SPDR S&P 500 ETF Trust (SPY) Stock News and Forecast: Wake Up Wall Street as jobs report dumps
Here is what you need to know on Friday, September 3:
We have a good news, bad news employment report. The market will likely take it as good news though as bad news means more stimulus for longer. The bad news then was the US created fewer jobs than expected with Nonfarm Payrolls coming in well below expectations, 235K versus a 733K forecast. Is the economy slowing then? US futures jumped around on the release, but for now bears are winning out. We are just warming up here though. The bond market was relatively unmoved, but the dollar did weaken. The bigger picture means the Fed has more reason to delay its taper plans and rate hikes. The Nasdaq should be the big beneficiary today and outperform.
Bitcoin appears to be the big winner as it finally looks to have broken and held the $50,000 level. Crypto stocks are nearly all higher in premarket trading. Oil is finally back above $70, while Gold is at $1,820.
European markets are mixed: Eurostoxx -0.2%, Dax flat and FTSE +0.3%.
US futures are now flat, having initially spiked on the employment number.
SPY stock news
Pager Duty (PD) up 13% premarket on results with a smaller loss than expected.
DIDI shares are up 6% premarket on a mysterious Bloomberg report regarding rumors of Chinese state investment. (see here).
Western Digital (WDC) up 2% premarket over Japanese report downplaying potential for merger with Kioxia.
MongoDB (MDB) results ahead of estimates, shares up 12% premarket.
Cassava Sciences (CAVA) up 12% premarket as it releases response to recent allegations.
United Micro Electronics (UMC) up 7% premarket on continued sector strength and price hike speculation.
Bitcoin breaks $50,000 – most crypto stocks up in the premarket. MARA RIOT, MSTR, COIN.
FUBO gets approval from Arizona for mobile wagering. Up 4% premarket.
Docusign (DOCU) up 3% on strong results.
Upgrades, downgrades and premarket movers
Source: Benzinga Pro
Economic releases
Premium
You have reached your limit of 3 free articles for this month.
Start your subscription and get access to all our original articles.
Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
