Stock Futures Rise Despite Disappointing Jobs Data

Nonfarm payrolls increased by 210,000 for the month

Assistant Editor
Dec 3, 2021 at 9:20 AM
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Dow Jones Industrial Average (DJI) futures are up 110 points before the bell, after yesterday's impressive rally, while S&P 500 (SPX) and Nasdaq-100 (NDX) futures are sitting in the black as well. The market is brushing off disappointing jobs growth, with nonfarm payrolls data showing 210,000 jobs added in November -- much lower than Wall Street's anticipated 573,000 -- despite businesses aggressively hiring amid the labor shortage. Meanwhile, the unemployment rate fell to 4.2% from 4.6%. Elsewhere, the U.S. Food and Drug Administration (FDA) is prepping for rapid reviews of omicron variant-specific Covid-19 treatments. 

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

  • C3Ai stock tumbled after a round of bear notes
  • Steel stock could soon stage a bounce. 
  • Plus, DOCU eyes worst day ever; PTON receives fresh coverage; and DIDI down on delisting buzz. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Thursday, and over 1 million put contracts. The single-session equity put/call ratio rose to 0.62, and the 21-day moving average climbed to 0.48.
  2. DocuSign Inc (NASDAQ:DOCU) is down a whopping 31.1% in pre-market trading, after posting disappointing fourth-quarter sales guidance. The company also reported third-quarter losses of 58 cents per share after the close yesterday, which is much lower than the anticipated earnings of 46 cents per share, despite a revenue beat. In response, no fewer than four analysts downgraded DOCU, sending the stock on track for its worst day ever. 
  3. Deutsche Bank initiated coverage on Peloton Interactive Inc (NASDAQ:PTON) with a "buy" rating and $76 price target, sending the shares up 4.2% ahead of the open. Still trading near its recent annual low, PTON is down 70.7% year-to-date. 
  4. DiDi Global Inc (NYSE:DIDI) is down 8.9% in electronic trading, after the China-based ridesharing company announced it would delist from the New York Stock Exchange (NYSE) amid regulatory pressures, and begin preparations for a listing in Hong Kong. In the past three months, the equity has shed 11.5%. 
  5. Today will bring the The Markit services PMI, the ISM services index, factory orders, and revised core capital goods order
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Investors Unpack Plenty of Data out of Europe

Asian markets were mostly higher on Friday, with Hong Kong’s Hang Seng being the only loser on a slight 0.09% drop, as Chinese tech stocks in the region took a nosedive following news that ride-share name Didi (DIDI) would move toward delisting from the New York Stock Exchange (NYSE). The Nikkei in Japan managed to add 1%, even as the country’s financial giant SoftBank took a hit on the news, as it holds a considerable stake in Didi. Meanwhile, China’s Shanghai Composite added 0.9%, and the South Korean Kospi tacked on nearly 0.8%.

In Europe, the major bourses are looking at muted midday wins as investors keep a close eye on further updates on the new omicron Covid-19 variant and the euro zone’s latest purchasing managers’ index (PMI) reading out of the euro zone. The final November PMI came in at 55.4, rising from October’s 54.2 reading, but coming in still slightly below estimates. Meanwhile, the euro zone’s consumer price index (CPI) reading came in at a record 4.9% annually last month,  and its producer price index (PPI) reading rose 5.4% in October, and is up 21.9% since last year. Despite this massive surge, and projections that CPI inflation could stay above the European Central Bank’s (ECB) 2% target, two central bank members are still calling inflation “transitory.” In response, the French CAC 40 is 0.3% higher, while the German DAX and London FTSE 100 are both up 0.4%.

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