Good morning and welcome to Markets Desk.
The headline number this morning is a strong one. U.S. payrolls climbed by one hundred seventy two thousand jobs in May, more than double the eighty thousand economists had penciled in, with unemployment holding steady at four point three percent. That kind of beat reshapes the rate-cut conversation immediately, as it signals the labor market remains far more resilient than the Fed would need to justify easing anytime soon. Expect yields to move on this.
Turning to the capital markets, Alphabet is out seeking fresh funding as the stock enters its fifth consecutive week of losses. The company is projecting capital expenditures of up to one hundred ninety billion dollars this year, doubling last year's outlay, and is turning to outside investors to help carry that load. When a company of Alphabet's scale needs to raise capital mid-cycle, the market reads that as a signal about how expensive the AI buildout truly is.
In deal news, Gilead Sciences and Lakefront Biotherapeutics have completed their joint acquisition of Ouro Medicines in a one point six seven billion dollar agreement. The deal brings a portfolio of T-cell engager therapies targeting autoimmune disease, expanding Gilead's reach well beyond its traditional antiviral stronghold into a fast-moving corner of biopharma.
That's the tape. Markets Desk, signing off the floor.
