Traders Brush Off Jobs Data to Focus on Impressive Tech Earnings

A woefully wide miss in private payrolls data is still being felt among traders

Digital Content Manager
Feb 2, 2022 at 9:04 AM
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Stock futures are extending last night's rally into today, with all three major indexes pointed higher. Futures on the Nasdaq-100 Index (NDX) are seeing the biggest gains, eyeing a triple-digit pop right out of the gate, after tech darlings Alphabet (GOOGL) and Advanced Micro Devices (AMD) posted strong quarterly results. Meanwhile, futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are also pointed higher, though a new round of jobs data could be weighing on the indices. Private payrolls data came in at 301,000, dramatically dropping from the 807,000 private payrolls seen in December. 

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

  • Schaeffer's Senior Quantitative Analyst Rocky White breaks down what January's slump could mean for the rest of the year. 
  • This mobile merger made options traders' ears perk up. 
  • Plus, Waste Management's mixed quarterly report; Capri posts upbeat revenue forecast; and more on GOOGL's earnings beat.

futures feb 2

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.32 million call contracts traded on Tuesday, and 699,479 put contracts. The single-session equity put/call ratio stayed at 0.53, and the 21-day moving average stayed at 0.53.
  2. Waste Management, Inc. (NYSE:WM) announced it would lift its dividend, and raised its full-year revenue forecast during its fourth-quarter earnings report. This forecast bested analysts' estimates, while its earnings of $1.26 per share fell in line with expectations. WM rose earlier in premarket trading, but was last seen down 2.5%. 
  3. Capri Holdings Ltd. (NYSE:CPRI) is up an impressive 12.2% before the bell, following the fashion company's fiscal third-quarter earnings report. CPRI posted a profit beat, and raised its profit outlook, citing continuously strong demand for its handbags and apparel. 
  4. Google parent Alphabet Inc (NASDAQ:GOOGL) is also seeing a surge after earnings. The tech giant's stock is up 9.6% ahead of the open after it reported record quarterly sales, as well as a top- and bottom-line beat. The firm also announced a 20-for-1 stock split, which could indicate the stock's inclusion in the Dow Jones Industrial soon. 
  5. Today features an ADP employment report and the fourth-quarter home ownership rate.

European Markets Brush Off High Inflation Data Out of Euro Zone

Most markets in Asia remained closed today in observance of the Lunar New Year. Japan's Nikkei added an impressive 1.7%, however.

Markets in Europe, meanwhile, are on the rise midday, even after data showed the euro zone's annual inflation hit an all-time high in January, with consumer prices rising 5.1% year-over-year. At last check, London's FTSE 100 is leading the charge with a 0.7% gain, while the French CAC 40 adds 0.6%, and the German DAX posts a 0.4% climb. 


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