Stock Futures Brush Off Additional Strong Jobs Data

Nonfarm payrolls bested economists' estimates

Deputy Editor
Apr 5, 2024 at 9:22 AM
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After another sluggish session, futures tied to the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are higher this morning, though all three major indexes are still headed for significant weekly losses. Traders are unpacking more jobs data, with March nonfarm payrolls totaling 303,000 -- much higher than economists anticipated. Plus, the unemployment rate came in at 3.8%, and average hourly earnings rose 0.3% last month.

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

Futures Chart April 52024

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 989,595 put contracts exchanged Thursday. The single-session equity put/call ratio fell to 0.68, while the 21-day moving average remained at 0.71.
  2. Shares of Shockwave Medical Inc (NASDAQ:SWAV) are 1.7% higher premarket, after Johnson & Johnson (JNJ) said it would acquire the medical device concern for $12.5 billion. Coming into today, SWAV already boasted a 67.9% year-to-date lead.
  3. Piper Sandler upgraded Krispy King Inc (NYSE:DNUT) stock to "overweight" from "neutral" and lifted its price target to $20 from $14. The analyst said DNUT is poised for a big bounce and called its new partnership with McDonald's (MCD) a "game changer." Up 5.5% before the bell, Krispy Kreme stock could conquer its year-to-date breakeven mark.
  4. Shares of Ollie's Bargain Outlet Holdings Inc (NASDAQ:OLLI) are up 2.5% ahead of the open, after Loop Capital issued an upgrade to "buy" from "hold," citing cheap valuation relative to its competitors and the potential for expansion. The stock is up 23.2% in the last 12 months.
  5. Inflation data and the Federal Reserve's meeting minutes are coming next week.
     

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Overseas Stocks Lower to Close the Week

Asian stocks fell to varying degrees, taking cues from the U.S.’ late-day, Fed-driven selloff. Japan’s Nikkei gave back 2%, slipping below 39,000 as February household spending came in below estimates. South Korea’s Kospi pivoted into the red to finish down 1%, with small caps feeling the pain. Hong Kong’s Hang Seng was marginally lower despite an upbeat day from bank stocks and an increase in private sector activity for the first time since December. China’s Shanghai Composite remained closed for the holiday.

Over in Europe, its more of the same red ink. Euro zone retail sales fell by 0.5% in February, in line with expectations but still a third-straight monthly drop. London’s FTSE 100 is off by 0.9%, after housing prices in the U.K. took a 1% hit in March, snapping a five-month streak of gains. Elsewhere, a Delivery Hero selloff is weighing on the German DAX’s 1.4% loss, while the French CAC 40 is also off by 1.4%.

 

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