{"id":199067,"date":"2020-02-07T18:57:57","date_gmt":"2020-02-07T15:57:57","guid":{"rendered":"http:\/\/ww-vb.mine.nu\/w108\/stocks-sink-despite-blowout-january-jobs-data\/"},"modified":"2020-02-07T18:57:57","modified_gmt":"2020-02-07T15:57:57","slug":"stocks-sink-despite-blowout-january-jobs-data","status":"publish","type":"post","link":"https:\/\/hameed.nwar.uk\/sa\/stocks-sink-despite-blowout-january-jobs-data\/","title":{"rendered":"Stocks sink despite blowout January jobs data"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

\n

U.S. stocks were on track to decline for the first time in five sessions, giving back some of the gains from earlier in the week.<\/p>\n

\u2014<\/p>\n

10:25 a.m. ET: What economists are saying about the January jobs report <\/strong><\/h2>\n

Most economists viewed favorably the better than expected January jobs report, pointing to the print as another point adding to a constellation of positive indicators about the U.S. labor market.<\/p>\n

Here\u2019s what a number of economists had to say about the report, based on statements emailed to Yahoo Finance:<\/p>\n

    \n
  • \n

    Rubeela Farooqi, chief U.S. economist for High Frequency Economics: \u201c<\/strong>Overall, a strong gain in payrolls to start the year. The 3-month average stands at a solid 211K. The unemployment rate remains historically low and though the pace of wage gains had moderated, the latest reading is encouraging. These data remain supportive of an \u2018on hold\u2019 Fed stance, as the Fed assesses the impact of prior rate cuts on the economy.\u201d<\/p>\n<\/li>\n

  • \n

    Charlie Ripley, Senior Investment Strategist for Allianz Investment Management:<\/strong> \u201cThe real question for most market participants is whether the endurance of job additions will continue to persist throughout the remainder of the year.\u00a0 Last year\u2019s average payroll additions were 175k per month and today\u2019s data reiterates the need for labor as the current economic expansion continues. Wage increases were stronger than December\u2019s data with a 0.2% monthly gain and we suspect this will be a continuing theme throughout the year as employers attempt to attract workers within tight labor market conditions. Overall, the January employment report provided a clear indication we haven\u2019t reached the end of the current economic cycle.\u201d <\/p>\n<\/li>\n

  • \n

    Ian Shepherdson, Pantheon Macroeconomics chief economist: \u201c<\/strong>Looking ahead, surveys continue to point to substantially slower payroll growth, but the hard data have outperformed substantially in recent months and show no signs yet of fading. Even so, January\u2019s jump in payrolls likely will be followed by a significantly smaller increase in February, as favorable weather effects fade and healthcare job growth mean-reverts.\u201d <\/p>\n<\/li>\n

  • \n

    Nick Bunker, Indeed economic research director: <\/strong>\u201cOverall, this was a strong report. Even the seemingly negative trends are actually positive. The slight increase in the unemployment rate might seem concerning, but it is actually due to a pick up in workers reentering the labor market. The labor force participation rate for people in their prime working years increased in January, but remains below previous highs. All signs point to a further pick up in this rate if the labor market continues to grow.\u201d <\/p>\n<\/li>\n<\/ul>\n

    \u2014<\/p>\n

    9:37 a.m. ET: Stocks open lower even after strong jobs report<\/strong><\/h2>\n

    The three major domestic stock indices opened lower Friday morning, with the Dow off more than 100 points.<\/p>\n

    Declines in the Dow were led by shares of Dow Inc. and Goldman Sachs around market open. The Materials and Energy sectors led declines in the S&P 500, as U.S. crude oil prices declined more than 1%.<\/p>\n

    Here were the main moves in markets, as of 9:37 a.m. ET:<\/p>\n

      \n
    • \n

      S&P 500 (<\/strong>^GSPC<\/strong>)<\/strong>: -0.58% or -19.34 points to 3,326.44<\/p>\n<\/li>\n

    • \n

      Dow (<\/strong>^DJI<\/strong>):<\/strong>\u00a0-0.62% or -182.54 points to 29,197.23<\/p>\n<\/li>\n

    • \n

      Nasdaq (<\/strong>^IXIC<\/strong>)<\/strong>: -0.61% or -58.11 points to 9,513.92<\/p>\n<\/li>\n

    • \n

      Crude oil (<\/strong>CL=F<\/strong>):<\/strong>\u00a0-1.2% or -0.61 to 50.34 a barrel<\/p>\n<\/li>\n

    • \n

      Gold (<\/strong>GC=F<\/strong>)\u00a0<\/strong>+0.25% or +3.90 to 1,573.90 per ounce<\/p>\n<\/li>\n<\/ul>\n

      \u2014<\/p>\n

      9:20 a.m. ET: How Credit Suisse\u2019s chief met his downfall<\/strong><\/h2>\n

      Credit Suisse\u2019s \u00a0(CS) stock is down modestly ahead of the opening bell. Early Friday, the storied Swiss bank accepted the resignation of CEO Tidjane Thiam, capping a spectacular spying scandal that rocked the industry\u2019s usually sleepy world.<\/p>\n

      Yahoo Finance\u2019s Oscar Williams-Grut breaks down how the lurid scandal \u2014 which includes cocktail party bust-ups, car chases, and clandestine operations at the bank \u2014 began last year, and culminated in a public power struggle that Thiam ultimately lost.<\/p>\n

      \u2014<\/p>\n

      8:30 a.m. ET: Economy created 225,000 jobs in December<\/strong><\/h2>\n

      The U.S. labor market went from strength-to-strength in December, closing out 2019 by adding 225,000 jobs \u2014 but the unemployment rate ticked up to 3.6% (still a 50-year low) as more workers entered the labor pool, which drove up the participation rate to 63.4%. The blowout number was far above Wall Street\u2019s consensus, and was presaged by Wednesday\u2019s ADP private payrolls report.<\/p>\n

      Stock futures remain in the red, but pare some losses on the news, as coronavirus fears continue to weigh.<\/p>\n

      \u2014<\/p>\n

      7:33 a.m. ET: Stock futures fall ahead of January jobs report<\/h2>\n

      Contracts on the three major indices were lower before the Department of Labor\u2019s January jobs report, set for release at 8:30 a.m. ET. Heading into Friday\u2019s session, the S&P 500 was up 3.7% since the end of last week through Thursday\u2019s close.<\/p>\n

      The \u201cofficial\u201djobs report is expected to show payroll gains totaled 165,000 in January, representing an increase after December\u2019s 145,000 additions. The unemployment rate likely held at a 50-year low of 3.5%. Average hourly wage gains, which disappointed in the December jobs report, are expected to have accelerated slightly to a 3.0% increase year on year.<\/p>\n

      Meanwhile, investors continued to monitor the spread of the coronavirus. The death toll from the outbreak has so far totaled 636 in mainland China, among more than 31,000 confirmed cases. Carmakers including Toyota have extended shutdowns at their manufacturing centers in China to try and contain the spread of the disease.<\/p>\n

      Here were the main moves during the pre-market session, as of 7:33 a.m. ET:<\/p>\n

        \n
      • \n

        S&P futures (<\/strong>ES=F<\/strong>)<\/strong>: 3,335.5, down 9.75 points or 0.29%<\/p>\n<\/li>\n

      • \n

        Dow futures (<\/strong>YM=F<\/strong>):<\/strong>\u00a029,227.00, down 101 points or 0.34%<\/p>\n<\/li>\n

      • \n

        Nasdaq futures (<\/strong>NQ=F<\/strong>):<\/strong>\u00a09,425.50, down 30 points or 0.32%<\/p>\n<\/li>\n

      • \n

        Crude oil (<\/strong>CL=F<\/strong>):<\/strong>\u00a0$50.58 per barrel, down $0.37 or 0.73%<\/p>\n<\/li>\n

      • \n

        Gold (<\/strong>GC=F<\/strong>):<\/strong>\u00a0$1,570.10 per ounce, up $0.10 or 0.01%<\/p>\n<\/li>\n<\/ul>\n

        <\/p>\n
        \"NEW