Wall Street inched lower today as jobs data reflected a more moderate pace of economic growth and investors looked toward to a weekend referendum in Greece.
The S&P 500 (INDEXSP:.INX) skidded 0.1 percent to 2,075.65 at 3:38 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.2 percent to 17,722.26, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) declined 0.1 percent to 5,006.71.
A Labor Department report today showed the addition of 223,000 jobs in June followed a 254,000 increase in the prior month that was less than previously estimated. The jobless rate fell to a seven-year low of 5.3 percent as more people left the labor force. Average hourly earnings at private employers held at $24.95.
The Federal Reserve has indicated participation and wage growth are key for its assessment of the health of the labor market. Both were soft in today's report.
Across the Atlantic, Greece was headed to a referendum on Sunday that could decide its future in the euro zone. The effect on financial markets was viewed as mixed, with some analysts saying it will have little influence, though they acknowledge it is ultimately unknown.
Greek Finance Minister Yanis Varoufakis said today that the only chance of the country getting back on track was immediate debt relief, something the rest of the euro zone was not prepared to offer.
U.S. Markets will close tomorrow for the observance of the Independence Day holiday.
MOVERS:
Xoom (NASDAQ:XOOM) rose 23.5 percent to $25.15 after PayPal, the electronic payments division of eBay, said it would buy the digital money transfer provider for about $890 million. The offer price of $25 per share in cash represents a premium of about 21 percent to Xoom's closing price of $20.70 yesterday.
Health Net (NYSE:HNT) rose 9.6 percent to $71.33 after Centene (NYSE:CNC) said would buy the healthcare management company for an enterprise value of $6.8 billion. Centene slipped 8.1 percent to $74.33.
Progress Software (NASDAQ:PRGS) gained 5.8 percent to $29.94 after the business-software company raised its outlook for the year following better-than-expected earnings.
Boeing (NYSE:BA) skidded 0.4 percent to $140.11. Boeing raised list prices for its jets by 2.9 percent, citing higher costs. Rival Airbus had increased list prices by 3.3 percent back in January.
Insurer MBIA (NYSE:MBI) declined 2.9 percent to $5.71 after Puerto Rico's PREPA avoided default by making a $415 million payment to creditors.
International Speedway (NASDAQ:ISCA) declined 5.9 percent to $34.81 after the company’s quarterly profit and revenue missed Wall Street’s expectations.
Family Dollar (NYSE:FDO) slid less than 0.1 percent to $79.15. The discount retailer reported adjusted quarterly profit of 74 cents per share. That was $0.08 below estimates, though revenue was in line with expectations. Family Dollar experienced higher costs ahead of the planned acquisition by rival Dollar Tree.
AutoNation (NYSE:AN) inched lower 0.8 percent to $63.39, reversing an earlier gain. The auto retailer reported a 9 percent increase in June retail sales compared to a year earlier, with same-store sales up 7 percent.
Tesla (NASDAQ:TSLA) rose 3.4 percent to $278.30. The automaker said it delivered 11,507 Model S sedans during the second quarter, a 52 percent increase over a year earlier, but down from the prior quarter's 55 percent year-over-year growth.
COMMODITIES:
Gold for August delivery on Comex fell 0.5 percent to settle at $1,163.50 an ounce, after trading as low as $1,155.80.
On the New York Mercantile Exchange, West Texas Intermediate August crude shed 3 cents to settle at $56.93 a barrel.