Dow Futures Struggling for Direction After Jobs Report

The latest ADP employment report pointed to cooling job market

Digital Content Manager
Nov 30, 2022 at 9:21 AM
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Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are flat this morning, while futures on the Nasdaq-100 Index (NDX) are pointed marginally higher. Traders are unpacking the latest ADP employment report, which revealed private companies added just 127,000 jobs in November, below Wall Street's estimates of 190,000. The cooler-than-expected report is fueling hopes the Federal Reserve may soon ease its hawkish policy.

Plus, the U.S. economy grew 2.9% in the third quarter, according to the latest gross domestic product (GDP) reading, momentarily fending off recession fears. Eyes will also be on this afternoon's speech from Fed Chair Jerome Powell.

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

  • Chemours stock dipped after issuing a warning.
  • 2 Treasury indicators that may signal a recession.
  • Plus, Workday's earnings beat; why CRWD is falling; and Horizon Therapeutics stock surges on sale talks.

Futures 1130

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 821,246 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.72, while the 21-day moving average stayed at 0.71.
  2. Workday Inc (NASDAQ:WDAY) is up 9.1% before the open, after announcing better-than-expected third-quarter earnings and revenue. The software concern also hiked its outlook and revealed a share buyback program. Year-over-year, WDAY remains down 49.1%.
  3. Crowdstrike Holdings Inc (NASDAQ:CRWD) is brushing off a third-quarter earnings and revenue win, after its subscription numbers missed estimates as customers postpone expenses amid an uncertain economic outlook. CRWD is down 17% in premarket trading, and has shed 38.5% over the last 12 months.
  4. The shares of Horizon Therapeutics PLC (NASDAQ:HZNP) are up 30.5% in premarket trading, after the company revealed it is having discussions about a possible sale with the likes of Amgen (AMGN), Sanofi (SNY), and Johnson & Johnson (JNJ). Year-to-date, HZNP remains down 26.9%.
  5. Domestic final sales revisions and gross domestic income are due out today. Plus, the Chicago purchasing manager's index (PMI) will be released, alongside the pending home sales index, and job openings and quits. Fed Chair Jerome Powell will also speak, followed by an update to the Beige Book.

OV Buzz Chart Nov 30

European Markets Rise on Euro Zone Inflation Data

Asian markets settled mostly higher on Wednesday, with the exception of Japan’s Nikkei, which shed 0.2%. China’s Covid-19 restrictions weighed on its manufacturing and services data, with the country’s November manufacturing purchasing managers’ index (PMI) contracting to 48.0 from the previous month’s 49.2 – its lowest level since April -- while its services PMI fell to 46.7 in November from 48.7. Hong Kong’s Hang Seng surged in the final hour of trading to finish 2.2% higher, while China’s Shanghai Composite inched up 0.05% and the South Korean Kospi rose 1.6%.

In Europe, stocks are on the rise midday, as investors unpack inflation data. The euro zone’s consumer price index (CPI) rose 10% year-over-year, which is below analysts’ expectations of 10.4% and down from October’s 10.6% reading. London’s FTSE 100 is up 0.9%, while the French CAC 40 rises 0.8%, and the German DAX tacks on 0.4%.

 

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