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Tom Michaels
Feb 03, 2023 1:50PM ET
mega rig job going on
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U.S. stocks erase losses after big January jobs number
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks recovered earlier losses on Friday after surprisingly strong job growth in January.
At 11:22 ET (16:22 GMT), the Dow Jones Industrial Average was up 68 points or 0.2%, while the S&P 500 was down 0.1%, and the NASDAQ Composite was flat. All three indexes started the day falling after the jobs report.
Rather than cooling off, new data out this morning showed the economy added far more jobs than expected in January. The Labor Department said the economy added 517,000 nonfarm payrolls, a reversal of a four-month trend of slowing gains. Analysts were expecting 185,000, the slowest job growth in nearly two years. What’s more, December and November job numbers were both revised upward.
The unemployment rate ticked down 3.4% in January from 3.5% in December rather than ticking up to 3.6% as expected. Joblessness is now at a 53-year low.
The jobs numbers come after the Fed raised interest rates by a quarter of a percentage point on Wednesday, with Chair Jerome Powell signaling the central bank isn't done with rate hikes.
But the market has been betting there is an end in sight. Futures traders mostly agree that there will be another quarter-point hike in March, according to the CME FedWatch tool. But as the Fed gets closer to its target terminal rate somewhere around 5% or just above, it is expected to pause its rate increases.
Earnings are also adding to the market's movement. Alphabet Inc. Class C (NASDAQ:GOOG) shares fell 0.8% after missing expectations. Apple Inc. (NASDAQ:AAPL) stock reversed earlier losses to rise 3.5% after iPhone sales disappointed. Starbucks Corporation (NASDAQ:SBUX) stock fell 2.7% after weak international demand.
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Comments (21)
Ronald Warren
Feb 03, 2023 12:42PM ET
The Algos keep mixing it up. As a rule of thumb, when trading options you've got to make fast hits and get out! Today, Algos are reinforcing their basic principles. Don't short the market and buy the dip. I got shafted by the Algos today. Bought QQQ puts yesterday afternoon. At market close they were worth 5.55 This morning QQQ was down 6 dollars from yesterday afternoon and those options only paid 5.80 They're trying to break our bad habits. A huge market dump is coming, but after proper conditioning, we'll all sell our puts early in the session and miss windfall profits. What a Scam!
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Road Trip
Feb 03, 2023 12:29PM ET
fentanyl Joe said everything is wonderful,it going to reflect this for some time ask Nancy she is a trading genius!
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Leonardo Araujo
Feb 03, 2023 12:00PM ET
Do you trade like this, guys? With your ideologies? Well, take a step forward, stop talking and do your bets.
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Sylvia Doloff
Feb 03, 2023 11:49AM ET
wait till the middle class run out of money debt piles up foreclosures credit cards auto loans good job Biden
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Brad Albright
Feb 03, 2023 11:49AM ET
LOL. Okay, we'll wait.
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Sylvia Doloff
Feb 03, 2023 11:48AM ET
market crash coming
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Swagata Das
Feb 03, 2023 11:48AM ET
short and get money if u have the guts
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Stan Smith
Feb 03, 2023 11:43AM ET
But doesn't this increase the chance of more and bigger FED rate hikes? So stocks should be plunging then?. I guess when stocks are artificially pumped up any story spin will do as justification. Its a complete inconsistent joke
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jamie
Feb 03, 2023 11:36AM ET
SEC investigation to today's nasdaq buying manipulators. They breaks the rule.
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kaushal shah
Feb 03, 2023 11:35AM ET
US economy booming will zoom to 35k today with good numbers
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Pi Fo
Feb 03, 2023 11:02AM ET
Cash to equities not over.
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