Stock Futures Slide After Final Jobs Report of 2024

Stock futures are firmly lower ahead of the bell this morning, as investors unpack hotter-than-expected jobs data. Futures on both the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are down triple digits, while S&P 500 Index (SPX) futures sit lower as well. 

U.S. payrolls grew by 256,000 in December, much higher than the estimated 155,000, while the unemployment rate fell to 4.1%. Treasury yields spiked immediately after the report, with the 10-year note hitting its highest level since 2023.

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

• 3 stocks that could benefit from the AI boom. 
• How solar stocks are faring after their end-of-year slump. 
• Plus, 2 stocks moving after earnings; and chip stock slips on downgrade. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and over 1.1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.60 and the 21-day moving average remained at 0.61.
2. Walgreens Boots Alliance Inc (NASDAQ:WBA) is up 14.1% premarket, after the company's better-than-expected fiscal first-quarter results. One of the worst performing SPX stocks in 2024, WBA is down 63.6% year over year heading into today. 
3. Constellation Brands Inc (NYSE:STZ) is 4.6% lower before the bell, after the wine and spirits company missed fiscal third-quarter earnings expectations and lowered its annual sales forecast. Should these losses hold, STZ will mark a 52-week low out of the gate. 
4. ON Semiconductor Corp (NASDAQ:ON) is down 3% in electronic trading, after a downgrade from Truist to "hold" from "buy," with a price-target cut to $60 from $85. Deutsche Bank also lowered its price objective to $80 from $90. Looking to hit a two-year low in today's trading, the equity is down 24.3% since last January. 
5. Key bank earnings due out next week. 

Asian Markets Lower Amid Japan's Spending Data

Asian stocks fell Friday as investors unpacked Japan’s November household spending and pay data. Real household spending dipped 0.4% year-over-year, softer than expected, while average real income per household rose 0.7%. In response, Japan’s Nikkei fell 1.1%. China’s Shanghai Composite gave back 1.3%, after Reuters reported the People’s Bank of China will temporarily suspend treasury bond purchases amid high demand and limited supply.  Rounding out the region, Hong Kong’s Hang Seng slipped 0.9%, while South Korea’s Kospi managed a more modest 0.2% retreat.

European markets are mostly higher this afternoon, except for London’s FTSE 100, down 0.4% as traders monitor yields on 30-year gilts reaching their highest rates since the late 1990s. France’s CAC 40 is 0.2% higher at last check, buoyed by a 0.2% rise in November industrial output, while Germany’s DAX has gained 0.4%.