Financial Daily Dose 6.4.2021 | Top Story: Wary Markets Wait for May Jobs Report After April Bust

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Jobs Report Friday again, and after a big miss on April’s rather lackluster numbers, all eyes will be on May’s figures. Lots to watch for here - Bloomberg and BusinessInsider and NYTimes and WSJ and MarketWatch

Some thoughts from a senior Center for Economic and Policy Research economist on how to interpret it all in the context of an American economy that’s booming again in many sectors (while leaving others—and some workers—behind) - NYTimes

A SPAC led by activist investor Bill Ackman is nearing a deal to “take a 10 percent stake in the Universal Music Group that would value the company behind Taylor Swift, Lady Gaga and Kendrick Lamar at about $40 billion.”  Ackman and his new SPAC have reportedly been on the lookout for a deal this size for months - NYTimes and WSJ and Bloomberg

Facebook is facing a pair of antitrust inquiries courtesy of European Union and U.K. authorities focusing on potential anti-competitive behavior in its Facebook Marketplace and Facebook Dating services based on its use of massive troves of user data that allows it to target specific groups in ways to “distort competition” - NYTimes and WSJ and Bloomberg

Also coming down the pike for Zuck & Co.: a new policy that will apply greater scrutiny to posts by politicians, “reversing how it has allowed posts from political figures to remain untouched on the social network” for much of the past few years. Facebook reserves the right to leave “newsworthy” speech from pols up even if it otherwise violates the ‘book’s content guidelines, but it will now disclose when it’s made that decision - NYTimes

In a “first milestone” for Jack Ma’s Ant Group following increased government scrutiny, China’s banking and insurance regulator has approved the company’s application to set up (and take a 50% stake in) a new consumer-finance company that is poised to “fundamentally change how Ant conducts consumer lending.” The new company will focus on a “more diverse range of funding options” and away from Ant’s traditional microlending platform model - WSJ

AMC is riding its meme stock mania all the way to the bank, raising more than $1.2 billion capital this quarter (including half a billion in new shares just yesterday) even as the theater chain company admitted “that its surging market price had little to do with the state of its actual business” - NYTimes and WSJ and Bloomberg and MarketWatch

General Motors reported on Thursday that it “expects profits to be better in the first half of the year than it previously projected,” thanks in part to efforts it has taken to “blunt the impact of the computer-chip shortage that has hampered global vehicle production” for much of 2021. That said, the automaker expects the chip shortage to continue for the near future - WSJ

Bit of attorney-client privilege intrigue for Elizabeth Holmes and Boies Schiller as Holmes’ criminal trial for alleged fraud while at Theranos nears. A magistrate judge has refused to apply ACP to a series of email exchanges between Holmes and attorney David Boies thanks to a distinction between his representation of the company and any advice given to Holmes in her personal capacity – Law360

By turns both heart-wrenching and inspiring, this Times piece on the renowned New York surgeon who nearly lost his life to Covid is well worth your time heading into the weekend - NYTimes

Stay safe, get vaxxed, and have a great weekend.

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