After on a time, BNP Paribas men and women didn’t have occupation titles. They have been all part of one particular content non-hierarchical hangout wherever no a single was a taking care of director, a VP or an analyst but all people somehow realized who to defer to. Then, in 2016, BNP thought it ought to create some taking care of directors in its London corporate finance company so that shoppers recognized that the 35 yr-aged they have been talking to was a human being of great importance. Last 7 days, BNP rolled out identical titles throughout the London buying and selling floor in its company and expense financial institution. We fully grasp that it is induced some troubles.
“People with ten years’ encounter have been specified the similar career titles as people with 3 years’ encounter,” states one BNP Paribas trader. “A great deal of men and women are very disappointed about it.”
In an e-mail to London staff in the corporate and financial commitment bank (CIB) noticed by eFinancialCareers, Arne Groes, head of international markets UK at BNP, explained the new titles ended up a response to employees’ desire for, “a clearer articulation of career pathways and seniority as properly as a drive for corporate titles to replicate the diverse roles throughout the company.” Groes said the new titles in the markets division will be: analyst, affiliate, vice president (VP), director and managing director (MD). He confident persons that they will supply a “framework for occupation administration and progression.” The titles are being communicated involving now and the stop of 2022.
The interaction appears to be ruffling feathers. “A large amount of managers were supplied director titles,” claims a person trader. “And people who really should have been administrators have been informed they’re VPs. The titles haven’t been allocated in line with seniority.”
BNP Paribas mentioned: “BNP Paribas is speaking corporate titles to employees in the London Department that mirror their existing roles to standardise terminology across all small business lines.”
The issues appear to stem from the truth that BNP experienced quotas for the selection of folks who could tumble into each new class. “We have been advised that the staff can’t have a the vast majority of administrators,” says the trader. “It is a quite lame excuse.”
For the second, the new titles in the marketplaces company aren’t becoming rolled out in Continental Europe. That could nevertheless happen. The new regime in the Uk looks to have been in response to the effective discrimination circumstance brought by Stacy Macken, a previous member of BNP’s primary brokerage division. Macken gained £2m in payment. Among the other things, Macken argued that she was underpaid and the judge in her situation prompt that BNP’s spend structure was opaque. The new hierarchy is an attempt to cure this.
Have a private tale, idea, or remark you’d like to share? Speak to: sbutcher@efinancialcareers.com in the very first instance. Whatsapp/Signal/Telegram also readily available (Telegram: @SarahButcher)
Bear with us if you go away a comment at the base of this article: all our remarks are moderated by human beings. From time to time these human beings could be asleep, or away from their desks, so it could consider a whilst for your comment to look. Inevitably it will – unless it is offensive or libelous (in which case it will not.)
The Gemini vs Coinbase exchanges are both designed for institutional traders. While they initially focused on this market segment, both have developed a more comprehensive product for everyday users. Specifically, Gemini offers advanced charting, a wide range of order types, auctions, block trading, and more.
While Gemini is more accessible, Coinbase also has more countries to choose from, and more fiat currencies. Although Coinbase is the more popular exchange, Gemini is still the better choice for beginners. Coinbase offers a wide variety of coins, but Gemini has XRP. Both platforms are reliable, but Gemini is a better choice for beginners.
Gemini is available worldwide, but has limited geographic reach compared to Coinbase. Coinbase is available in all states except Hawaii. Both services have user-friendly interfaces and support a wide range of top tier cryptocurrencies. Gemini also charges lower fees for wire transfers than Coinbase.
Both exchanges have minimum order amounts for cryptocurrencies, but Gemini has different minimums for each currency. For instance, the minimum amount to purchase bitcoin on Gemini is 0.00001 bitcoin. Gemini also supports a number of other cryptocurrencies besides bitcoin, including Ethereum, Chainlink, Compound, and Uniswap.
Gemini and Coinbase charge similar fees for trading. Gemini charges a fixed fee of $0.99 for small transactions and variable fees for larger ones. Coinbase doesn’t provide an exact fee amount. Coinbase also offers a broader variety of cryptocurrencies to choose from, with over 200 compared to Gemini’s ninety.
However, Gemini has a lower fee structure and lower commissions when it comes to cryptocurrency trading. Instead of a maker-taker fee, Gemini charges a fixed fee based on your trading volume. Moreover, it charges transaction fees for web and mobile users. Gemini also does not charge a fee for withdrawals of fiat.
Both Gemini and Coinbase offer the same services and security, but both have advantages that set them apart from one another. Both platforms offer credit card support and additional services that make them superior options. However, they may not be the best choice for every crypto investor. Therefore, choosing between Gemini and Coinbase is a difficult decision.
Gemini offers a free account for cryptocurrency users. However, you may need to pay fees in order to withdraw your coins. However, these fees vary according to the currency and region. In addition to these, Gemini does not support margin trading or futures trading. If you’re planning to trade in the cryptocurrency market, it’s best to choose a trusted exchange.
Gemini also offers two-factor authentication. This helps protect you from identity theft, employee theft, and security breach. Gemini also offers two-factor authentication to prevent users from transferring or sending funds.
U.S. stocks turned higher in the first session of May following one of the worst monthly performances for the S&P 500 since the depths of the pandemic in 2020.
The S&P 500, Dow and Nasdaq turned positive in the final hour of trading on Monday. U.S. crude oil prices reversed earlier declines to hover above $105 per barrel, and the benchmark 10-year Treasury yield rose to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or its highest level since December 2018.
Investors this week are bracing for more potentially market-moving events to take place following April’s volatile stretch of trading. The S&P 500 sank by 8.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in April for its worst monthly performance since March 2020. Tech stocks especially were battered, and the Nasdaq Composite slid by 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month for its worst since October 2008.
The Federal Reserve’s next monetary policy-setting meeting will be especially closely watched in the days ahead, with the central bank poised to release its latest policy statement and hold a press conference with Fed Chair Jerome Powell Wednesday afternoon. Market participants expect the Fed will raise rates by 50 basis points at the end of this meeting, marking the first rate hike of that magnitude since 2000. This would follow the 25 basis-point rate hike the Fed carried out in March, bringing the target range for the federal funds rate to between 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and raising the low end of the range above zero for the first time since March 2020.
The Fed is also expected to formally announce that it will begin quantitative tightening, or rolling assets off of its $9 trillion balance sheet. The central bank had scooped up assets and added to its balance sheet over the course of the pandemic as another means of helping support the virus-stricken economy. However, expectations for the undoing of this build have stirred up volatility after markets became accustomed to these easy money policies.
And with U.S. GDP growth turning negative for the first time since mid-2020 in the first quarter of this year, some pundits have begun to question whether the Fed will be able to tighten monetary policies without setting off a deeper downturn in economic activity.
“Recession risk has risen, and the financial health of the private sector may ultimately determine whether policy tightening will tilt the economy into a downturn,” Goldman Sachs Chief Economist Jan Hatzius wrote in a note Sunday. “Financial fragility in the private sector has historically amplified the impact of the headwinds confronting today’s expansion: higher interest rates, rapid wage inflation, and slowing growth.”
Meanwhile, earnings season will also press on this week, with a number of closely watched companies from Airbnb (ABNB) to Uber (UBER) and Lyft (LYFT) and Block Inc. (SQ) each reporting results. Heading into this week, 55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of S&P 500 components had reported actual first-quarter results, and of these, 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} topped earnings per share estimates, while 72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} exceeded revenue expectations, according to data from FactSet.
The expected earnings growth rate for S&P 500 companies in aggregate has also now risen to 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, up from the 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen at the end of March, FactSet noted. Still, if 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} remains the actual earnings growth rate for the index in the first quarter, it would mark the slowest rate since the fourth quarter of 2020.
—
4:04 p.m. ET: Stocks rise into the close as tech shares rebound: Nasdaq gains 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, S&P 500 adds 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here were the main moves in markets as of 4:04 p.m. ET:
S&P 500 (^GSPC): +23.47 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,155.40
Dow (^DJI): +84.29 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,061.50
Nasdaq (^IXIC): +201.38 (+1.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,536.02
Crude (CL=F): +$0.90 (+0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $105.59 a barrel
Gold (GC=F): -$49.00 (-2.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.70 per ounce
10-year Treasury (^TNX): +10.9 bps to yield 2.9960{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
11:12 a.m. ET: U.S. manufacturing sector expansion unexpectedly slows in April to 20-month low: ISM
The U.S. manufacturing sector expansion unexpectedly slowed during the month of April, with ongoing supply chain and pricing pressures dragging on goods-producing firms’ output.
The Institution for Supply Management’s April manufacturing index dipped to a 20-month low of 55.4 from March’s 57.1. Consensus economists were looking for a reading of 57.6, according to Bloomberg data. Readings above the neutral level of 50.0 indicate expansion in a sector.
The decline “is mostly due to weakening demand amid a broader slowdown in global manufacturing, rather than a renewed supply crunch,” Michael Pearce, Capital Economics senior U.S. economist, wrote in a note. “Most of the weakness in the ISM appears to reflect softening demand, particularly from the rest of the world, rather than a renewed intensification of supply constraints.”
Beneath the headline index, employment saw one of the most marked drops, with the ISM manufacturing employment subindex declining to 50.9 in April from 56.3 in March. More encouragingly, however, the prices paid subindex declined to 84.6, indicating some moderating of inflationary pressures for manufacturers, even as the level remained high by historical standards.
—
9:32 a.m. ET: Stocks open mixed
Here were the main moves in markets as of 9:32 a.m. ET:
S&P 500 (^GSPC): +3.80 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,135.73
Dow (^DJI): +80.64 (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,057.85
Nasdaq (^IXIC): -6.49 (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,328.15
Crude (CL=F): -$2.96 (-2.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.73 a barrel
Gold (GC=F): -$48.30 (-2.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,863.40 per ounce
10-year Treasury (^TNX): +7.2 bps to yield 2.9590{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
7:43 a.m. ET Monday: Stock futures head for a higher open
Here’s where markets were trading Monday morning ahead of the opening bell:
S&P 500 futures (ES=F): +7.5 points (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,135.00
Dow futures (YM=F): +89 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,971.00
Nasdaq futures (NQ=F): +27.75 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,879.75
Crude (CL=F): -$2.95 (-2.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.74 a barrel
Gold (GC=F): -$32.40 (-1.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,879.30 per ounce
10-year Treasury (^TNX): +3.5 bps to yield 2.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
NEW YORK, NEW YORK – APRIL 28: Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City. The Dow Jones Industrial Average was up in morning trading as markets continued to move through a period of volatility over inflation concerns and the war in Ukraine. (Photo by Spencer Platt/Getty Images)
U.S. stocks ended higher Monday, erasing earlier losses in the day as concerns over an escalating COVID outbreak in China added to jitters over U.S. economic growth in the face of heightened inflation and monetary policy tightening.
The S&P 500 rose by 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach 4,296.12. The Dow added more than 200 points, or 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to settle at 34,049.46, and the Nasdaq Composite rose by 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to close just above 13,000. U.S. stocks bucked the trend of global equity markets, with the major stock indexes in Europe and Asia largely falling on Monday. U.S. Treasury yields dipped, and the benchmark 10-year yield hovered just above 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
West Texas intermediate crude oil futures fell below $100 per barrel, with fears over the economic impact of broadening virus-related restrictions throughout China mounting. Beijing saw a spike in COVID cases over the weekend that prompted more mandatory testing and some lockdowns in the region. And this came as other populous cities including Shanghai have also recently grappled with fresh waves of infections, even as the country works to abolish the virus under a zero-COVID policy.
In a note published last week, Bank of America economist Helen Qiao slashed her forecast for China’s gross domestic product (GDP) growth to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for 2022 as the number of lockdowns throughout the country increased.
“COVID-19 lockdowns and restrictions imposed in Shanghai and neighboring cities are not only hitting local demand but also causing logistic breakdowns and widespread supply-chain disruptions within and outside of the area,” Qiao wrote in the note published April 19. “In our view, even if such control measures will ultimately be rolled back and economic activities will gradually normalize by mid-year, a heavy toll on growth already seems inevitable.”
Meanwhile, investors have also been grappling with reassertions from Federal Reserve officials last week that the central bank would be taking a tough stance on reining in inflation. Fed Chair Jerome Powell as well as San Francisco Fed President Mary Daly were among the latest to suggest they saw the case for 50 basis point interest rate hikes this year. These larger-than-typical increases would front-load the Fed’s monetary policy response to inflation in the near-term.
“Mr. Powell once again highlighted the Fed’s focus on elevated prices and the need for policy to move towards neutral to restore price stability. His comments pretty much confirm market expectations of a 50-basis-point hike at the May 3-4 FOMC meeting, which would be the first such move since 2000,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note. “While Mr. Powell did not comment on the trajectory of policy beyond the May FOMC meeting, other Fed officials — including San Francisco President Daly and Chicago President Evans — have said that a couple of 50-basis-point hikes are possible this year.”
Though Federal Reserve officials are in a quiet period this week ahead of the central bank’s meeting next week, a packed slate of corporate earnings results will pull investors’ attention. In the coming days, a bevy of major companies and stock index components will post results, including Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL) and Amazon (AMZN).
As of Friday, about one-fifth of S&P 500 companies had reported their actual first-quarter results. Of these, 79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} topped Wall Street’s earnings estimates, while 69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} exceeded sales expectations, according to data from FactSet’s senior earnings analyst John Butters. The expected earnings growth rate for the index stood at 6.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} heading into this week, which if carried through the end of reporting season, would mark the slowest growth rate since the fourth quarter of 2020, Butters noted.
—
4:03 p.m. ET: Stocks recover to end 3-day losing streak as traders look ahead to Big Tech earnings: Nasdaq gains 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here were the main moves in markets as of 4:03 p.m. ET:
S&P 500 (^GSPC): +24.34 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,296.12
Dow (^DJI): +238.06 (+0.70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,049.46
Nasdaq (^IXIC): +165.56 (+1.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,004.85
Crude (CL=F): -$2.92 (-2.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.15 a barrel
Gold (GC=F): -$34.70 (-1.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,899.60 per ounce
10-year Treasury (^TNX): -8 bps to yield 2.8260{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
2:54 p.m. ET: Twitter announces it will be acquired by Elon Musk
Twitter formally announced it agreed to be purchased by Tesla CEO Elon Musk for $54.20 per share, or $44 billion.
Twitter shareholders are set to each receive $54.20 in cash for each share held, representing a 38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} premium over Twitter’s closing level on April 1.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a press statement. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
—
12:42 p.m. ET: S&P 500, Dow hold lower, Nasdaq pares some earlier declines
The three major stock indexes traded mostly lower Monday afternoon, though the tech-heavy Nasdaq pared most earlier losses to trade near the flat-line after 12 p.m. ET.
Shares of Chevron, Verizon and Dow Inc. led declines in the Dow Jones Industrial Average, which dropped 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Monday afternoon. In the S&P 500, the energy, materials and utilities sectors lagged, and communication services was the only sector in the green.
The CBOE Volatility Index, or VIX, spiked more than 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top 31 for the highest level since March 15.
—
9:31 a.m. ET: Stocks open lower
Here’s where stocks were trading just after the opening bell Monday morning:
S&P 500 (^GSPC): -38.31 (-0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,233.47
Dow (^DJI): -278.52 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,532.88
Nasdaq (^IXIC): -86.85 (-0.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,757.91
Crude (CL=F): -$5.32 (-5.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $96.75 a barrel
Gold (GC=F): -$31.40 (-1.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,902.90 per ounce
10-year Treasury (^TNX): -9.8 bps to yield 2.808{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Adjusted operating revenue grew 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to reach $10.5 billion, topping consensus expectations for $9.8 billion, according to Bloomberg data. Company-wide unit case volume — a closely watched measure for Coca-Cola — rose 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with growth coming most prominently from the company’s nutrition, juice, dairy and plant-based beverages segment, where unit case volume increased 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. On the bottom line, comparable earnings per share reached 64 cents versus the 58 cents expected.
For the full year, Coca-Cola said it expects its to see commodity price inflation be in the mid-single digit percentages. It also expected the suspension of its business in Russia to generate a 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} impact to full-year unit case volume, and a 1-2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} impact on net revenues and operating income.
—
7:06 a.m. ET: Stock futures decline, adding to last week’s losses
Here’s where stocks were trading Monday morning:
S&P 500 futures (ES=F): -36.25 (-0.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,231.00
Dow futures (YM=F): -270 (-0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,458.00
Nasdaq futures (NQ=F): -106.75 (-0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,246.75
Crude (CL=F): -$4.73 (-4.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $97.34
Gold (GC=F): -$23.10 (-1.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,911.20 per ounce
10-year Treasury (^TNX): -6.9 bps to yield 2.837{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
NEW YORK, NEW YORK – MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. U.S. stocks opened low after rallying to start the week. (Photo by Michael M. Santiago/Getty Images)
U.S. stocks gained on Wednesday as investors monitored a series of closely watched earnings reports and further digested a hot print on inflation in the U.S.
[Click here to read what’s moving markets on Thursday, April 4]
The S&P 500 jumped by more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, ending a three-day losing streak. The Nasdaq Composite outperformed and rose 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as technology shares jumped and Treasury yields pulled back across the curve.
Investors received a number of quarterly reports from some major U.S. companies and stock index components early Wednesday morning. These included JPMorgan Chase (JPM) — the largest U.S. bank by assets — along with Delta Air Lines (DAL) and Bed, Bath & Beyond (BBBY).
JPMorgan Chase CEO Jamie Dimon offered a cautiously upbeat view of the U.S. economy in the bank’s earnings release on Wednesday. Dimon noted that he remained “optimistic on the economy, at least for the short term,” but still sees “significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.” And the bank also built up its credit reserves by a net $902 million, “largely due to higher probabilities of downside risk,” Dimon said.
Meanwhile, Delta Air Lines, one of the major airlines at the center of the reopening trade, suggested business would pick up further in the current quarter even as first-quarter results showed another loss, as the airline grappled with the omicron variant wave earlier this year. The carrier returned to profitability in the month of March, Delta noted, and noted that revenue is expected to reach between 92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of pre-pandemic levels during the current quarter ended in June.
This early set of earnings reports helped set the tone for what is expected to ultimately be a much milder quarter for earnings growth than in recent periods. As companies grapple with rising labor, raw material and transportation costs and lap last year’s initial reopening-fueled jump in activity, many on Wall Street are looking for narrower margins than in recent quarters, even as sales hold up strongly amid elevated consumer demand and rising prices. Across the S&P 500, companies in aggregate are expected to report year-over-year earnings growth of just 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which if realized, would mark the slowest rate since the fourth quarter of 2020, according to FactSet.
“This earnings season becomes one of the most important earnings seasons because it’s going to give you a lot of insight into which companies … have that durable demand, which companies have that pricing power,” Kristen Bitterly, Citi head of global wealth investments, told Yahoo Finance Live on Tuesday.
“Even in decades like the 1970s, when we had extreme inflation, large-cap quality U.S. equity shares were able to double their share price over that period,” she added. “So that’s the pocket of the market where we’re confidently either staying invested or getting invested.”
And indeed, inflation has remained a primary concern for investors, threatening to weigh further on both consumers’ wallets and corporate profits. The Bureau of Labor Statistics’ March Consumer Price Index (CPI) showed inflation rose at the fastest rate since late 1981 last month, jumping by a slightly faster-than-expected 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year.
However, some economists suggested the report was not all bad news, and showed some tentative signs of a peak in the rate of price increases.
“The CPI report I think actually has a little bit more good news in it than it appears right on the surface … there’re a number of things in here that suggests that we’re starting to see inflation peak, and it will roll over in the next few months,” Tom Simmons, Jefferies fixed income money market economist, told Yahoo Finance Live on Tuesday. “[It’s] important to keep in mind that CPI, for March, the reference period here was right after the Russian invasion of Ukraine. So really, it’s capturing the most acute period of gasoline price increases. And we’ve seen them already starting to soften in the market a little bit in the few weeks since.”
“The other thing is that services ex-energy — and if you strip out the airline component — that was actually a little bit softer as well than the last few months,” he added. “Housing actually came in a little bit softer in the last few months as well, and goods ex-energy also are coming in a little bit softer as well. So you know, the consumer has been pretty well able to weather the storm here with inflation.”
—
4:05 p.m. ET: Stocks close higher, Nasdaq gains 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here’s where stocks closed out Wednesday’s session:
S&P 500 (^GSPC): +49.14 (+1.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,46.59
Dow (^DJI): +344.23 (+1.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,564.59
Nasdaq (^IXIC): +272.02 (+2.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,643.59
Crude (CL=F): +$3.62 (+3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $104.22 a barrel
Gold (GC=F): +$5.10 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,981.20 per ounce
10-year Treasury (^TNX): -3 bps to yield 2.697{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
1:03 p.m. ET: Bed Bath & Beyond shares turn positive despite surprise quarterly loss
Shares of Bed Bath & Beyond (BBBY) gained intraday on Wednesday, shaking off early losses of as much as 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the retailer posted an unexpected loss for its fiscal fourth quarter and missed sales expectations.
Adjusted losses were 92 cents a share, whereas Wall Street analysts were looking for earnings of 13 cents a share during the holiday shopping season. Comparable sales were also down 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or more than the 8.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop anticipated, based on Bloomberg consensus data.
“We are disappointed that our sales and gross margin performance does not reflect our team’s hard work and execution against both strategic and transformation efforts in 2021,” the company’s CEO Mark Tritton said in the quarterly report’s press release.
“Macroeconomic factors, such as the disruption of the global supply chain, the Omicron variant, as well as the geopolitical turbulence weighing on consumer confidence, have uncovered more vulnerabilities than we could have foreseen at this stage of our transformation, as we completely rebuild the foundation of our business,” he added.
—
11:21 a.m. ET: Peloton shares gain after activist investor Blackwells Capital calls for sale
“Peloton is a strategically valuable asset that is attractive to many potential acquirers,” according to Blackwells Capital’s slide deck. “An insightful and capable operator would be willing to pay a premium beyond conventional cost and revenue synergies for the opportunity to ‘Reimagine Peloton’ as a dramatically different business than it is today.”
Jason Aintabi, chief investment officer of Blackwells, also doubled down on his criticism of Peloton’s former CEO John Foley, who remains on the board as executive chairman.
“Peloton will continue to be poorly valued for as long as a close-knit group of insiders, who have proven themselves incapable of creating value, continue to wield voting power far in excess of their economic interest,” Aintabi said in a statement. “No shareholder should want Mr. Foley to still sit atop the management pyramid or control the Board through his super voting-stock. He lost his entitlement to both positions when he destroyed $40 billion of shareholder wealth in less than a year.”
—
9:31 a.m. ET: Stocks look for direction
Here were the main moves in markets as of 9:31 a.m. ET:
S&P 500 (^GSPC): -4.23 (-0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,393.22
Dow (^DJI): -32.30 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,188.06
Nasdaq (^IXIC): -9.23 (-0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,362.34
Crude (CL=F): +$1.44 (+1.43{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.04 a barrel
Gold (GC=F): +$5.20 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,981.30 per ounce
10-year Treasury (^TNX): -2.6 bps to yield 2.6990{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:50 a.m. ET: Producer prices hit new high
U.S. producer prices for final demand rose 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in March after rising 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February, the Labor Department said on Wednesday. For the full year, PPI jumped 11.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — the biggest gain since the 12-month data was calculated in November 2010. The results superseded estimates of 10.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus.
The latest print suggests inflation will remain elevated as Russia’s war on the Ukraine rages on and pushes prices of oil and other commodities higher.
—
7:20 a.m. ET: Stock futures rise amid earnings
Here’s where stocks were trading Wednesday morning:
S&P 500 futures (ES=F): +26.5 points (+0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,419.50
Dow futures (YM=F): +172 points (+0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,311.00
Nasdaq futures (NQ=F): +110.75 points (+0.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,055.75
Crude (CL=F): +$1.45 (+1.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.05 a barrel
Gold (GC=F): +$4.20 (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,980.30 per ounce
10-year Treasury (^TNX): +0.6 bps to yield 2.733{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
7:03 a.m. ET: JPMorgan posts mixed Q1 results as investment banking revenue slides over last year
JPMorgan Chase posted a mixed first-quarter results, with overall adjusted revenue topping Wall Street’s estimates while some major businesses within the bank showed some softening.
Adjusted revenue of $31.6 billion dropped 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year but exceeded consensus estimates for $31.4 billion, according to Bloomberg data. Both fixed income and equity sales and trading revenue topped expectations while declining compared to last year, with these coming out to about $5.7 billion and $3.1 billion, respectively. Investment banking revenue, however, sank by a more marked 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and missed estimates, totaling $2.06 billion as equity and debt underwriting activity decreased at the start of this year compared to last.
CEO Jamie Dimon also noted that the banks core lending business remained solid during the quarter.
“Lending strength continued with average firmwide loans up 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} while credit losses are still at historically low levels,” Dimon said in the earnings release.
—
6:50 a.m. ET: Delta shares rise after airline posts narrower-than-expected Q1 loss, returns to profitability in March
Adjusted losses came out to $1.23 per share for the March quarter, or narrower than the $1.26 per share loss consensus analysts expected, according to Bloomberg data. Adjusted revenue was $8.2 billion, and was 79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} recovered compared to levels from the comparable quarter in 2019 before the pandemic. Capacity was 83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} restored relative to the pre-pandemic period, Delta added.
For the current quarter ending in June, Delta said it expects capacity to further rebound to 84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of June quarter 2019 levels, with total revenue between 93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of levels from that period in 2019.
“With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a},” Delta CEO Ed Bastian said in the company’s earnings release Wednesday morning. “As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} adjusted operating margin and strong free cash flow in the June quarter.”
—
6:10 p.m. ET Tuesday: Stock futures head for a lower open
Here’s where markets were trading Tuesday evening before the opening bell:
S&P 500 futures (ES=F): +4.25 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,397.25
Dow futures (YM=F): +33 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,172.00
Nasdaq futures (NQ=F): +17.75 points (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,962.75
NEW YORK, NEW YORK – APRIL 12: Traders work on the floor of the New York Stock Exchange during afternoon trading on April 12, 2022 in New York City. Data released this morning showed that inflation rose 8.5 percent in March, the highest annual increase since December 1981, amid energy prices soaring due to Russia’s war in Ukraine. (Photo by Michael M. Santiago/Getty Images)
Stocks sank on Friday to end the week lower, as investors digested updates on the Omicron variant alongside the Labor Department’s November jobs report, which came in mixed compared to Wall Street’s elevated expectations.
The S&P 500 posted a weekly loss of 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} since last Friday, sliding in volatile trading after the discovery of the Omicron variant. The Nasdaq underperformed with a weekly loss of 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Treasury yields also dipped as investors bought safe haven assets, and the yield on the benchmark 10-year note slid below 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Developments around the Omicron variant remained a focal point. So far at least five U.S. states have reported at least one case of the variant. The variant has also been found in more than three dozen countries globally, CNBC reported, citing the World Health Organization. The report also said the WHO has so far seen “a suggestion that there is increased transmissibility” of the Omicron variant, while noting it is still too soon to determine whether it is more or less transmissible than the Delta variant, or whether it causes more severe disease.
The market moves Friday also came following the release of the Labor Department’s November jobs report, which showed a disappointing rate of hiring for the month even as the unemployment rate fell to a fresh pandemic-era low. Payroll gains came in at 210,000, or less than half the 550,000 consensus economists were expecting. The jobless rate fell to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, dipping more than anticipated from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
The moves on Friday came in contrast to a rally on Thursday, when market participants initially shrugged off the discovery of multiple cases in the U.S.
“The markets … have been pricing in, really, a worst-case scenario,” Jim Smiegiel, SEI chief investment officer, told Yahoo Finance Live.
“I think the market is now switching gears a little bit and perhaps lessening the intensity on the potential for negative outcomes,” he added. “The big issue still remains more about the world government’s reaction to the variant and what that means from a lockdown perspective. And that’s what the market is still kind of struggling with at this stage.”
Others have struck an even more optimistic tone, suggesting the economic impact of the Omicron variant will ultimately prove less drastic than initially feared.
“If you look back at Delta, there really wasn’t a meaningful impact in terms of actual consumption … maybe we saw a little bit of a shift away from services in the early stages of the reopen back towards goods, but overall consumption held up just fine,” Garrett Melson, Natixis Investment Managers Solutions portfolio strategist, told Yahoo Finance Live on Thursday.
“And on the capex front, we still see signs that companies are saying they’re going to invest in their businesses and they’re doing just that,” Melson added. “Lockdowns are certainly not happening here in the U.S. There’s no appetite from the government and certainly no appetite from consumers.”
—
4:05 p.m. ET: Stocks end session, week sharply lower
Here’s where U.S. equities ended Friday’s session:
S&P 500 (^GSPC): -38.67 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,538.43
Dow (^DJI): -59.71 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,580.08
Nasdaq (^IXIC): -295.85 (-1.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,085.47
—
3:36 p.m. ET: What economists are saying about the November jobs report
While the headline payrolls number in the November jobs report came in well short of estimates, many economists highlighted the better-than-expected improvements in other metrics, including the unemployment rate and labor force participation rate.
Here’s what a number of economists had to say about the report, based on notes and emails sent to Yahoo Finance:
“While November displayed 210,000 jobs gained at the headline level, which some may suggest is a disappointment, when we look at the details of the report, we see some significant strengths. Indeed, the six-month average for non-seasonally adjusted private payroll gains is more than 700,000 jobs/month, an impressive number by any standard … The unemployment rate declined impressively from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to 4.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, even as the labor force grew strongly, an indication of labor market strength.” – Rick Rieder BlackRock’s chief investment officer of global fixed income
“Arguably the biggest surprise in the November employment report was the unexpected 0.4 [percentage point] decline in the unemployment rate to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} … slowing job gains and sturdy wages are a signal of a tight labor market.” – Joe LaVorgna, Natixis CIB managing director and chief economist of the Americas
“Today’s jobs report presents a mixed picture of the labor market recovery as storm clouds gather from a rebounding Delta variant and new variant looms. The divergence between the establishment and household surveys is unusual, but is an important reminder of how difficult it is to measure the labor market in a pandemic.” – Daniel Zhao, Glassdoor senior economist
“Overall, while this report is disappointing, it does not change our view that faster tapering will be announced in December, unless the scientific news on the Omicron variant over the next couple weeks is disastrous. The Fed is focused on the inflation overshoot, which will get much worse before it gets better, and officials have made it very clear that they want to take out insurance against the risk that the latest spike does not become embedded.” – Ian Shepherdson, chief economist for Pantheon Macroeconomics
—
10:47 a.m. ET: Stocks trade lower as tech lags
The three major stock indexes traded in the red after opening in positive territory, with investors continuing to mull the latest headlines on the Omicron variant and the November jobs report.
The information technology and consumer discretionary sectors underperformed in the S&P 500, while consumer staples was the only sector in the green.
Salesforce.com, Boeing and Microsoft lagged in the Dow, contributing to the more than 200-point drop in the index. The Nasdaq dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} amid the drawdown in heavily weighted technology names.
—
10:15 a.m. ET: Docusign shares post biggest-ever drop after 3Q billings, guidance miss
Shares of software company Docusign (DOCU) slid on Friday after posting disappointing third-quarter billings results and current-quarter guidance, suggesting business activity was returning to more “normalized” levels after a pandemic-induced surge.
Shares were down more than 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of morning trading. Late Thursday, the e-signature company reported third-quarter billings growth of 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking a major slowdown from the previous 61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth seen in the second quarter. Billings are a closely watched metric for software companies with recurring revenue subscription models.
“After six quarters of accelerated growth, we saw customers return to more normalized buying patters, resulting in a 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year billings growth,” Dan Springer, CEO of Docusign, said in the company’s earning’s statement.
And for the current quarter, Docusign sees revenue coming in between $557 million and $563 million, missing Wall Street’s estimates for $574.2 million.
—
9:31 a.m. ET: Stocks open higher after mixed jobs report
Here’s where markets were trading shortly after the opening bell:
S&P 500 (^GSPC): +23.48 (+0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,600.58
Dow (^DJI): +125.06 (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,746.85
Nasdaq (^IXIC): +89.04 (+0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,466.81
Crude (CL=F): +$2.39 (+3.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.89 a barrel
Gold (GC=F): +$8.90 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,771.60 per ounce
10-year Treasury (^TNX): +1.1 bps to yield 1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
9:20 a.m. ET: November jobs report comes in mixed, with payrolls disappointing while unemployment rate falls to pandemic-era low
The November jobs report offered a mixed bag for investors to digest, as non-farm payroll growth came in sharply short of consensus expectations while the unemployment and labor force participation rates topped estimates.
Non-farm payrolls grew by 210,000 in November following a revised 546,000 in October. This was well short of the 550,000 jobs expected. The unemployment rate improved to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and reached it lowest level since February 2020.
The labor force participation rate also ticked up slightly more than anticipated in November to reach 61.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus the 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consensus economists were expecting and the 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} posted in October. The labor force participation rate had been 63.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February 2020 before the pandemic meaningfully impacted the job market.
Still, as of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020.
—
7:23 a.m. ET Friday: Stock futures drift sideways ahead of jobs report
Here were the main moves in markets as the overnight session kicked off:
S&P 500 futures (ES=F): +0.25 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,576.00
Dow futures (YM=F): +11 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,633.00
Nasdaq futures (NQ=F): -1 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,987.50
Crude (CL=F): +$1.89 (+2.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.39 a barrel
Gold (GC=F): +$10.80 (+0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,773.50 per ounce
10-year Treasury (^TNX): -1.8 bps to yield 1.432{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:31 p.m. ET Thursday: Stock futures jump ahead of jobs report
Here were the main moves in markets during the overnight session:
S&P 500 futures (ES=F): +11.5 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,587.25
Dow futures (YM=F): +94 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,716.00
Nasdaq futures (NQ=F): +34.50 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,023.00
NEW YORK, NEW YORK – AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)
