Market Coverage- Thursday July 7 Yahoo Finance

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U.S. stocks pushed higher Thursday as investors weighed minutes from the Federal Reserve’s last meeting and fresh employment data out of Washington.

The S&P 500 rallied 1.2% and the Nasdaq gained 1.9% as of 12:30 p.m. ET. The Dow Jones Industrial Average added 280 points, or roughly 0.9%.

Initial jobless claims unexpectedly edged higher last week in a potential sign the labor market may be cooling amid tighter financial conditions. First-time filings for unemployment insurance in the U.S. totaled 235,000 for the week ended July 2, increasing by 4,000 from the prior week’s reading of 231,000 claims, the Department of Labor said Thursday. Economists surveyed by Bloomberg had expected the latest reading to come in at 230,000.

“The data are (finally) moving in the Fed’s direction. It’s never a good thing to see layoffs, but the pressure on wages may have now peaked,” Harris Financial Group Managing Partner Jamie Cox said. “A few more weeks of these types of numbers and maybe, just maybe, financial conditions are tight enough to allow the Fed to throttle back on the scale of rate increases.”

The print comes ahead of the government’s monthly employment report for June due out Friday.

Elsewhere in markets, Bed Bath & Beyond stock (BBBY) surged more than 20% in early trading following news that the interim CEO bought stock and GameStop stock (GME) rose 9% after the video game retailer and meme-stock darling announced late Wednesday that its board approved a four-for-one stock split in the form of a dividend.

Tesla (TSLA), Amazon (AMZN), and Shopify (SHOP) also recently announced stock splits, which increase the number of a company’s shares to give more investors access for purchasing without changing the market capitalization.

Crude oil (CL=F) rose back above $102 per barrel after falling below $100 for the first time since mid-May on Tuesday. The benchmark 10-year yield Treasury held at 2.9% following a slide from its recent decade high of over 3.4% in the middle of June.

Thursday’s early gains follow three straight up days for the S&P 500 index. In the previous session, the benchmark closed up 0.4% – along with slight increases for the Dow and Nasdaq – after a readout of minutes from the Federal Reserve’s June 14-15 meeting affirmed the U.S. central bank was committed to intervening as needed to rein in inflation.

“Participants concurred that the economic outlook warranted moving to a restrictive stance of policy, and they recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist,” meeting minutes stated.

Officials also discussed concerns over inflation becoming entrenched in the U.S. economy and price stability becoming increasingly difficult to restore.

“Many participants judged that a significant risk now facing the Committee was that elevated inflation could become entrenched if the public began to question the resolve of the Committee to adjust the stance of policy as warranted,” the minutes stated.

At the same time, concerns remain that a further ramp in interest rates to tame inflation may push the economy into recession, particularly as key economic data including consumer sentiment and spending, along with recent purchasing managers’ indices, have shown signs of softening in the latest prints. The Atlanta Federal Reserve’s GDPNow model now estimates real GDP growth in the second quarter of 2022 at -2.1%, which would meet the unofficial threshold for a recession when matched with the 1.6% decline in Q1. The official read on second quarter GDP is due July 28.

The Federal Reserve is “nervous that they might raise rates too fast and start a recession,” University of Chicago’s Booth School of Business Economics Professor Austan Goolsbee told Yahoo Finance Live on Wednesday. “That’s the tough balancing act the Fed has got made tougher by the fact that this business cycle looks nothing like a normal business cycle.”

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Overdogs Podcast Episode 7: An Hour and a Half of Uncensored Conversations with Darren Till + Yoel Romero, and Hosts Ice Bagz, Mac Mally, and New Co-Host Platinum Mike Perry.

Today, the Overdogs Podcast drops another banger episode featuring host @IceBagz_, co-host @Mac Mally, and new Co-Host @Platinum Mike Perry with guests Darren Till and Yoel Romero. 

Mike Perry is the “toughest human being on the planet,” according to Joe Rogan, and he makes his podcast hosting debut with old foe Darren Till as his very first guest. 

Platinum Mike Perry Said: "I'm stoked to be part of the Kanpai Media fam and share my fighting experience, perspective, and journey on the OverDogs Podcast — it's for sure one of the best shows out there in the Combat Sports world and I can't wait to connect with all the 2MM fans out there that have watched the show so far and also give back to my fanbase and sport!"

Darren Till and Mike Perry go toe to toe for 40 minutes in this wild, uncensored exchange live on air. In the opening minutes, Till tells Perry, “I just wanna fight you and knock you clean out.” Till later added, “Your specialty is power and pure toughness. My specialty is beating people like you.” Till and the team give their prediction for Alex Pereira vs Jiri Prochazka at UFC 295.

They all discuss the probability of Mike Perry fighting Logan Paul if Dillon Danis pulls out and the suit by Logan’s fiance, Nina, against Danis. Mike talks about his new contract with Bare Knuckle Fighting Championship.

@IceBagz_ said: "We're thrilled to welcome Platinum Mike Perry as a new co-host to the OverDogs Podcast family, he's no doubt already added a layer of excitement and relevancy to the show as we are in the works of scaling the series to other premium leagues, conversation verticals and cultures, as we continue our exciting journey in scaling the podcast."

Till candidly discusses his business that was sued and later sold off. Finally, Darren Till and Mike Perry verbally agreed to fight in approximately 8 months in the boxing or bare-knuckle ring.

Yoel Romero talks about his car chase in Jordan with Mike Perry, his next opponent, and his controversial Israel Adesanya’s loss at UFC 248 that changed the trajectory of his MMA career. Yoel also lays out his plan for the UFC middleweight division, Sean Strickland’s first title defense, Dricus Du Plessis and Jared Cannonier.

“If he had more time to recover, the fight would have been different.” Yoel shared his feelings that Israel Adesanya needed more rest after his KO loss at UFC 281 to Alex Pereira and KO win just 5 months later at UFC 287.

Yoel also hints at who his next fight will be with. Watch the episode to see who Yoel Romero will be in the octagon with.

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Head of Marketing, Kanpai Pandas | Kanpai Media | Kanpai Collective

Original Source: Introducing the New Co-Host of Kanpai Media's OverDogs Podcast, Platinum Mike Perry

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