Sun, January 29, 2023

Stock Futures Were Mixed Ahead of the Jobs Report

Stock market, Hang Seng recovers by 0.23%

Investors, as well as analysts, are waiting for the jobs report. Meanwhile, stock futures were muted on Friday morning ahead of the highly anticipated October jobs report.

On Friday morning, futures on the Dow Jones Industrial Average dropped 24 points. Nasdaq 100 futures and S&P 500 futures hovered above the flatline.

The nonfarm payrolls report for October has the potential to influence investor sentiment. Based on the information provided by Dow Jones, the economy added more than 400,000 jobs in October. As a reminder, September’s report failed to meet expectations.

Stock market data

It is desirable to keep an eye on the stock market every day. On Thursday, the S&P 500 rose for the sixth day in a row. Undoubtedly, the Federal Reserve’s announcement helped to improve investors’ mood. Besides, stronger-than-expected economic data boosted sentiment.

The S&P 500 gained 0.5% to hit another record close of 4,680.06. The Nasdaq Composite added 0.8% to 15,940.31, its new all-time high. The Dow Jones Industrial Average was not so lucky. It dropped 33.35 points, or nearly 0.1%, from a record to 36,124.23.

All of them are on track to end the week higher. The Dow Jones Industrial Average is up 0.9% on the week. The S&P 500 gained 1.6% and the Nasdaq Composite is up 2.9%.

The country’s central bank said it will begin to slow its bond-buying program later this month. The Federal Reserve’s decision indicates that the economy can now handle an unwinding of pandemic stimulus.

On the data front, investors also received a fresh labour market reading on Thursday as first-time jobless claims totalled 269,000 last week, the lowest pandemic-era total and lower than expected.

Shares of Qualcomm jumped 12.7% on Thursday following an earnings beat propelled by a 56% surge in smartphone chip sales. The drugmaker expects between $10 billion and $10.8 billion in sales in the current quarter. It also repurchased $1.54 billion of its own shares during the quarter and paid $768 million in dividends.

Shares of Moderna fell 17.8% after the company reduced its Covid-19 vaccine revenue outlook. The drugmaker said some doses for delivery in 2021 have been shifted to early 2022 amid production issues and as it prioritizes deliveries to low-income countries through COVAX. The company now expects Covid vaccine sales of between $15 billion and $18 billion this year. The Massachusetts-based company expects to deliver 700 to 800 million doses in 2021.

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