Nasdaq Futures Rise After Tech Earnings

Rising bond yields are weighing on the broader market

Digital Content Manager
Feb 2, 2024 at 9:19 AM
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Wall Street is unpacking a stronger-than-expected jobs report before today's open, with nonfarm payrolls growing by 353,000 compared to the anticipated rise of 185,000, while the unemployment rate came in at a slightly cooler-than-expected 3.7%. Treasury yields pivoted higher in response, sending the Dow Jones Industrial Average (DJI) down nearly triple digits. Futures on the Nasdaq-100 (NDX) are still managing a comfortable lead, however, due to post-earnings gains from Amazon.com (AMZN) and Meta Platforms (META), while S&P 500 Index (SPX) futures inch higher as well. 

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

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 858,066 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.64 while the 21-day moving average remained at 0.71.
  2. Amazon.com Inc (NASDAQ:AMZN) announced a fourth-quarter earnings and revenue win after yesterday's close, with growth in its cloud division contributing to these results. AMZN attracted at least 20 price-target hikes in response, with J.P. Morgan Securities and TD Cowen raising their objectives to $225 from $190 and $200, respectively. Over the last 12 months, the e-commerce stock has added 51.5%, and today sports a 7.1% premarket lead.
  3. Apple Inc (NASDAQ:AAPL) is brushing off a fiscal first-quarter top- and bottom-line beat, down 3.5% before the bell, due to shrinking China sales. Analysts are chiming in, with no fewer than three issuing price-target cuts while two hiked their objectives. The security still sports 28.5% year-over-year lead, though.
  4. Meta Platforms Inc (NASDAQ: META) stock boasts a 16.9% lead ahead of the open, after the Facebook parent revealed it tripled profits in the fourth quarter and saw a dramatic jump in revenue. The company attributed the blowout results to cost-cutting and a rebound in advertising. Plus, the company announced its first dividend, which will pay investors 50 cents a share on March 26. META added 157.8% in the last year.
  5. The week closes out with a slew of economic data

OV Buzz Chart Feb 2

Kospi Surges After Inflation Data

In Asian markets, the South Korean Kospi led the gainers with a 2.9% pop on Friday, after the country’s consumer price index (CPI) rose 2.8% year-over-year, slightly below analysts’ estimated 2.8% reading and a third-straight monthly decline. Japan’s Nikkei followed with a 0.4% rise, while China’s Shanghai Composite and Hong Kong’s Hong Song fell 1.5% and 0.2%, respectively.

European bourses are higher at last glance, with autos pacing the winning sectors so far after a busy week of earnings and bank decisions. London’s FTSE 100 is up 0.5%, while the French CAC 40 rises 0.6%, and the German DAX tacks on 0.8%.

 

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