Jobs Data Sends Dow Futures Higher

The unemployment rate fell to a 49-year low

Managing Editor
May 3, 2019 at 9:18 AM
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Dow Jones Industrial Average (DJI) futures are soaring in early trading, after a better-than-expected April jobs report. Specifically, the Labor Department said 263,000 new jobs were added last month, topping expectations for an increase of 190,000, while the unemployment rate fell to a 49-year low of 3.6%. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also moving higher, with the indexes hoping to put a dent in their weekly losses. 

Continue reading for more on today's market, including: 

  • Citron: This stock will fall more than 50%.
  • Steer clear of this cloud stock next month.
  • 3 hot new stocks on Wall Street.
  • Plus, Oprah's earnings win; Marriott's C-Suite health scare; and traders digest Fiat earnings.

Stock Futures OV May 3

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.10 million call contracts traded on Thursday, compared to 708,637 put contracts. The single-session equity put/call ratio rose to 0.64, while the 21-day moving average stayed at 0.60.
  2. Oprah-backed WW International (NASDAQ:WW)  -- formerly Weight Watchers -- stock is soaring 14% in pre-market trading, after the company last night reported a narrower-than-expected first-quarter loss and raised its full-year outlook. In response, Morgan Stanley and J.P. Morgan Securities raised their price targets to $23 and $17, respectively. WW has struggled this year, but could open at it highest mark since its late-February, post-earnings bear gap.
  3. Hotel chain Marriott International Inc (NASDAQ:MAR) stock is down 0.7% this morning, on news that CEO Arne Sorenson has been diagnosed with stage 2 pancreatic cancer. Sorenson plans to continue working through treatment, and has surgery planned for late 2019. MAR has been an outperformer this year, just this week touching an 11-month peak of $140.37.
  4. Car manufacturer Fiat Chrysler Automobiles NV (NYSE:FCAU) is up nearly 3% in electronic trading, after the company reported first-quarter earnings that were in line with analyst estimates. Long term, FCAU has been in a channel of lower highs since late 2018, and was down 33% year-over-year, as of yesterday's close.
  5. On tap today is data on international trade, the PMI services index, and the ISM non-manufacturing survey. Speeches from New York Fed President John Williams and St. Louis Fed President James Bullard are also anticipated. It's quieter on the earnings front, with reports from ImmunoGen (IMGN) and Newell Brands (NWL).

stock market news may 3

London Stocks Higher on Outperforming Financial Sector

It was another quiet day for Asian stock markets, with the Shanghai Composite in China and Nikkei in Japan both closed. In Hong Kong, the Hang Seng grabbed a 0.5% win, thanks to a sharp post-earnings rise in financial giant HSBC. South Korea’s Kospi, meanwhile, fell 0.7%, mainly due to a pullback in the shares of Samsung Electronics.

Stocks in Europe are mostly higher today, though gains may be limited because of hesitation before today’s jobs report in the U.S. Still, London’s FTSE 100 is leading the charge with an 0.8% rise, bolstered by strong gains in the financial sector. Outside of HSBC, France’s Societe Generale SA is also having an impressive post-earnings session, helping guide the CAC 40 up 0.3%. In Germany, the DAX is sporting a 0.4% advance.

 

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