Dow Futures Eye 177-Point Pop After Jobs Data

Nonfarm payrolls data showed the labor market remains strong

Digital Content Manager
Nov 4, 2022 at 9:14 AM
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Stock futures are edging higher this morning, as investors unpack the latest jobs data. Nonfarm payrolls showed the U.S. economy added 261,000 jobs in October, compared to the 205,000 analysts expected, while the unemployment rate rose to 3.7% -- slightly higher than Wall Street anticipated. In the face of a strong labor market, Dow Jones Industrial Average (DJI) futures are eyeing a 177-point pop, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also pointed higher. At last check, all three major benchmarks were on pace to snap weekly win streaks.

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

  • It could get worse for this AI stock, says bear signal.
  • GameStop stock sees uptick in weekly options volume.
  • Plus, DKNG brushes off quarterly win; Starbucks announces record sales; and DoorDash beats on revenue.

Futures 1104

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 964,028 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.69, while the 21-day moving average stayed at 0.68.
  2. Sports betting concern DraftKings Inc (NASDAQ:PTON) is down 16.7% ahead of the open, despite announcing better-than-expected third-quarter results and raising its revenue outlook. However, the company said a struggling economy could lead its consumers to spend less on the platform. Year-to-date, DKNG is down 43%.
  3. Starbucks Corporation (NASDAQ:SBUX) is up 5.5% in the premarket, thanks to a fourth-quarter top- and bottom-line wins and record sales. The coffee giant attributed the upbeat results to higher wages for it employees and investments in equipment. So far in 2022, though, SBUX has shed 27.6%.
  4. DoorDash Inc (NYSE:DASH) is up 10.5% before the bell thanks to record orders and a revenue beat, though third-quarter earnings missed estimates. The company noted higher food prices have not stopped consumers from spending on its delivery services. Year-over-year, DASH remains down 76.9%, however.
  5. The week will wrap up with average hourly earnings and the labor-force participation rate for ages 25 to 54. 

OV Buzz Chart Nov 4

European Markets Rise Despite Downbeat PMI Data

Hong Kong’s Hang Seng resumed its climb, adding 5.4% as tech and consumer cylical stocks surged. Whispers of China’s reopening, as well as reports of progress in the U.S.’ inspections of Chinese company audits in an effort to prevent delistings, gave stocks a boost. China’s Shanghai Composite followed behind with a 2.4% rise, while the South Korean Kospi tacked on 0.8%. Today’s only laggard, the Nikkei in Japan, dropped 1.7%. 

Markets in Europe are on the rise midday, despite fairly dismal final composite Purchasing Managers’ Index (PMI) data for the euro zone, as the reading of 47.3 in October represents a 23-month low. London’s FTSE 100 is up 1.5% at last glance, while the French CAC 40 and German DAX rise 2.2% and 1.6%, respectively. 

 

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