Dow Futures Drop Triple Digits After Key January Jobs Report

The Nasdaq is trying to brush off some of yesterday's Big Tech selloff

Deputy Editor
Feb 4, 2022 at 9:10 AM
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Stock futures are lower after a highly anticipated January nonfarm payrolls report. Futures on the Nasdaq-100 Index (NDX) are dropping from their earlier gains despite upbeat earnings from tech giants like Amazon.com (AMZN) helping Big Tech shake off the shadow cast by Meta Platforms (FB). Meanwhile, the S&P 500 Index (SPX) is sporting muted losses, while the Dow Jones Industrial Average (DJI) is headed for a nearly 200-point plummet.

Weighing on stocks is another jump in the 10-year Treasury yield, following the aforementioned January jobs report, which showed a 467,000 rise in payrolls. This number dramatically topped analysts' estimated 150,000 gain. 

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

  • The reservation stock bulls should book before Valentines Day. 
  • Can Nvidia stock add to its 80% year-over-year lead this month?
  • Plus, HTZ names new CEO; BMY shares earnings beat; and BIIB back in spotlight amid FTC drama.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.28 million call contracts traded on Thursday, and 966,270 put contracts. The single-session equity put/call ratio rose to 0.75, and the 21-day moving average rose to 0.54.
  2. The shares of Hertz Global Holdings Inc (NASDAQ:HTZ) are up 3.8% before the bell, after the company named former Goldman Sachs (GS) finance chief Stephen M. Scherr as its new CEO, replacing interim CEO Mark Fields. So far in 2022, HTZ has shed 22%.
  3. Drug concern Bristol-Myers Squibb Co (NYSE:BMY) is down 0.3% in premarket trading, despite the firm reporting fourth-quarter earnings that topped analysts' estimates. The equity cited strong sales for its cancer drug Opdivo and its blood thinning treatment Eliquis. 
  4. Biogen Inc (NASDAQ:BIIB) is back in the news after it said that the U.S. Federal Trade Commission requested documents related to its Alzheimer's drug, Aduhelm, which has been the source of controversy since its Food and Drug Administration (FDA) approval last year. BIIB was seen down 1.9% before the open, extending yesterday's losses, and continues to see a slew of bear notes from analysts.
  5. To close out the first week of the month is the unemployment rate, average hourly earnings, and the labor-force participation rate.
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Stocks Mixed Following European Central Bank Update

After coming back from holiday break, Hong Kong's Hang Seng roared to life today, adding 3.2%, as finance stocks surged. Japan's Nikkei and the South Korean Kospi rose for the day as well, adding 0.7% and 1.6%, respectively. Elsewhere, China's Shanghai Composite in Asia remained closed today in observance of the Lunar New Year.

European markets are mostly lower midday, as investors unpack the European Central Bank's (ECB) decision to keep interest rates unchanged. Plus, auto stocks are sliding, after data showing that new car sales in the U.K. remained significantly below pre-pandemic levels. London's FTSE 100 is managing a 0.06% gain at last check, while the French CAC 40 slides 0.8%, and the German DAX loses 1.5%.

 




 
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