Strong Jobs Data Shoves Stock Futures Into Red Territory

The U.S. economy added 336,000 jobs in September

Digital Content Manager
Oct 6, 2023 at 9:09 AM
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Futures on the Dow Jones Industrial Average (DJIA) took a turn for the worse this morning, erasing a modest lead to drop triple digits, after the U.S. economy added a much higher-than-expected 336,000 jobs in September. The update, which causes investors concern regarding the Federal Reserve's interest rate policy, pushed the 10-year Treasury yield back toward a 16-year high, and pressured futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) lower as well.

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

  • Bears respond to Lucid's cheaper electric sedan.
  • Beverage stock plummets despite beat-and-raise.
  • Plus, FDA zings tech stock; Levi slashes full-year-forecast; and Tesla cuts prices.

Futures 1006

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 840,604 call contracts and 721,978 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.86 and the 21-day moving average stayed at 0.67.
  2. Koninklijke Philips NV (NYSE:PHG) is down 8.9% in premarket trading, after the U.S. Food and Drug Administration (FDA) said the company should conduct further risk testing on its sleep apnea and respiratory devices, which had a massive recall. PHG is still up 31.5% in 2023.
  3. Apparel name Levi Strauss & Co (NYSE:LEVI) is down 1.2% ahead of the open, following a mixed fiscal third-quarter report. Revenue missed analysts' estimates, driving the company to slash its full-year forecast. LEVI already carries a 20.3% year-over-year deficit.
  4. Tesla Inc (NASDAQ:TSLA) is trying to amend a lackluster third-quarter vehicle production and deliveries update. The electric vehicle giant slashed U.S. prices of both its Model 3 and Model Y vehicles after coming short of expectations. TSLA is down 1.6% before the bell, but boasts a 111.1% lead this year.
  5. The unemployment rate, hourly wages, and consumer credit data are also on tap today.

OV Buzz Chart OCt 6

European Markets on the Rise

Asian markets finished mixed on Friday, as investors awaited the U.S. jobs report. Japan’s Nikkei dropped 0.3%, while Hong Kong’s Hang Seng rose 1.6%, and the South Korean Kospi added 0.2%. China’s Shanghai Composite remained closed for the Golden Week holiday.

European bourses are moving higher across the board, with the German DAX up 0.8%, after the country’s industrial orders rose a higher-than-expected 3.9% in August. The French CAC 40 is 0.8% higher as well, while London’s FTSE 100 sports a 0.4% midday lead.

 

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