US open: Stocks mixed following nonfarm payrolls report
By Iain Gilbert
Date: Friday 04 Feb 2022
(Sharecast News) - Wall Street stocks were mixed early on Friday as market participants thumbed over January's nonfarm payrolls report.
As of 1525 GMT, the Dow Jones Industrial Average was down 0.24% at 35,027.76, while the S&P 500 was 0.25% firmer at 4,488.52 and the Nasdaq Composite came out the gate 0.86% stronger at 13,998.69.
The Dow opened 83.40 points lower on Friday, extending the previous session's losses.
Friday's primary focus will be January's all-important nonfarm payrolls report, which revealed the US economy unexpectedly added 467,000 payrolls in January, much better than analysts' expectations for a print of 150,000.
According to the Bureau of Labor Statistics, the nonfarm payrolls report showed employment growth continued in leisure and hospitality, up 151,000 month-on-month, while increases were also seen in professional and business services, retail trade, transportation and warehousing.
The unemployment rate, on the other hand, increased from 3.9% to 4.0%, while average hourly earnings increased to 0.07% from 0.05% a month earlier.
Investors were also digesting a slew of corporate earnings from overnight, with Ford shares in the red after missing estimates by a country mile, while Amazon, Pinterest and Snap stocks were all higher following strong quarterly results.
In terms of Friday's earnings, Bristol-Myers Squibb posted slightly better than expected fourth-quarter earnings, while Royal Caribbean Cruises posted a loss of $1.36bn in its fourth quarter.
Also in focus, WTI crude oil prices topped $92.0 per barrel for the first time since 2014, adding to inflation concerns, while the yield on the benchmark 10-year Treasury note increased to 1.906%.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN