Jobs data is keeping optimism in check, however
Futures on the Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are firmly higher this morning, following upbeat earnings reports from Meta Platforms (META) and Microsoft (MSFT). The strong results eased concerns over the impact of tariffs on artificial intelligence (AI) spending and the broader economy.
However, jobs data is keeping that optimism in check. Jobless claims saw a surprise jump last week to 241,000 -- well above Wall Street's estimate of 225,000 -- signaling potential cracks in the labor market. Investors are also eyeing tomorrow's nonfarm payrolls report, along with earnings from Apple (AAPL) and Amazon.com (AMZN) due after the close.
Continue reading for more on today's market, including:
- Put traders targeting Wendy's stock ahead of earnings.
- A downbeat forecast cast a shadow over First Solar stock.
- Plus, digging deeper into three "Magnificent Seven" updates.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 982,119 million put contracts exchanged on Wednesday. The single-session equity put/call ratio came in at 0.67, while the 21-day moving average stayed at 0.60.
- Meta Platforms (NASDAQ:META) is up 6.5% before the bell, after the company's first-quarter top- and bottom-line beat. The Facebook and Instagram parent noted it would boost artificial intelligence (AI) spending. In the last 12 months, META rose 27.6%.
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Microsoft Corp (NASDAQ:MSFT) stock is up 8.8% in premarket trading, after the
tech giant announced better-than-expected earnings and revenue for its fiscal third quarter and issued a strong outlook. The company noted strength in its Azure cloud business. Today's pop could help MSFT reverse its slim year-to-date deficit.
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Amazon.com Inc (NASDAQ:AMZN) revealed plans to spend
$4 billion to expand its delivery network in rural America by the end of 2026. Shares are up 3.4% ahead of the open, but carry a 16% deficit for 2025.
- Inflation data is due out next week, and the Federal Open Market Committee’s (FOMC) two-day policy meeting will be in focus.
Most Asian, European Markets Closed
Most Asian markets were closed Thursday for the Labor Day holiday, with trading limited to Japan. The Nikkei rose 1.1%, after the Bank of Japan (BoJ) held interest rates steady, while the yen weakened and government bond yields moved lower.
In Europe, most major bourses are also closed for the May 1 holiday, though London’s FTSE 100 is open and hovering near breakeven. Earnings remain in focus, with Rolls-Royce rising after reaffirming guidance, while Lloyds dipped following a profit decline.