watching price activity closely at the open; we expect monster opportunities to come from this move. This jobs report feeds our theory on end of year move and we are here for it and will continue to position ourselves. The trade setups continue to ignite and should only get better. Be ready today but especially early next week! Let's have a great session.