February nonfarm payrolls fell by a larger-than-expected amount
Stock futures are set to extend yesterday's sharp selloff across the board. Oil prices are once more the culprit, with front-month dated crude rising to $86, their highest level in nearly two years, sending supply shockwaves across Wall Street.
Futures on the Dow Jones Industrial Average (DJI) are down over 587 points, while Nasdaq-100 Index (NDX) a S&P 500 Index (SPX) futures are also pointed sharply lower. Jobs data extended the losses this morning and raised inflation fears, after February nonfarm payrolls fell by 92,000, much higher than the 50,000 estimate. The unemployment rate also climbed to 4.4%.
- Bank stock to buy on the dip.
- Tech troubles? Play it safe with these 16 ETFs.
- Plus, two tech stocks buzzing after earnings; and Oracle in focus ahead of earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange saw 2 million call contracts and roughly 1.2 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.60, while the 21-day moving average remained at 0.59.
- Marvell Technology Inc (NASDAQ:MRVL) stock is poised to buck the broader market selloff, up 11% before the open. The semiconductor supplier reported a top-line beat for the fourth quarter, with AI demand driving the growth in numbers. Benchmark upgraded MRVL to "buy" from "hold", while three other brokerages hiked their price targets. Marvell stock is set to test its year-to-date breakeven level today.
- Samsara Inc (NYSE:IOT) stock is 11% higher ahead of the bell, after the software firm reported fourth-quarter earnings and revenue that exceeded analyst expectations. The internet-of-things name hit a two-year low of $23.38 on Feb. 4, but is now poised to eat into its 16.5% year-to-date deficit.
- The shares of Oracle Corp (NYSE:ORCL) are in focus this morning, after Jefferies and TD Cowen trimmed their price targets to $320 and $250, respectively. However, the former also noted ORCL's selloff may be overdone. The software giant will report fourth-quarter earnings after the market closes on Tuesday, March 10, and the stock is down 20.5% year to date heading into today.
- All eyes on next week's inflation data.
Asian Bourses Stay Strong Amid Diverse Headwinds
Markets in Asia managed to move into recovery mode Friday, even as markets in the U.S. and crude prices responded poorly to ramped-up tensions in the Middle East. Global trade uncertainty loomed as well, after New York Attorney General Letitia James sued to block President Donald Trump’s tariff attempts. SoftBank boosted Asian stocks, after the company was said to be looking for a $40 billion loan to advance OpenAI growth. For the day, Japan’s Nikkei added 0.6%, Hong Kong’s Hang Seng rose 1.7%, China’s Shanghai Composite climbed 0.4%, and South Korea’s Kospi finished flat.
European stocks are cooling off today, taking cue from the oil headwinds stateside. German factory orders rose 7.8% in December, its fastest rate in two years, while U.K. housing prices added 1.3% in February, its highest reading in four months. Euro zone gross domestic product (GDP) data for the fourth quarter rose 0.2%, after a wider-than-anticipated contraction in Ireland. At last check, London’s FTSE 100 is off 0.6%, Germany’s DAX is 0.8% lower, and France’s CAC 40 is down 0.9%.