Stock Futures Brush Off Cooler-Than-Expected Jobs Data

Bond yields are also moving lower

Digital Content Manager
May 9, 2024 at 9:18 AM
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Wall Street is unpacking fresh jobs data this morning, with unemployment claims for last week hitting their highest level since August -- above estimates and a possible sign that the labor market is cooling down. Dow Jones Industrial Average (DJIA) futures are below breakeven, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are flat despite falling bond yields.

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 1.3 million call contracts and 783,834 put contracts traded on Wednesday. The single-session equity put/call rose to 0.59, and the 21-day moving average stayed at 0.71.
  2. Despite a first-quarter earnings and revenue beat, Airbnb Inc (NASDAQ:ABNB) stock is down 8.8% in premarket trading after the company issued a weak fiscal second-quarter outlook. ABNB is looking to trim its roughly 16% year-to-date lead.
  3.  Warner Bros Discovery Inc (NASDAQ:WBD) stock is 4% lower before the open, amid news the entertainment concern plans to partner up with Walt Disney (DIS) to offer a Disney+, Hulu, and Max streaming bundle this summer. WBD is already down 31.5% this year.
  4. Arm Holdings PLC (NASDAQ:ARM) stock is down 6.7% before the open, after the chip company's 2025 revenue forecast failed to impress, casting a shadow on its $928 million in revenue for the fourth quarter. So far in 2024, the security is down 26.9%. 
  5. More Fed speeches are on tap this week. 

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European Stocks Higher as England Holds Rates Steady

An 8.4% jump in imports sent stocks in China higher today, with Hong Kong’s Hang Seng enjoying a 1.2% win and the region’s Shanghai Composite climbing 0.8%. On the flip side, Japan’s Nikkei marked its second straight daily loss, falling 0.3% after real wages in the country slid 2.5% year-over-year for March. The South Korean Kospi suffered a steeper 1.2% drop.

Stocks are modestly higher in Europe, after the Bank of England (BoE) shared it will hold interest rates steady, as anticipated. At last glance, London’s FTSE 100 is up 0.3%, France’s CAC 40 has added 0.2%, and Germany’s DAX enjoys a 0.6% lead.

 

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