STOCK MARKET NEWS: Jobs report on tap, futures cautious, oil higher

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incoming update…Stock futures mixed ahead of monthly jobs reportNYSE trading (Reuters)

U.S. equity futures were trading mixed ahead of the release of the most anticipated economic report of the month – the September employment report.

The major futures indexes suggest a gain on the Dow Industrials when the opening bell rings on Wall Street.

The Nasdaq is taking a hit due to news from chipmakers. Samsung saw profits plunge as demand fell. 

AMD provided third-quarter revenue estimates that fell well short of its previous forecast, citing lower-than-expected demand and significant inventory corrections across the personal computer market supply chain.

Oil prices steadied on Friday ahead of the jobs report.

WTI crude futures traded around $88.00 a barrel.

Brent crude futures traded around $94.00 a barrel.

Both benchmarks were headed for weekly gains, fueled by the production cut announcement by OPEC+.

Economists surveyed by Refinitiv say the U.S. economy likely added 250,000 new nonfarm jobs in September. Thats down from 315,000 the previous month and would mark the weakest job growth since December 2020. 

“Employment and jobless claims data suggest the job market remains firm. Even with some companies announcing layoffs or plans to cut jobs,” said Bankrate.com senior economic analyst Mark Hamrick. “It appears that many individuals have been able to transition to new employment opportunities in quick order.”

The unemployment rate is anticipated to hold steady at 3.7%.

The yield on the 10-year Treasury, which helps set rates for mortgages, rose to 3.84%.

In Asia, the Nikkei 225 in Tokyo sank 0.7% and Hong Kong’s Hang Seng tumbled 1.5%. Chinese markets were closed for a holiday. 

On Wall Street, the S&P 500 fell to 3,744.52. The index is up 4.4% for the week following its best two-day rally in 2 1/2 years.

The Dow Jones Industrial Average lost 1.1% to 29,926.94. The Nasdaq composite slid 0.7% to 11,073.31.Posted by Ken Martin Share September jobs report likely to show hiring cooled but remained healthyHiring sign in store window (AP Photo/Robert F. Bukaty, File)

U.S. job growth in September likely cooled from a frenzied pace earlier this year, but hiring probably remained solid despite growing headwinds from higher interest rates and scorching-hot inflation.

The Labor Department on Friday morning is releasing its closely watched September jobs report, which is projected to show that payrolls increased by 250,000 last month and that the unemployment rate held steady at 3.7%, according to a median estimate by Refinitiv economists.

That would mark a drop from the 315,000 recorded in August and would be the weakest monthly job growth since December 2020.

Continue readingPosted by Ken Martin ShareSamsung’s earnings plunge on big drop-off in chip demandSamsung logo (iStock)

Samsung Electronics reported a worse-than-expected 32% drop in quarterly operating earnings on Friday.

The company says an economic downturn slashed demand for electronic devices and the memory chips that go in them.

Samsung’s memory chip shipments likely came in below already downgraded expectations and prices could fall further this quarter.

Analysts say customers are reacting to rising inflation, higher interest rates and the impact of Russia’s invasion of Ukraine.

Continue readingPosted by Ken Martin ShareOil steady ahead of jobs reportOil rig pumping (Reuters)

Oil prices steadied on Friday ahead of the release of the monthly jobs report.

Oil gained over 1% in the last session on cuts to OPEC+ production targets.

WTI crude futures traded around $88.00 a barrel.

Brent crude futures traded around $94.00 a barrel.

A stronger dollar added pressure on oil prices. Markets are closely watching the U.S. nonfarm payrolls report due on Friday, with economists forecasting 250,000 jobs to have been added last month.

Both benchmarks were headed for weekly gains, fueled by the production cut announcement by OPEC+.

The decision would squeeze supplies in an already tight market, adding to inflation.Posted by Ken Martin ShareGasoline prices continue risingGas Prices (AAA)

The average price of a gallon of gasoline gained again on Friday to $3.891, according to AAA. Thursday’s price was $3.867. 

Gas hit a high of $5.016 on June 14. 

Diesel’s price gained to $4.916 per gallon.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mixed in Friday’s tradingBitcoin was trading around $20,000, after trading higher in three of the last four days.

For the week, Bitcoin has gained more than 2%.

The cryptocurrency has lost more than 63% year-to-date.

Ethereum was trading around $1,300, after gaining more than 1% in the past week.

Dogecoin was trading at 6 cents, after gaining more than 4% in the past week.Posted by Ken Martin Share

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