Futures Give Back Ground Following Jobs Report But Remain Positive

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 02 February 2024 09:00:28 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Friday, with stocks likely to extend the significant rebound seen during the previous session. The markets may benefit from a positive reaction to earnings news from Facebook parent Meta Platforms (META) and online retail giant Amazon (AMZN). Shares of Meta are spiking by 16.8 percent in pre-market trading after the company reported better than expected fourth quarter results, announced its first-ever quarterly dividend and authorized a $50 billion share buyback. Amazon has also surged by 6.8 percent in pre-market trading after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom lines. On the other hand, shares of Apple (AAPL) have slumped by 3.4 percent in pre-market trading after the tech giant better than expected fiscal first quarter earnings but provided guidance for the current quarter that hinted at weak iPhone sales. The major index futures also gave back ground following the release of a Labor Department report showing much stronger than expected job growth in the month of January. The report said non-farm payroll employment spiked by 353,000 jobs in January compared to economist estimates for an increase of about 180,000 jobs. Job growth in November and December was also upwardly revised to 182,000 jobs and 333,000 jobs, respectively, reflecting a net upward revision of 126,000 jobs. The much stronger than expected job growth in January partly reflected a significant increase in employment in the healthcare and social assistance sector, which jumped by 100,400 jobs. Employment in the professional and business services and retail sectors also saw notable growth, while employment declined in the mining, quarrying, and oil and gas extraction industry. Meanwhile, the Labor Department said the unemployment rate in January came in unchanged from the previous month at 3.7 percent. Economists had expected the unemployment rate to inch up to 3.8 percent. The data may add to concerns about the outlook for interest rates after the Federal Reserve signaled on Wednesday that it is unlikely to cut rates in March. Following the sell-off seen in Wednesday?s session, stocks showed a strong move back to the upside during trading on Thursday. The major averages fluctuated early in the session but climbed firmly into positive territory as the day progressed. The major averages finished the session near their best levels of the day. The Dow jumped 369.54 points or 1.0 percent to 38,519.84, the Nasdaq surged 197.63 points or 1.3 percent to 15,361.64 and the S&P 500 shot up 60.54 points or 1.3 percent to 4,906.19. The rebound on Wall Street came as some traders saw the sell-off on Wednesday as a buying opportunity amid optimism the markets will resume the upward trend seen throughout much of January. While the Federal Reserve's signals that an interest rate cut in March is unlikely contributed to Wednesday's nosedive, economists continue to believe it is a matter of "when, not if" the central bank will eventually lower rates. CME Group's FedWatch Tool is currently indicating a relatively modest 34.5 percent chance of a March rate cut but a nearly 100 percent chance rates will be lower by early May. A continued decrease by treasury yields may also have contributed to the buying interest, with the yield on the benchmark ten-year note falling to its lowest levels in over a month. In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly saw a modest increase in the week ended January 27th. The Labor Department said initial jobless claims rose to 224,000, an increase of 9,000 from the previous week's revised level of 215,000. Economists had expected jobless claims to edge down to 212,000 from the 214,000 originally reported for the previous week. On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of January. Economists currently expect employment to increase by 180,000 jobs in January after jumping by 216,000 jobs in December, while the unemployment rate is expected to inch up to 3.8 percent from 3.7 percent. Meanwhile, a reading on U.S. manufacturing activity unexpectedly increased in the month of January but continues to indicate contraction, according to a report released by the Institute for Supply Management on Thursday. The ISM said its manufacturing PMI rose to 49.1 in January from a downwardly revised 47.1 in December. While a reading below 50 still indicates contraction, economists had expected the index to edge down to 47.0 from the 47.4 originally reported for the previous month. With the unexpected increase, the manufacturing PMI reached its highest reading since hitting 50.0 in October 2022. Gold stocks showed a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.8 percent. The rally by gold stocks came amid a modest increase by the price of the precious metal. Considerable strength was also visible among computer hardware stocks, as reflected by the 2.7 percent gain posted by the NYSE Arca Computer Hardware Index. Retail, airline and housing stocks also showed strong moves to the upside, while banking stocks saw significant weakness, dragging the KBW Bank Index down by 1.7 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]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Labor Department released a closely watched report on Friday showing employment in the U.S. surged by much more than expected in the month of January. The report said non-farm payroll employment spiked by 353,000 jobs in January compared to economist estimates for an increase of about 180,000 jobs. Job growth in November and December was also upwardly revised to 182,000 jobs and 333,000 jobs, respectively, reflecting a net upward revision of 126,000 jobs. The much stronger than expected job growth in January partly reflected a significant increase in employment in the healthcare and social assistance sector, which jumped by 100,400 jobs. Employment in the professional and business services and retail sectors also saw notable growth, while employment declined in the mining, quarrying, and oil and gas extraction industry. Meanwhile, the Labor Department said the unemployment rate in January came in unchanged from the previous month at 3.7 percent. Economists had expected the unemployment rate to inch up to 3.8 percent. At 10 am ET, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of January. The consumer sentiment index for January is expected to be unrevised from the preliminary reading of 78.8, which was up sharply from 69.7 in December. The Commerce Department is also due to release its report on new orders for manufactured goods in the month of December at 10 am ET. Factory orders are expected to edge up by 0.2 percent in December after surging by 2.6 percent in November. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of Deckers Brands (DECK) are moving sharply higher in pre-market trading after the footwear designer and distributor reported fiscal third quarter results that exceeded analyst estimates on both the top and bottom lines. Consumer products maker Clorox (CLX) is also seeing significant pre-market strength after reporting better than expected fiscal second quarter results. Meanwhile, shares of Skechers (SKX) may come under pressure after the sneaker maker reported mixed fourth quarter results and provided disappointing guidance for the current year. Semiconductor company Microchip Technology (MCHP) may also move to the downside after reporting better than expected fiscal third quarter earnings but forecast fiscal fourth quarter earnings below analyst estimates. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks have moved mostly higher on Friday, a day after the Bank of England signaled that it will likely lower borrowing costs this year for the first time since 2020. On a light day on the economic front, data showed French industrial production growth more than doubled in December. Industrial output grew 1.1 percent on a monthly basis following November's 0.5 percent gain. The growth rate was forecast to ease to 0.2 percent amid sluggish activity in the wider euro area. While the German DAX Index is up by 0.5 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 0.3 percent. Garden equipment maker Husqvarna has shown a strong move to the upside after reported a narrower-than-expected first quarter loss France's Vinci SA has also gained. Its unit Nuvia has bagged a six-year contract from Swedish energy company Vattenfall to dismantle units 1 and 2 of the Ringhals nuclear power plant in Sweden. Adidas shares have also risen. The German sportswear giant intends to sell the remaining stock of Yeezy sneakers from its discontinued collaboration with Kanye West, at a minimum of the production cost. Wizz Air Holdings shares have soared. The airline reported higher number of passengers flying in its aircrafts for January compared to the same period last year. Peer EasyJet rallied 3.5 percent. On the other hand, Swedish home appliances maker Electrolux has moved sharply lower after its net loss more than tripled in 2023. --------------------------------------------------------------- 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 advanced on Friday after Meta and Amazon delivered forecast beating results. iPhone maker Apple also delivered strong results for its fiscal first quarter, but its Chinese sales missed Wall Street targets. Investor sentiment was also underpinned by a broadly weaker dollar and falling yields as recent indicators signaled cracks in the U.S. labor market. The U.S. January jobs report will be released later in the day, with analysts expecting a modest slowdown in job growth. Chinese shares fell sharply despite promises of further fiscal stimulus from the government to boost the government amid a deepening property slump. The benchmark Shanghai Composite Index tumbled 1.5 percent to 2,730.15, while Hong Kong's Hang Seng Index ended 0.2 percent lower at 15,533.56, giving up early gains. Japanese shares eked out modest gains as chip-related stocks followed their U.S. peers higher. The Nikkei 225 Index rose 0.4 percent to 36,158.02, while the broader Topix Index ended up 0.2 percent at 2,539.68. Aozora Bank plunged 15.9 percent to extend losses from the previous session after forecasting its first annual net loss in 15 years as a result of higher provisions for U.S. commercial property. Broadcasting company Nippon Television Holdings soared 22.8 percent after a share buyback announcement. Peers TV Asahi Holdings and TBS Holdings rallied 17.6 percent and 16.7 percent, respectively. Seoul stocks soared after data showed South Korean exports rose for a fourth month in January and consumer inflation slowed to a six-month low. The Kospi surged 2.9 percent to 2,615.31, led by auto and chip-related stocks. Hyundai Motor spiked 9.1 percent, Samsung Electronics gained 2.2 percent and SK Hynix added 1.7 percent. Australian markets climbed amid hopes that the Reserve Bank of Australia will keep rates on hold next week. Favorable producer price inflation reading also boosted sentiment. The benchmark S&P ASX 200 Index jumped 1.5 percent to 7,699.40, while the broader All Ordinaries Index closed 1.4 percent higher at 7,931.60. Across the Tasman, New Zealand's benchmark S&P NZX-50 Index edged up 0.1 percent to 11,931.23. --------------------------------------------------------------- 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 sliding $0.59 to $73.23 a barrel after plunging $2.03 to $73.82 a barrel on Thursday. Meanwhile, after inching up $3.70 to $2,071.10 an ounce in the previous session, gold futures are falling $17.40 to $2,053.70 an ounce. On the currency front, the U.S. dollar is trading at 147.66 yen versus the 146.43 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0818 compared to yesterday?s $1.0872. --------------------------------------------------------------- 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