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Dollar Up Ahead Of Jobs Data
The dollar rose ahead of the jobs data. Thursday’s ADP private payrolls and weekly jobless claims were better than expected and bond yields rose. “With [U.S.] money markets currently pricing 16bps of easing in March this year, there is still clearly some room for a further back-up in short-term rates,” ING said. This year’s trend…
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Bond Yields Rise Again as Jobs Data Loom
Stock futures fell and Treasury yields continued to rise on Friday ahead of the December payrolls report. Expectations are for the Labor Department to report 170,000 nonfarm jobs were created last month, and for the unemployment rate to tick up a tenth to 3.8%. Hourly wages are seen rising by 0.3%. Economists at Goldman Sachs…
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Wall Street Highlights: Google Rejects Union Negotiations, Exxon Mobil Announces $2.5 Billion Accounting Write-Down in California
U.S. index futures are registering a decline in pre-market trading this Friday, anticipating a crucial report on the job market as Wall Street seeks to overcome a lukewarm start to January. The three major indices are set to end nine consecutive weeks of gains, with the Nasdaq facing the biggest weekly drop, down 3.3%. At…
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US Futures, European Stocks Down as Markets Await Key Economic Data
U.S. futures for the S&P 500 were down 0.1% and futures for the Dow Jones Industrial Average decreased 0.1%. Changes in futures do not necessarily predict movements after the opening bell. In Europe, the Stoxx Europe 600 fell 0.5% in morning trading. Millicom Intl Cellular climbed 4.2% and Auto1 Group added 2.1%. On the other…
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Top Company News of the Day: Exxon Mobil, Lucky Bucks, SpaceX, Carrefour
Exxon Mobil Expects Up to $2.6 Billion in Upstream Impairments Exxon Mobil is expecting up to $2.6 billion in impairments in the fourth quarter for its upstream business, mostly related to idled assets in California. New Management at Lucky Bucks Sues Former Executives, Alleges Fraud The slot machine operator formerly known as Lucky Bucks is…
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U.S. Stocks Finish Lackluster Session Mostly Lower
Stocks turned in a lackluster performance throughout much of the trading session on Thursday before eventually ending the day mostly lower. The Nasdaq and the S&P 500 finished the session in negative territory, although the narrower Dow closed slightly higher. The major averages moved to the downside going into the close, with the Nasdaq and…
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Crypto: Tokenized Fund Earns Moody’s AA Rating, Binance Contemplates Privacy Token Removal, and Latest Updates
Bitcoin recovers after a drop due to leveraged liquidations Bitcoin (COIN:BTCUSD) has shown a slight recovery, trading just above $44,000, after dropping by up to 7% on Wednesday due to leveraged liquidations. Increased leverage and a non-consensus report from Matrixport contributed to the cascade liquidation, resulting in the elimination of nearly $560 million in long…
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Manufacturing Activity and Job Openings Reports Due
The Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of December at 10 am ET. The ISM’s manufacturing PMI is expected to inch up to 47.1 in December from 46.7 in November, but a reading below 50 would still indicate a contraction. Also at 10 am ET,…
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Futures Pointing To Mixed Open On Wall Street
The major U.S. index futures are currently pointing to a lower open on Wednesday, with stocks likely to see further downside after starting the new year on a downbeat note. Concerns investors have become too optimistic about the likelihood of near-term interest rate cuts may weigh on the markets ahead of the release of the…
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Gold Higher, Base Metals Mixed
Base metals were mixed while gold edged higher as traders waited for Friday’s nonfarm payroll report to gauge which way Fed policy will move this year. “Investors are questioning if the Fed will cut interest rates six times in 2024 if the economy is heading for a soft landing, i.e., maybe five cuts is more…