Futures Pare Losses After Stronger Than Expected Jobs Report

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 04 March 2022 09:05:06 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [How Pro Traders Actually Pick Their Stocks]( When a stock skyrockets, we're eager to see if it will continue to push higher or reverse course. And there is one way to know what's coming next, but it isn't what you think. It's the only guaranteed way to get answers. [Check out this must-see tool for predictive analysis.]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Friday, although the futures have climbed well off their worst levels of the morning. The rebound by the futures came after a closely watched Labor Department report showed U.S. employment once again jumped by much more than expected in the month of February. The report showed non-farm payroll employment spiked by 678,000 jobs in February after surging by an upwardly revised 481,000 jobs in January. Economists had expected employment to increase by 400,000 jobs compared to the addition of 467,000 jobs originally reported for the previous month. With the stronger than expected job growth, the unemployment rate dipped to 3.8 percent in February from 4.0 percent in January. The unemployment rate was expected to edge down to 3.9 percent. Concerns about the impact of the Russian invasion of Ukraine may continue to weigh on the markets, however, as Russia continues ratcheting up its attacks. Russia has reportedly taken control of Ukraine?s Zaporizhzhia nuclear power plant, which is the largest nuclear power plant in Europe. The Russian attack on the plant had previously caused a fire to break out at the facility, raising concerns about a potential nuclear disaster. Stocks showed wild swings over the course of the trading day on Thursday, extending the volatility seen in recent sessions. The major averages bounced back and forth across the unchanged line before closing in negative territory. The major averages all ended the day in the red, although the tech-heavy Nasdaq underperformed its counterparts. While the Nasdaq tumbled 214.08 points or 1.6 percent to 13,537.94, the Dow fell 96.69 points or 0.3 percent to 33,794.66 and the S&P 500 slid 23.05 points or 0.5 percent to 4,363.49. The volatility on the day came as traders kept an eye on developments in Ukraine, as Russian forces continue to step up their attacks, forcing thousands of Ukrainians to flee the country. Traders remain worried the sanctions imposed on Russia along with the subsequent surge in oil prices could derail the economic recovery even as the Federal Reserve prepares to begin raising interest rates. Fed Chair Jerome Powell appeared before the Senate Banking Committee this morning and reiterated the central bank is likely to raise rates by at least 25 basis points at its meeting later this month. On the U.S. economic front, the Labor Department released a report showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended February 26th. The report showed initial jobless claims dipped to 215,000, a decrease of 18,000 from the previous week's revised level of 233,000. Economists had expected jobless claims to edge down to 225,000 from the 232,000 originally reported for the previous week. The release of the report comes a day ahead of the release of the Labor Department's more closely watched report on employment in the month of February. Economists currently expect employment to jump by 400,000 jobs in February after surging by 467,000 jobs in January, while the unemployment rate is expected to edge down to 3.9 percent from 4.0 percent. Meanwhile, a separate report from the Institute for Supply Management unexpectedly showed a continued slowdown in the pace of growth in U.S. service sector activity in the month of February. The ISM said its services PMI fell to 56.5 in February from 59.9 in January. While a reading above 50 still indicates growth in the service sector, economists had expected the index to inch up to 61.0. The services PMI decreased for the third straight month after reaching a record high of 68.4 in November of 2021. Airline stocks saw substantial weakness on the day, dragging the NYSE Arca Airline Index down by 3.3 percent to a three-month closing low. Significant weakness was also visible among semiconductor stocks, as reflected by the 2.2 percent slump by the Philadelphia Semiconductor Index. Industry giant Intel (INTC) posted a notable loss after Morgan Stanley downgraded its rating on the company's stock to Underweight from Equal-Weight. Tobacco stocks also saw considerable weakness on the day, with the NYSE Arca Tobacco Index tumbling by 2 percent. Brokerage, housing and retail stocks also showed notable moves to the downside, while steel and utilities stocks turned in strong performances. --------------------------------------------------------------- [MUST SEE 'Set and Forget' Dividend Portfolio]( The easiest way to self-manage your dividend income portfolio without losing a ton of money is following my advice below. Dividend stocks I personally recommend and buy myself are meant to held for a long time. One of my current dividend payers to 'set and forget' for now is paying over 25% yields. There?s a process I follow to build this dividend portfolio that grows and ends up paying your bills for life. See how easy it is to follow. [Click here to see how this 'set and forget' dividend portfolio works.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( After reporting much stronger than expected job growth in the previous month, the Labor Department released a report on Friday showing another significant increase in U.S. employment in the month of February. The report showed non-farm payroll employment spiked by 678,000 jobs in February after surging by an upwardly revised 481,000 jobs in January. Economists had expected employment to jump by 400,000 jobs compared to the addition of 467,000 jobs originally reported for the previous month. With the stronger than expected job growth, the unemployment rate dipped to 3.8 percent in February from 4.0 percent in January. The unemployment rate was expected to edge down to 3.9 percent. --------------------------------------------------------------- --------------------------------------------------------------- Stocks in Focus Shares of Smith & Wesson (SWBI) are moving sharply lower in pre-market trading after the firearm manufacturing reported weaker than expected fiscal third quarter results. Sporting goods retailer Hibbett (HIBB) may also see initial weakness after reporting fourth quarter earnings that missed analyst estimates. On the other hand, shares of Funko (FNKO) are seeing substantial pre-market strength after reporting better than expected fourth quarter results and provided upbeat guidance. Apparel retailer Gap (GPS) is also likely to move to the upside after reporting a narrower than expected fourth quarter loss on revenues that beat analyst estimates. Gap also provided a solid earnings outlook. --------------------------------------------------------------- --------------------------------------------------------------- Europe European stocks have fallen sharply on Friday and are on course for their third consecutive week of declines after Russia took control of Europe's biggest nuclear power plant. As Russia's offensive in Ukraine entered the ninth day, Russian forces have seized Ukraine's Zaporizhzhia nuclear power plant after intense fighting during which shelling caused a fire to break out at a training facility on the site. While the French CAC 40 Index has plummeted by 3.6 percent, the German DAX Index and the U.K.?s FTSE 100 Index are down by 3.2 percent and 3.1 percent, respectively. ArcelorMittal has moved notably lower. The company said it has halted its steelmaking operations in Kryvyi Rih, Ukraine, to ensure the safety and security of its people and assets. British media firm ITV has also shown a significant move to the downside after announcing it would launch a revamped streaming service. Murray International has also dropped. The investment trust reported return before taxation of 204.87 million pounds for the full year, significantly higher than 2.74 million pounds in the previous year. Michelin has also slumped. The tire maker said it would temporarily halt production at some of its plants in Europe due to significant supply-chain issues. Meanwhile, Dassault Aviation SA shares have risen in Paris. The aircraft manufacturer reported that its fiscal 2021 profit doubled from last year amid strong revenue growth as well as higher order intake. In economic news, German exports were down 2.8 percent month-on-month, reversing a 1.2 percent increase in December, Destatis reported. Shipments were expected to climb 1.0 percent. Likewise, imports decreased 4.2 percent, in contrast to the 4 percent increase a month ago. Economists had forecast monthly growth of 2.0 percent. French industrial output rose 1.6 percent month-on-month after edging down 0.1 percent in December, figures from the statistical office Insee revealed. This was the first increase in three months and exceeded the expected rate of 0.5 percent. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks retreated on Friday as Ukraine's nuclear regulator said a fire broke out at a building on the site of the country's biggest nuclear power plant after shelling by Russian forces. The fire was later put out by Ukrainian forces, and the U.S. energy secretary said there was no indication of elevated radiation levels. Concerns about slowing economic growth and inflationary pressures also remained on investors' radars. Chinese stocks ended lower on worries over the worsening Ukraine crisis and property market uncertainties. The benchmark Shanghai Composite Index slumped 33.46 points, or 1 percent, to 3,447.65, while Hong Kong's Hang Seng Index plunged 2.5 percent to settle at 21,905.29. Japanese shares fell the most in two weeks as the Russia-Ukraine conflict entered its ninth day. The Nikkei 225 Index closed down 591.80 points, or 2.2 percent, at 25,985.47 after falling as much as 3 percent earlier in the day. The broader Topix closed 3 percent lower at 1,844.94 as risk-off mood prevailed because of global tensions. Consumer cyclicals led losses after being outperformers in the months before the ongoing crisis. Hino Motors plummeted 14.8 percent on reports the truck maker is being probed over emissions data. Parent Toyota Motor shed 3.6 percent and Toyota Group supplier Denso slumped 6.3 percent. Chipmakers Tokyo Electron, Advantest and Renesas all fell around 4 percent. Australian markets snapped a five-day winning streak on news that Europe's largest nuclear plant is on fire. The benchmark S&P/ASX 200 Index fell 40.60 points, or 0.6 percent, to 7,110.80, while the broader All Ordinaries Index ended down 51.50 points, or 0.7 percent, at 7,395.30. Selling was seen across the board, though gold miners outperformed, tracking firmer bullion prices. Evolution Mining rose 1.2 percent, Northern Star Resources added 1.7 percent and Newcrest Mining surged 2.8 percent. Earlier in the day, retail trade data for January and business conditions and sentiments data for February reflected the strength and resilience of the Australian economy in an uncertain market scenario. Seoul stocks fell sharply to snap a four-day winning streak as fighting between Russian and Ukrainian troops intensified and data showed the country's headline inflation accelerated in February to top 3 percent for a fifth consecutive month. The Kospi closed down 33.65 points, or 1.2 percent, at 2,713.43, after reaching a three-week closing high in the previous session. Heavyweight Samsung Electronics declined 1.9 percent, while SK Hynix and LG Chem gave up 3-4 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are spiking $4.18 to $111.85 a barrel after tumbling $2.93 to $107.67 a barrel on Thursday. Meanwhile, after climbing $13.60 to $1,935.90 an ounce an ounce in the previous session, gold futures are rising $11.20 to $1,947.10 an ounce. On the currency front, the U.S. dollar is trading at 115.42 yen versus the 115.46 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0909 compared to yesterday?s $1.1066. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49