Stock Futures Eye Big Bounce After Blowout Jobs Report

Regional bank stocks appear to be bouncing back

Deputy Editor
May 5, 2023 at 9:09 AM
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Stock futures are pointed confidently higher today, seemingly ready to put the four-day losing streaks to bed. The Dow Jones Industrial Average (DJI) is up 228 points, with Apple (AAPL) offering tailwinds after beating top- and bottom-line estimates for its fiscal second quarter. Regional bank stocks are also staging a bounce after their recent rut. But the big news of the morning is the U.S. economy adding 253,000 jobs in April, compared to analyst estimates of 180,000. 

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

  • United Airlines stock flashing bear signal. 
  • This streaming stock just pivoted sharply lower. 
  • Plus, two stocks staging different post-earnings swings; and FHN plummets after called off takeover deal. 

Futures May5

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 991,659 put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.82 and the 21-day moving average stayed at 0.76.
  2. DraftKings Inc (NASDAQ:DKNG) is up 12.6% premarket, after the online gambling platform reported better-than-expected first-quarter results and raised its full-year forecast. Three firms chimed in with modest price-target hikes after the event. Should these gains hold, DKNG will nab a fresh one-year high. Heading into today, the stock is already up 87% year-to-date.  
  3. On the other hand, Lyft Inc (NASDAQ:LYFT) is down 15.3% in electronic trading, after the rideshare company's downbeat forecast despite posting better-than-expected first-quarter revenue. Analysts are swarming the stock with bear notes, with no fewer than 14 price-target cuts. LYFT is down 3% since the start of the year. 
  4. Bumble Inc (NASDAQ:BMBL) is up 8.3% before the bell, after the dating app's mixed first-quarter results, with losses of one cent per share alongside strong revenue. Three analysts slashed their price targets, while Morgan Stanley raised its price objective by $1 to $22. Year-to-date, Bumble stock is down 16.2%. 
  5. The employment rate, hourly wages, and consumer credit report are due out today

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China Posts Services PMI

Stateside banking fears and economic data out of China left Asian markets mixed Friday. China’s Caixin services purchasing managers’ index (PMI) fell to 56.4 last month, marking a fourth-straight month above the expansion mark, despite disappointing factory activity released earlier this week. However, the country’s Shanghai Composite dwindled 0.5%, while Hong Kong’s Hang Seng turned in a 0.5%. Elsewhere, South Korea’s Kospi and Japan’s Nikkei were both closed for a holiday.

Europe’s major bourses are higher midday, as traders in the region ponder future monetary policy movements. London’s FTSE 100 is 0.5% higher this afternoon, after the British pound hit a one-year high following the U.S. Federal Reserve’s 10th-straight interest rate hike. Rounding out the region, Germany’s DAX and France’s CAC 40 were last seen 0.9% and 0.6% higher, respectively.

 

 

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