MARKET WRAPS
STOCKS: Stocks finished mixed as diminished rate fears were offset by a continued flight from the tech sector.
TREASURYS: Treasury yields fell after surprisingly weak jobs data.
FOREX: The U.S. dollar gave back some of its recent gains as the muted June jobs data caused a reversal of rate-hike bets.
COMMODITIES: Oil futures ticked up for the session, even as they fell for the fourth straight week in New York.
HEADLINES
U.S. Snaps Hiring Hot Streak With Only 57,000 Jobs Added in June
The U.S. economy added fewer jobs than expected in June, cooling from a strong spurt this spring.
American employers added 57,000 new jobs last month, the Labor Department said Thursday, missing economists' expectations for a gain of 115,000 jobs.
That prompted investors to dial back their expectations for interest-rate increases by the Federal Reserve this summer.
Tesla Sales Jumped in Second Quarter
After months of slowing car sales and hits to its brand, Tesla has regained momentum.
The electric automaker and tech company sold 480,126 electric vehicles globally in the second quarter, up 24.9% from the same period last year, the company said Thursday.
Tesla also reported 40.6% growth in its energy business, a figure which measures how much battery energy the company deployed in the quarter. Energy deployments grew rapidly last year, even as its autos business slowed.
Blue Owl Investors Ask to Withdraw $4.7 Billion From Flagship Funds
Investors in two of Blue Owl Capital's flagship private-credit funds asked the firm to return $4.7 billion of their money in the second quarter, a drop from the previous quarter.
Withdrawal requests amounted to $3.6 billion, or 19% of shares outstanding, in the firm's largest private-credit fund. Requests for its technology-focused fund came to $1.1 billion, or 38% of the fund.
In the previous quarter, investors had requested a total of $5.4 billion from the two funds, which amounted to 22% of the bigger fund and 41% of the technology-focused fund.
Google Loses Fight Against EU's $4.7 Billion Android Fine
Alphabet's Google lost a lengthy battle to overturn a fine of $4.69 billion imposed by the European Union over requirements for device manufacturers deploying the tech giant's Android operating system.
The EU's Court of Justice, the bloc's top court, said Thursday that it upheld the fine of 4.12 billion euros following an appeal by Google.
"This judgment fails to recognize our significant investment to ensure Android remains open, interoperable and free," Google said in response.
Canada Factory Sector Expands in June on Rising Output, New Orders
OTTAWA-Canada's manufacturing sector maintained growth in June, with factory owners increasing their payrolls due to rising production and new orders.
The Canada-specific data released Thursday from S&P Global also carried warnings about inflation.
The S&P Global Canada manufacturing purchasing managers index edged upward to 53.0 in June, from 52.9. This marks the third straight month above the 50 threshold-which signals expansion among the country's manufacturers.
TALKING POINT The Flaw in Your 401(k) Statement That Artificially Lowers Your Retirement Income
Young adults looking to see how much income their 401(k)s will generate in retirement are often surprised to see how little the number is. What they don't know is that the number is woefully misleading.
Research suggests that savers receiving estimates of how much retirement income their plan will provide (together with other retirement-planning information) tend to be more satisfied and confident financially and to increase their retirement-savings contributions.
Under the 2019 Secure Act, 401(k) benefit statements are required to provide future income estimates annually for a retirement saver and spouse assuming a retirement age of 67.
That's better than nothing. But we believe the current regulation omits key elements that would reflect a more-realistic level of future retirement income and motivate many more individuals to save for the long term.
The retirement-income estimates that 401(k) plans are legally required to provide are based on your current account balance. It's as if you and your employer stopped contributing to your account at the moment that estimate was made, rather than the reality that you likely will continue making contributions until you actually retire.
That means people in their 20s or early 30s, with decades of saving ahead, see only an artificially low estimate of their future retirement income-based on their current savings without any increase for future contributions and investment returns.
- Mark Iwry, reports@wsj.com
Expected Major Events for Monday
02:00/JPN: Jun Imported Vehicle Sales
06:00/GER: May Manufacturing orders
06:00/GER: May Manufacturing turnover
08:00/UK: Jun UK monthly car registrations figures
08:30/UK: Jun S&P Global UK Construction PMI
10:00/FRA: May OECD CPI
12:15/CAN: Jun Official International Reserves
13:30/CAN: Jun Canada Services PMI
13:45/US: Jun US Services PMI
14:00/US: Jun ISM Report On Business Services PMI
14:00/US: Jun Employment Trends Index
15:00/US: Jun Global Services PMI
15:30/CAN: Bank of Canada Business Outlook Survey
23:30/JPN: May Household Spending
23:30/JPN: May Provisional Labour Survey - Earnings, Employment & Hours Worked
23:50/JPN: Jun International Reserves / Foreign Currency
23:50/JPN: Jun Provisional Trade Statistics for 1st 20 days of Month
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Expected Earnings for Monday
Carver Bancorp Inc (CARV) is expected to report for 4Q.
Franklin Resources Inc (BEN) is expected to report.
Lyra Therapeutics Inc (LYRA) is expected to report for 1Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.