This post was originally published on NASDAQ:AMZN
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US markets are indicated to open modestly higher, with Amazon a likely big riser, although much will depend on non-farm payrolls data before Wall Street opens.
Futures for the Dow Jones Industrial Average are one point higher, those for the S&P 500 are 7 points to the good while Nasdaq futures are up 31 points.
Non-farm payrolls are forecast to rise 200,000 in July against the 209,000 seen in June, according to an FXStreet consensus. The unemployment rate is expected to hold steady at 3.6%.
Joshua Mahony chief market analyst at Scope Markets thinks the jobs report “will receive even more attention than usual as they will provide insights into the tightness of the labour market and the pace of wage growth.”
“Wednesday’s blockbuster ADP reading could provide the basis for confidence this afternoon, but last month proved that the link between the two can be tenuous at times,” he noted.
In company news, Amazon.com Inc and Apple Inc will take centre stage after the two tech giants enjoyed mixed fortunes when reporting after the closing bell Thursday.
Amazon is set to jump after it smashed expectations on the top and bottom line but weak iPhone sales took the gloss of solid numbers at Apple with shares expected to open lower.
Draftkings is seen higher after it reported an 88% jump in second-quarter revenue and earnings ahead of management’s prior expectations.
Booking Holdings Inc is another share set to soar after a recovering global travel industry drove a 27% improvement in revenue to an expectation beating US$5.5 billion, whilst earnings were up 66% on the same period last year.
“>8.45am: Non-farm payrolls miss forecast as jobs market cools
The US economy added fewer jobs than expected in July as the employment market showed signs of weakening in the face of the Federal Reserve’s rate rising spree.
US non-farm payrolls rose by 187,000 in July, below forecasts of an increase of 200,000, according to figures from the Bureau of Labor Statistics.
June’s number was revised down too, from 209,000 to 185,000, while May’s was been cut by 25,000, from 306,000 to 281,000.
The unemployment rate fell to 3.5%, down from 3.6% in June.
Job gains occurred in health care, social assistance, financial activities, and wholesale trade.
Not such good for the Fed on average hourly earnings which rose 0.4% in July taking the annual rate of growth to 4.4%. Economists had expected increases of 0.3% and 4.2% respectively.
Futures have risen since the release. Dow futures are up 46 points, S&P futures are up 13 points and Nasdaq futures are 51 points to the good.
Economist Mohamed A El-Erian said: “This monthly US jobs report has something for everyone when it comes to the “landing” of the US economy.”
“The softer-landing camp will take comfort in the lower-than-expected payroll gain of 187,000. The harder-landing camp will point to hotter wage growth (4.4%) and the fall in the unemployment rate to 3.5%.”
8.00am: Amazon set to soar buy payrolls lie ahead
In company news, Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL) will take centre stage after the two tech giants enjoyed mixed fortunes when reporting after the closing bell Thursday.
Booking Holdings Inc (NASDAQ:BKNG) is another share set to soar after a recovering global travel industry drove a 27% improvement in revenue to an expectation beating US$5.5 billion, whilst earnings were up 66% on the same period last year.
“>9.40am: US markets look to end a turbulent week on the front foot
US markets opened higher on Friday as the US economy added fewer jobs than forecast increasing the likelihood the Federal Reserve will hold interest rates steady at its next meeting.
Shortly after the opening bell the Dow Jones Industrial Average was up 147.81 points, 0.4%, at 35,363.70, the S&P 500 jumped 25.70 points, 0.6%, to 4,527.59 and the Nasdaq Composite climbed 139.41 points, 1.0% to 14,099.13.
US non-farm payrolls were 187,000 in July, below expectations of 200,000, while figures for June and May were revised downwards.
Ian Shepherdson, chief economist at Pantheon Macroeconomics described the payrolls as “softish.”
“The bottom line here is that this report is not strong enough to change Fed doves’ minds, and not weak enough change any Fed hawks’ minds.”
“We still expect the inflation numbers to be good enough to keep the Fed at bay in September, but it’s not a done deal.“
The CME FedWatch tool sees an 85% likelihood that the Fed will leave rates unchanged.
“The big picture here is that the wave of post-Covid catch-up hiring now appears to be over, and modest downward cyclical pressure is now the dominant force in payrolls.”
The fly in the ointment was a larger than expected increase in average hours but Shepherdson doesn’t think the Fed “will be alarmed” by that.
Amazon.com Inc stock jumped 0.9% to $141.22 after it smashed forecasts in the second quarter while results also a lift to Booking Holdings Inc, up 5.88%.
But weaker than hoped iPhone sales weighed on Apple Inc, down 2%.
“>The fly in the ointment was a larger than expected increase in average hourly earnings but Shepherdson doesn’t think the Fed “will be alarmed” by that.
Amazon.com Inc (NASDAQ:AMZN) stock jumped 0.9% to $141.22 after it smashed forecasts in the second quarter while results also a lift to Booking Holdings Inc (NASDAQ:BKNG), up 5.88%.
But weaker than hoped iPhone sales weighed on Apple Inc (NASDAQ:AAPL), down 2%.
“>12:05pm: July’s jobs data comes in cooler than expected
US stocks were higher in noon trading on better-than-expected financial results from Amazon.com and cooler-than-expected employment data for July.
At midday, the Dow gained 219 points to 35,435 while the S&P 500 added 29 points at 4,530 and the tech-heavy Nasdaq rose 126 points to 14,085.
“The last batch of Q2 earnings this week delivered more beats, resilient margins, stable guidance and showed appetite for capex/capital returns, despite worries about the economy,” Barclays head of European equity strategy Bryce Doty Emmanual Cau said.
Other notable movers included shares of DraftKings Inc, which climbed 4% after the online sports betting firm reported a 2Q revenue beat and raised its full-year forecast.
“>4:12pm: Traders end the week with some profit-taking
The Dow closed Friday down 150 points, 0.4%, at 35,066, the Nasdaq Composite slid 51 points, 0.4%, to 13,909 and the S&P 500 declined 24 points, 0.5%, to 4,478. The small-cap Russell 2000 index lost 4 points, 0.4%, to 1,957.
The benchmarks swooned in the afternoon after holding above water for most of the day. For the Nasdaq and S&P, it was the fourth-straight losing session and the worst week since March.
Investors may have engaged in a little profit-taking after the latest earnings results and a cooler-than-expected employment report for July.
“People this week seem more respectful of risk than they were before,” said Steve Sosnick, chief strategist at Interactive Brokers. “Lots of bears have been capitulating, which is often a sign that we’re closer to the end of a rally than the beginning.”
Other notable movers included shares of Draftkings Inc (NASDAQ:DKNG), which climbed 4% after the online sports betting firm reported a 2Q revenue beat and raised its full-year forecast.
“>
4:12pm: Traders end the week with some profit-taking
The Dow closed Friday down 150 points, 0.4%, at 35,066, the Nasdaq Composite slid 51 points, 0.4%, to 13,909 and the S&P 500 declined 24 points, 0.5%, to 4,478. The small-cap Russell 2000 index lost 4 points, 0.4%, to 1,957.
The benchmarks swooned in the afternoon after holding above water for most of the day. For the Nasdaq and S&P, it was the fourth-straight losing session and the worst week since March.
Investors may have engaged in a little profit-taking after the latest earnings results and a cooler-than-expected employment report for July.
“People this week seem more respectful of risk than they were before,” said Steve Sosnick, chief strategist at Interactive Brokers. “Lots of bears have been capitulating, which is often a sign that we’re closer to the end of a rally than the beginning.”
12:05pm: July’s jobs data comes in cooler than expected
US stocks were higher in noon trading on better-than-expected financial results from Amazon.com and cooler-than-expected employment data for July.
At midday, the Dow gained 219 points to 35,435 while the S&P 500 added 29 points at 4,530 and the tech-heavy Nasdaq rose 126 points to 14,085.
“The last batch of Q2 earnings this week delivered more beats, resilient margins, stable guidance and showed appetite for capex/capital returns, despite worries about the economy,” Barclays head of European equity strategy Bryce Doty Emmanual Cau said.
Other notable movers included shares of Draftkings Inc (NASDAQ:DKNG), which climbed 4% after the online sports betting firm reported a 2Q revenue beat and raised its full-year forecast.
9.40am: US markets look to end a turbulent week on the front foot
US markets opened higher on Friday as the US economy added fewer jobs than forecast increasing the likelihood the Federal Reserve will hold interest rates steady at its next meeting.
Shortly after the opening bell the Dow Jones Industrial Average was up 147.81 points, 0.4%, at 35,363.70, the S&P 500 jumped 25.70 points, 0.6%, to 4,527.59 and the Nasdaq Composite climbed 139.41 points, 1.0% to 14,099.13.
US non-farm payrolls were 187,000 in July, below expectations of 200,000, while figures for June and May were revised downwards.
Ian Shepherdson, chief economist at Pantheon Macroeconomics described the payrolls as “softish.”
“The bottom line here is that this report is not strong enough to change Fed doves’ minds, and not weak enough change any Fed hawks’ minds.”
“We still expect the inflation numbers to be good enough to keep the Fed at bay in September, but it’s not a done deal.“
The CME FedWatch tool sees an 85% likelihood that the Fed will leave rates unchanged.
“The big picture here is that the wave of post-Covid catch-up hiring now appears to be over, and modest downward cyclical pressure is now the dominant force in payrolls.”
The fly in the ointment was a larger than expected increase in average hourly earnings but Shepherdson doesn’t think the Fed “will be alarmed” by that.
Amazon.com Inc (NASDAQ:AMZN) stock jumped 0.9% to $141.22 after it smashed forecasts in the second quarter while results also a lift to Booking Holdings Inc (NASDAQ:BKNG), up 5.88%.
But weaker than hoped iPhone sales weighed on Apple Inc (NASDAQ:AAPL), down 2%.
8.45am: Non-farm payrolls miss forecast as jobs market cools
The US economy added fewer jobs than expected in July as the employment market showed signs of weakening in the face of the Federal Reserve’s rate rising spree.
US non-farm payrolls rose by 187,000 in July, below forecasts of an increase of 200,000, according to figures from the Bureau of Labor Statistics.
June’s number was revised down too, from 209,000 to 185,000, while May’s was been cut by 25,000, from 306,000 to 281,000.
The unemployment rate fell to 3.5%, down from 3.6% in June.
Job gains occurred in health care, social assistance, financial activities, and wholesale trade.
Not such good for the Fed on average hourly earnings which rose 0.4% in July taking the annual rate of growth to 4.4%. Economists had expected increases of 0.3% and 4.2% respectively.
Futures have risen since the release. Dow futures are up 46 points, S&P futures are up 13 points and Nasdaq futures are 51 points to the good.
Economist Mohamed A El-Erian said: “This monthly US jobs report has something for everyone when it comes to the “landing” of the US economy.”
“The softer-landing camp will take comfort in the lower-than-expected payroll gain of 187,000. The harder-landing camp will point to hotter wage growth (4.4%) and the fall in the unemployment rate to 3.5%.”
8.00am: Amazon set to soar buy payrolls lie ahead
US markets are indicated to open modestly higher, with Amazon a likely big riser, although much will depend on non-farm payrolls data before Wall Street opens.
Futures for the Dow Jones Industrial Average are one point higher, those for the S&P 500 are 7 points to the good while Nasdaq futures are up 31 points.
Non-farm payrolls are forecast to rise 200,000 in July against the 209,000 seen in June, according to an FXStreet consensus. The unemployment rate is expected to hold steady at 3.6%.
Joshua Mahony chief market analyst at Scope Markets thinks the jobs report “will receive even more attention than usual as they will provide insights into the tightness of the labour market and the pace of wage growth.”
“Wednesday’s blockbuster ADP reading could provide the basis for confidence this afternoon, but last month proved that the link between the two can be tenuous at times,” he noted.
In company news, Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL) will take centre stage after the two tech giants enjoyed mixed fortunes when reporting after the closing bell Thursday.
Amazon is set to jump after it smashed expectations on the top and bottom line but weak iPhone sales took the gloss of solid numbers at Apple with shares expected to open lower.
Draftkings is seen higher after it reported an 88% jump in second-quarter revenue and earnings ahead of management’s prior expectations.
Booking Holdings Inc (NASDAQ:BKNG) is another share set to soar after a recovering global travel industry drove a 27% improvement in revenue to an expectation beating US$5.5 billion, whilst earnings were up 66% on the same period last year.
