Stock market today: stocks slide amid disappointing jobs report, oil up, bitcoin down

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Friday’s key jobs report has the potential to shift investor sentiment, both ways.

Angela Weiss / AFP via Getty Images

Stocks fell on Friday after the December jobs report fell short of expectations, but markets remained confident the Federal Reserve will act quickly enough to raise interest rates.

Future for the


Dow Jones Industrial Average

showed an open 62 points lower, after the index fell 170 points on Thursday to close at 36,236.


S&P 500

was on track to start down 0.2%. the


Nasdaq composite

is pointed towards an open decline of 0.4%.

The United States created 199,000 jobs in December, missing the estimate of 422,000 and down from November’s result of 210,000. The unemployment rate fell to 3.9%. The markets wanted to see people returning to work at a brisk pace.

Positively, the outcome could be seen as less inflationary, with fewer people making and spending money than expected during the month. This means that the Fed, whose markets expect to hike interest rates in March, may be more likely to hike in June, as it had announced. In its December minutes, released on Wednesday, the Fed appeared ready to hike rates from June. Members also discussed shrinking the central bank’s balance sheet, which it would accomplish by selling bonds, which would lower bond prices and raise their interest rates.

Ahead of the report’s release, Tom Essaye, founder of Sevens Report Research, said: “Markets will be particularly sensitive to a ‘too hot’ number as it will further fuel fears of a more hawkish Fed and an ‘too hot’ report. Will affect the actions. . “The number was far from ‘hot’.

Even the bond market was quite stagnant. The 10-year Treasury yield, which could show up on any signal for higher rates and tighter monetary policy, was flat at 1.75%, its pandemic-era high.

Abroad, in London


FTSE 100

rose 0.1% as UK traders stall ahead of the release of US data and


Hang Seng Index

jumped 1.8% amid investor optimism that China would prioritize a stable economy.

In the area of ​​raw materials, crude prices continued to rise, with threats to production from unrest in Libya and Kazakhstan fueling supply fears. West Texas Intermediate crude futures rose 1% to over $ 80 a barrel.

Cryptocurrencies continued to lag, deepening losses after a collapse this week.


Bitcoin,

the main digital asset, fell 1.5% to less than $ 42,500, according to data from CoinDesk, after starting the week around $ 47,000. Smaller pair


Ether

fell nearly 4%, remaining above $ 3,200, from $ 3,800 on Monday.

Here are five stocks in motion on Friday:


GameStop

(GME) climbed 16% in the pre-market as the company’s plans to expand into digital assets took shape. The retailer creates a division for cryptocurrency partnerships, while creating an NFT marketplace, Barron reported.


Delta Airlines

Share (DAL) rose 1% after upgrading to Buy from Neutral at Bank of America.


Honeywell International

(HON) stock rose 0.3% after being upgraded to Buy from Neutral at UBS.


McKesson

The stock (MCK) rose 1.1% after being outperformed to Neutral at Credit Suisse.


Kohl’s

The stock (KSS) fell 4.5% after being demoted to Sell Neutral at UBS.

Write to Jack Denton at [email protected] and Jacob Sonenshine at [email protected]


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