Wed, Jul 3, 2024 1:58 PM
Pick the right momentum stocks using RMI and techno-funda ideas
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US stocks were mixed on Friday after a jobs report showed a slowdown in hiring, with the S&P 500 flat, the Dow Jones down 0.1%, and the Nasdaq up 0.2%. The unemployment rate rose to 4.1%, and earlier hiring data was revised lower. The report adds to signs of an economic slowdown, causing the 10-year Treasury yield to fall to 4.30% from 4.36%.
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The US labor market is cooling, with a rising unemployment rate and slowing payroll growth, which could give the Federal Reserve confidence to cut interest rates. The report shows average hourly earnings growth slowed to 3.9%, below the 4% pace, suggesting easing price pressures. The Fed may discuss rate cuts at their next meeting, with a possible cut in September.
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Sajjan Jindal, JSW Steel's chairman and MD, received ₹73.39 crore in 2023-2024, 40% higher than the previous year, with a profit-linked commission of ₹59.31 crore. This amounts to 875 times the median salary of the firm's employees, which stood at ₹8.39 lakh. The average increase in managerial remuneration was 13.11%, while Jayant Acharya, joint MD and CEO, earned ₹16.27 crore.
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