Stocks mostly rise after Jobs reports huge tech gains

Stocks mostly rise after Jobs reports huge tech gains

Stocks were mostly higher on Friday after a strong January jobs report served the last major data point in a week full of market-moving events.

The S&P 500 (^GSPC) rose 0.4%. The Dow Jones Industrial Average (^DJI) fell 0.2%, or 70 points, while the Nasdaq Composite (^IXIC) rose nearly 1%.

Investors are approaching the end of a very important week. As Yahoo Finance’s Josh Schaefer reported, the highlight of Friday’s release was the jobs report, which beat Wall Street expectations as the economy added 353,000 jobs in January. The unemployment rate was unchanged at 3.7%.

The labor market has remained resilient in the face of the Federal Reserve’s interest rate hike, but other data this week showed signs of decline. Although the sell-off sparked by Jerome Powell just two days ago is a footnote for now, Friday’s jobs report could once again change expectations about the Fed’s interest rate path, especially since Powell has indicated that a strong labor market is actually a sign Good. .

Meanwhile, the S&P 500 and Nasdaq were still enjoying strong earnings reports from tech giants Amazon (AMZN) and Meta (META) on Thursday. As Yahoo Finance’s Hamza Shaaban wrote, they delivered the goods that Microsoft (MSFT) and Alphabet (GOOGL, GOOG) couldn’t earlier in the week. The Meta Index rose 20% in morning trading, while Amazon stock rose 6%.

Apple (AAPL) also appears to have been a disappointment, despite its earnings beat on Thursday, due to warning signs about its China business. Apple shares fell more than 1% during the morning session.

He lives5 updates

  • Stocks are trending in morning trading

    Here are some of Yahoo Finance’s leading stocks Trend indicators Page during morning trading on Friday:

    META: Shares of the social media platform rose on Friday morning, after CEO Mark Zuckerberg touted a successful quarter. In a surprise move, the company also announced a new dividend, paying 50 cents per share to investors for the first time. The tech giant also boosted its stock buyback program by $50 billion.

    Amazon (AMZN): The e-commerce giant also enjoyed an outstanding quarter. Investors drove the stock higher 6% on Friday after the company reported fourth-quarter results that beat expectations on both the top and bottom lines. The upper range of Amazon’s forecasts for the current quarter also exceeded expectations. Amazon has grown its advertising business by more than 25%

    Apple (AAPL): Shares of the iPhone maker fell 1.6% despite posting better-than-expected first-quarter earnings on Thursday. But sales in China, one of its most important markets, fell year-on-year.

    AbbVie (ABBV): The drugmaker rose nearly 3% on Friday morning after beating revenue expectations for its fiscal fourth quarter. The company also raised its sales forecasts for two of its largest immunology drugs.

  • Stocks are mostly positive in morning trading

    Wall Street hesitated during morning trading on Friday, with little change in major indexes. Investors digested the blockbuster jobs report that nearly doubled expected numbers while analyzing notable earnings from tech giants Meta (META) and Amazon (AMZN).

    The S&P 500 (^GSPC) rose 0.1%. The Dow Jones Industrial Average (^DJI) fell 0.4%, or 150 points, while the Nasdaq Composite (^IXIC) rose 0.5%.

  • The coronavirus labor market recovery is now complete. once again.

    Going back to 2022, total employment in the United States has exceeded pre-Covid-19 levels, representing one of the fastest trough-to-peak rises in any post-recession recovery.

    On Friday, the news got better.

    Joseph Politano, who writes the Aprecitas Economics newsletter, Marked with an X Every major sector of the US economy has now fully recovered from the losses experienced during the pandemic.

    With 11,000 jobs added to the leisure and hospitality sector in January, the final piece of this recovery puzzle has fallen into place.

    Source: Sunshine Economics

    Source: Sunshine Economics

  • The US job market continues to impress

    The U.S. economy added 353,000 nonfarm payroll jobs in January, nearly double the 185,000 jobs economists had expected and exceeding upwardly revised December numbers that showed 333,000 jobs added to the economy in the final month of 2023.

    Wages also beat estimates, with average hourly earnings rising 0.6% compared to last month and 4.6% compared to last year.

    Revisions to the November and December jobs reports increased the number of new roles created during those months by 126,000.

    The benchmark revisions – which some thought could lead to a marked downward skew to last year’s job gains – were modest, showing that 187,000 fewer jobs were added to the economy over the year than previously reported.

    After Powell indicated on Wednesday that a March rate cut was not the Fed’s base case, Friday’s data makes it unlikely that view will change over the next six weeks.

  • Technology profits and jobs in focus

    Good Friday morning!

    We’re approaching the end of a busy week for markets and the economy with one final major event: the January jobs report. Yahoo Finance’s Josh Schaefer will have all the numbers and reactions starting at 8:30 a.m. ET.

    The implications of Big Tech’s recent significant round of earnings this quarter will also be in focus. The tech-heavy Nasdaq was set to rise more than 1% as Meta and Amazon rose. But Apple was preparing for a decline after the warning about its business in China.

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