Private sector companies added 122,000 jobs in December
Stock futures are inching lower ahead of the open today, following yesterday's tech-fueled losses. Investors are eyeing this morning's ADP employment report, which showed private sector companies adding 122,000 jobs in December -- lower than the consensus outlook of 136,000 and down sharply from November's 146,000. Meanwhile, wages grew at their slowest pace since July 2021. Bond yields are on the rise after the data, with the 10-year Treasury yield at 4.7%, its highest level since last April.
Continue reading for more on today's market, including: .
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.3 million call contracts and over 1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.45 and the 21-day moving average remained at 0.61.
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Quantum stock
Rigetti Computing Inc (NASDAQ:RGTI) is plummeting 25.4% lower premarket, after Nvidia (NVDA) CEO Jensen Huang declared that useful quantum computers are still 15-30 years away. The stock has been surging along with the rest of the sector, and is now looking to gap lower off its
Jan. 6 record highs.
- SolarEdge Technologies Inc (NASDAQ:SEDG) is down 6.2% before the bell, after a downgrade from Citigroup to "sell" from "neutral," with a price-target cut to $9 from $12. Wells Fargo chimed in as well, slashing its price objective to $15 from $19. Year over year, SEDG is down 77% heading into today.
- Maplebear Inc (NASDAQ:CART), otherwise known as Instacart, is up 4.6% in electronic trading, after news that it will join the S&P MidCap 400 index, effective Tuesday, Jan. 14. Since last January, the equity is up 83.4%.
- More economic data scheduled later this week.
European Markets Dip After Economic Data
Asian markets were mixed Wednesday, facing pressure from falling stocks and rising Treasury yields stateside. In China, the onshore yuan hit a 16-month low against the U.S. dollar, while the country also released an updated version of its policy aimed to boost consumption via equipment upgrades and increased subsidies. In response, China’s Shanghai Composite closed flat, Hong Kong’s Hang Seng lost 0.9%, and Japan’s Nikkei shed 0.3%. South Korea’s Kospi bucked the broader-market moves, rising 1.2% after Samsung Electronics added 3.4%, brushing off a weaker-than-expected fourth-quarter profit forecast.
European stocks are lower after December’s economic data soured sentiment. The European Commission dropped preliminary data that showed its economic sentiment indicator dropped 1.7 points in the European Union (EU) and 1.9 points in the euro zone in December, while consumer confidence in both areas also fell last month. In Germany, industrial orders fell unexpectedly in November, though at least one euro area economist said the drop hinted at some stabilization in the country’s industry. At last check, France’s CAC 40, London’s FTSE 100, and Germany’s DAX were down 1%, 0.4%, and 0.3%, respectively.