US open: Jobs report, rising yields knock stocks lower
By Alexander Bueso
Date: Friday 10 Jan 2025
(Sharecast News) - Shares slumped in volatile trading on Wall Street following the release of a stronger-than-expected US non-farm payrolls report.
According to the US Department of Labor, hiring accelerated to a pace of 257,000 in December, easily beating economists' forecasts for a rise of 165,000.
As a result, as of 1548 BST the Dow Jones Industrials was down by 1.28% to 42,078.33, the S&P 500 by 1.15% to 5,849.02 and the Nasdaq Composite by 1.57% at 19,172.81.
Triggering the move lower in equities, yields on the two-year US Treasury note snapped higher by 11 basis points to 4.383%.
The US dollar, gold and crude oil were all noticeably higher alongside.
Ahead of Friday's jobs report, Michael Hartnett at Bank of America had told clients that a "blowout" reading on non-farm payrolls of more than 200,000 would likely see the yield on 10-year Treasury debt rise past 5% and the S&P 500 likely head towards 5,666.
Adding to the risk-off tone, the University of Michigan reported that consumer confidence was steady in January, but that inflation expectations had jumped.
In corporate news, shares in Constellation Energy surged 24% following news that the power generator was to merge with privately owned peer Calpine in a deal worth $26.6bn.
Walgreens shares snapped higher by 26% after beating forecasts with its first-quarter results and maintaining full-year guidance. Futures of the pharmacy chain were up 9% ahead of the bell.
Dow Jones - Risers
Walgreens Boots Alliance, Inc. (WBA) $11.47 24.43%
Walmart Inc. (WMT) $92.93 1.24%
Unitedhealth Group Inc. (UNH) $529.46 0.94%
Chevron Corp. (CVX) $151.65 0.89%
Home Depot Inc. (HD) $389.43 0.58%
Nike Inc. (NKE) $71.53 0.34%
Johnson & Johnson (JNJ) $142.63 0.25%
Dowdupont Inc. (DWDP) $0.00 0.00%
Merck & Co. Inc. (MRK) $99.82 -0.03%
Cisco Systems Inc. (CSCO) $58.88 -0.55%
Dow Jones - Fallers
Intel Corp. (INTC) $19.03 -4.28%
Travelers Company Inc. (TRV) $233.74 -3.72%
Verizon Communications Inc. (VZ) $37.67 -3.27%
3M Co. (MMM) $130.89 -2.70%
Goldman Sachs Group Inc. (GS) $564.41 -2.69%
Salesforce.Com Inc. (CRM) $318.52 -2.56%
Apple Inc. (AAPL) $236.86 -2.41%
American Express Co. (AXP) $296.61 -2.06%
Caterpillar Inc. (CAT) $354.20 -1.90%
Procter & Gamble Co. (PG) $159.07 -1.87%
S&P 500 - Risers
Walgreens Boots Alliance, Inc. (WBA) $11.47 24.43%
Delta Airlines Inc. (DAL) $68.16 10.97%
United Airlines Holdings Inc (UAL) $110.33 6.38%
Apartment Investment & Management Co. (AIV) $9.04 4.99%
VF Corp. (VFC) $22.48 4.34%
American Airlines Group (AAL) $18.26 3.78%
Helmerich & Payne Inc. (HP) $34.01 3.71%
Alaska Air Group Inc. (ALK) $68.27 2.99%
Air Products & Chemicals Inc. (APD) $293.47 2.88%
Coterra Energy Inc. (CTRA) $27.92 2.85%
S&P 500 - Fallers
Constellation Brands Inc. Class A (STZ) $191.07 -12.86%
Jefferies Financial Group Inc. (JEF) $71.68 -10.55%
Nektar Therapeutics (NKTR) $1.07 -6.58%
CBRE Group Inc (CBRE) $121.98 -6.01%
Brown Forman Corp. Class B (BF.B) $34.09 -5.28%
Vornado Realty Trust (VNO) $37.94 -4.99%
Allstate Corp (The) (ALL) $182.45 -4.87%
Advanced Micro Devices Inc. (AMD) $115.96 -4.83%
Cincinnati Financial Corp. (CINF) $134.96 -4.76%
Global Payments Inc. (GPN) $106.42 -4.46%
Nasdaq 100 - Risers
Walgreens Boots Alliance, Inc. (WBA) $11.47 24.43%
American Airlines Group (AAL) $18.26 3.78%
Meta Platforms Inc. (META) $618.59 1.29%
Skyworks Solutions Inc. (SWKS) $93.71 1.17%
Wynn Resorts Ltd. (WYNN) $82.10 1.14%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $419.52 1.05%
Intuit Inc. (INTU) $631.44 0.86%
Mercadolibre Inc. (MELI) $1,751.69 0.73%
KLA-Tencor Corp. (KLAC) $691.07 0.71%
Dollar Tree Inc (DLTR) $72.41 0.61%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $0.35 -7.14%
JD.com, Inc. (JD) $33.04 -4.82%
Intel Corp. (INTC) $19.03 -4.28%
Incyte Corp. (INCY) $70.12 -4.12%
Regeneron Pharmaceuticals Inc. (REGN) $703.50 -4.10%
Illumina Inc. (ILMN) $134.33 -3.83%
Baidu Inc. (BIDU) $78.23 -3.82%
Paypal Holdings Inc (PYPL) $84.60 -3.80%
Netflix Inc. (NFLX) $842.56 -3.71%
Liberty Global plc Series C (LBTYK) $12.38 -3.70%
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