The S&P 500 and Nasdaq Composite were both up in late-morning trading Friday and the Dow Jones Industrial Average was mostly flat, as investors digested the latest jobs data from the Bureau of Labor Statistics, which showed nonfarm payrolls rising by 206,000 in June while the previous two months' figures were revised downward and the unemployment rate rising to 4.1%.
In company news, Shell (SHEL) said Friday it expects to book $1.5 billion to $2 billion of non-cash post-tax impairments in Q2, mainly related to its plants in Singapore and Rotterdam, Netherlands. Shell said earlier this week that it would halt construction of its Rotterdam plant due to current market conditions. The company said it expects an impairment of $600 million to $1 billion related to that facility. Meanwhile, the Singapore facility, which Shell agreed to sell in May, is expected to contribute impairments of between $600 million and $800 million, the company said. Separately, Shell, BP (BP), TotalEnergies (TTE), and Mitsui will invest in Abu Dhabi National Oil's next liquefied natural gas export project, Bloomberg reported Friday, citing people familiar with the matter. The international oil companies will each hold a 10% stake in the Ruwais LNG plant in an agreement that could be signed as early as next week, the sources reportedly told Bloomberg. Shell shares were up 0.6%, while those of BP and Total Energies were up 0.1.% and 1.2%, respectively.
Macy's (M) is the target of a $6.9 billion buyout offer by investors who have previously failed to acquire the retailer, The Wall Street Journal reported late Wednesday, citing people familiar with the matter. Arkhouse Management and Brigade Capital management raised their bid for the company by about $300 million, the sources reportedly told The WSJ. Shares of Macy's were up 9.4%.
JPMorgan Chase (JPM) unit Chase Bank is planning to pass on the costs of new rules capping overdraft and late fees to its customers should the become law in their current form, The WSJ reported Friday. The bank would charge customers for now-free services like checking accounts and wealth-management tools, said Consumer and Community Banking Chief Executive Marianne Lake. JPMorgan shares were down 1.3%.
Nvidia (NVDA) faces a "huge bottleneck" in its artificial intelligence chip supply, and regulators are still deciding on what, if any, potential actions they can take, Bloomberg reported Friday, citing Margrethe Vestager, the European Union commissioner for competition. Despite the supply squeeze, secondary AI chip markets could boost innovation and fair competition, Vestager reportedly told Bloomberg. Shares of Nvidia were down 1%.
Tesla's (TSLA) Model Y was included in a procurement list of a local government in China, making it available for official purchase by government workers for the first time, according to media reports Thursday. Tesla shares were up 1.2%.
Microsoft (MSFT)-backed OpenAI experienced a security breach last year that it didn't disclose publicly or report to authorities, The New York Times reported Thursday, citing sources. In early 2023, a hacked accessed OpenAi's internal messaging systems and stole AI technology design information, the report said, citing two people familiar with the matter. While OpenAI executives disclosed the breach to some employees and the board of directors, the executives did not consider the incident a threat to national security and did not inform law enforcement, according to the report. Microsoft shares were up 1.2%.
Price: 73.46, Change: +0.44, Percent Change: +0.61
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