Last Updated: 4:00PM EST
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Stock indices finished today’s trading session in the green amid a slew of positive economic data. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.72%, 1.07%, and 0.35%, respectively.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.02%, an increase of 14 basis points. Similarly, the Two-Year Treasury yield also jumped, as it hovers around 4.37%.
Earlier today, the University of Michigan released its results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 2.9%, which was higher than the expected 2.8% but lower than the previous month’s print.
Taking a look at consumer sentiment, results came in at 79, which was higher than the expected 78.8. This is also an increase compared to last month’s reading of 69.7. In addition, consumer expectations came in higher than expected. January saw a print of 77.1 versus the forecast of 75.9. This was also an increase compared to last month’s result of 67.4.
Last Updated: 10:00AM EST
Stock indices are mixed so far in today’s trading as the market digests the latest round of economic data. Indeed, the U.S. job market saw a significant surge in January, with nonfarm payroll additions significantly beating expectations. In fact, 353,000 jobs were added versus the 185,000 anticipated by forecasters. Meanwhile, the unemployment rate remained steady at 3.7%.
Wage growth also demonstrated strength, with average hourly earnings climbing by 0.6% for the month—twice what was forecasted—and increasing 4.5% from the previous year, surpassing the 4.1% print that was expected. This jump in wages came despite a slight decrease in average hours worked, illustrating the labor market’s strength even as workers spent less time on the job.
The employment gains in January were broad-based, with notable growth in sectors such as professional and business services, health care, retail trade, government, social assistance, and manufacturing. Additionally, revisions to the data from the previous two months revealed even more substantial job growth than initially reported, with December’s figures adjusted upwards by 117,000 to 333,000 and November’s by 9,000 to 182,000.
As a result, today’s data potentially complicates the Federal Reserve’s timeline for interest rate cuts.
First Published: 3:53AM EST
U.S. futures are in the green early Friday as investors digest the results of three tech giants and look ahead to the January jobs report. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up about 0.84%, 0.48%, and 0.02%, respectively, at 3:24 a.m. EST, February 2.
The Non-Farm Payrolls data is scheduled for release at 8:30 a.m. EST. The U.S. is expected to have added 185,000 jobs in January, compared to the impressive figure of 216,000 in December. Also, the unemployment rate is expected to have risen by 10 basis points to 3.8%. Any deviation from the expectation could rattle the markets today.
On the earnings front, oil giants Chevron (CVX) and Exxon Mobil (XOM) are slated to report their results today, along with Bristol-Myers Squibb (BMY) and AbbVie (ABBV), among others.
In stock market news, Meta (META) shares surged 15% in after-hours trading. The company reported impressive Q4 results and announced its first-ever dividend of $0.50 per share. Also, Amazon stock (AMZN) gained about 7% in extended trading hours on a stellar Q4 earnings report. On the contrary, Apple (AAPL) slipped 3% after the company reported lower China sales.
Meanwhile, oil prices were trending higher at the time of writing after OPEC+ decided to maintain its current oil production policy. The WTI crude oil futures were up, hovering near $73.94 per barrel as of the last check.
Elsewhere, European indices opened higher as investor sentiments were lifted by impressive earnings from major tech companies.
Asia-Pacific Markets Remained Mixed on Friday
The Asia-Pacific indices were mixed today as economic uncertainties in China continued to weigh on investor sentiment.
Hong Kong’s Hang Seng index closed 0.21% lower. Also, China’s Shenzhen Component Index and the Shanghai Composite ended down by 2.24% and 1.46%, respectively.
On the other hand, Japan’s Nikkei and Topix finished lower by 0.41% and 0.22%, respectively.
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