The markets were stronger to finish the week as the jobs report came in much better than expected. A strong jobs number helped slow the selling pressure this week as well as put a pause to the selling of the tech stocks that had been weighing on the markets. Next week starts a little slow as it pertains to scheduled news. First thing Monday traders will get a look at the labor market conditions numbers, but that is not usually a market moving indicator. Focus will be on Washington and company specific news to start the new week.
Tesla (TSLA ) was back in the headlines today but not for its stock price. The CEO of the company, Elon Musk said that the company is "building the world's largest lithium-ion battery storage system in the world in South Australia." In his statement Musk promised that the project will be done within 100 days or it will be free. The plant is expected to be able to power 30,000 homes.
Mondelez (MDLZ ) made headlines today after the food company announced that it was the victim of a cyber attack on June 27. The company said it would affect their bottom line and expects the attack to reduce its revenue by 3% in the second quarter. The hack was aimed at Mondelez's IT network, which disrupted its shipments and affected its ability to invoice sales during the last four days of the quarter. Shares are lower by about 8% since last month and are now lower on the year.
Marathon Oil (MRO ) fell victim to the slide in oil today. Shares of the company almost moved to new lows as the price of oil retreated from its recent run up. Shares of the oil company are lower on the year by over 34% as weak oil prices continue to put pressure on the company.