Nonfarm payrolls came in at a much higher-than-expected 272,000
Stock futures are sharply lower this morning, following the release of highly anticipated nonfarm payrolls data, which investors use to gauge the labor market and, subsequently, potential interest rate decisions from the Fed. The U.S. added 272,000 jobs in May, much higher than the expected 190,000, seemingly dashing hopes of a cooling jobs market and sending bond yields higher. Meanwhile, the unemployment rate rose to 4%.
- 2 retail earnings that made waves yesterday.
- How subscribers to Schaeffer's Weekend Trader service doubled their money with BOOT.
- Plus, 2 stocks moving after earnings; and LYFT hit with bull notes after investor day.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.5 million call contracts and 884,982 put contracts exchanged on Thursday. The single-session equity put/call fell to 0.59, while the 21-day moving average stayed at 0.69.
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Mission Produce Inc (NASDAQ:AVO) is up 8% premarket, after the avocado distributor's fiscal second-quarter earnings beat. Should these gains hold, AVO will break into the black for the week and mark its first weekly win in three. Heading into today, the equity is up 13.4% year to date.
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Vail Resorts Inc (NYSE:MTN) is down 7.5% before the bell, after the ski resort giant's fiscal third-quarter results missed estimates. The company also lowered its full-year guidance, and J.P. Morgan Securities downgraded the stock to "underweight" from "neutral," while no fewer than seven other analysts cut their price targets. Since the start of 2024, the equity is down 9.1%.
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Lyft Inc (NASDAQ:LYFT) is sporting a 3.2% lead in electronic trading, after several analysts upgraded the
rideshare stock following the company's investor day. Should these gains hold, LYFT will be looking to snap a four-week losing streak.
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Asian Economic Data in Focus
Asian markets were mixed on Friday, as traders unpacked a slew of economic data. Japan’s Nikkei settled slightly below breakeven with a 0.05% loss, after the country’s spending data for April missed estimates, while China’s Shanghai Composite saw a modest gain of 0.08% on the heels of better-than-expected exports data for May. South Korea’s Kospi rose 1.2% as investors returned from a holiday, and Hong Kong’s Hang Seng shed 0.6%.
European markets are cooling down, after rallying to record highs in the previous session following the European Central Bank’s (ECB) decision to cut interest rates for the first time since 2019. France’s CAC 40 and the German DAX were last seen 0.9% lower, while London’s FTSE 100 is down 0.6%.