The Market is Shaking With Jobs | Market Moovers
Morning mooers! It is Friday, April 5th, and I just felt an earthquake in Jersey City. The market is shaking from hot jobs data released by the Bureau of Labor Statistics. The economy added 303k jobs in March, nearly 100k more than expected.
My name is Kevin Travers, here are your morning moovers today:
MOOVERS
$General Electric was the biggest gainer of the S&P after the firm successfully spun off GE Vernova.
$Enphase Energy was the biggest loser in the S&P 500. The stock fell 6% after one of the firms chief executives said he was stepping down.
$Tesla(TSLA.US$ fell 5% after a report that the firm would scrap its inititive to build a low cost EV, and instead focus on robotaxis.
$Apple announced it had laid off more than 600 employees after halting its self driving car project.
$Altice USA fell about 6% after a downgrade from Wells Fargo Analysts.
$ShockWave Medical rose just 1.73%, despite news Johnson & Johnson announced it would buy the company for $12.5 billion.
SECTORS
Oil and Gold Climb
Oil and gold climbed all week. Oil hit the highest prices in five months Wednesday and Thursday, especially after the market began to pullback. On Wednesday, OPEC+ held a ministerial meeting that ended without changes to the cartel's production policy. The cartel stuck to voluntary cuts of 2.2 million barrels per day.
Gold futures climbed past $2330 for May, a new record.
RECAP
It is Friday, April 5th, and the market is reacting to hot jobs data from the Bureau of Labor Statistics, showing the economy added 303k jobs in March, nearly 100k more than expected. Indexes climbed back from a sudden drop Thursday after noon.
The $S&P 500 Index climbed %0.53 at the time of writing. The $NASDAQ 100 Index climbed 0.73% and the $Dow Jones Industrial Average grew by 0.21%.
MACRO
the market climbed after the payroll data, the largest gain in more than a year according to Bloomberg. Economists expected just 212k added jobs. The unemployment rate also stayed low at 3.8%, down a bit from February, and reaching pre pandemic levels of 3.7-3.5%.
By Comparison, Canadian unemployment numbers Friday morning were well into 6%.
In inflation times, higher employment can be a sign the economy is too hot.
Thursday, the president of the Richmond Federal Reserve said it would be "smart for the Fed to take our time" before lowering interest rates in light of the elevated inflation readings in early 2024.
"No one wants inflation to reemerge," Thomas Barkin said in a speech to homebuilders in Virginia. " And given a strong labor market, we have time for the clouds to clear before beginning the process of toggling rates down."
Mooers, there actually was an earthquake that shook the moomoo office this morning, according to the USGS, what are you feeling today?
Source: Bloomberg, Dow Jones, CNBC, Reuters
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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Maniac Fool : Hi hi Kevin. Love your daily vibes
affable Blobfish_403 : Employment is hot, wages are rising, unemployment is falling,... , inflation is about to rebound!
Blazethebeagle : Those job adds were mainly government private sector still struggling
Kevin TraversOP Blazethebeagle: I saw that, not a great sign
gkoval172 : Yeah, the correlation between high employment and high inflation still has me hesitant at the moment. Sitting on cash until a larger pullback
Laoshandaoshi : High inflation is the only solution to 35 trillion dollars of debt lol
Kevin TraversOP Maniac Fool: thank you Maniac, we should chat sometime!!
Julia G M : Fed and rates, yikes!
Tbeanbean affable Blobfish_403: Wow
TheChariotnyc : The jobs were all part time… it’s fake af
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