Beat the street: jobs; NVIDIA; Apple; Boeing
US stocks are indicated lower as a stronger-than-expected job report weighed on hopes of interest rate cuts next year. NVIDIA and Apple are both reportedly looking to diversify their manufacturing base further away from China.
(Partial Video Transcript)
NFPs: it’s Goldilocks all over again!
Hello, I'm Angeline Ong, and welcome to beat the street, the show that gives you all the tradeable news and data you need ahead of the Wall Street Open. Coming up, non-farm payrolls (NFPs): will this jobs report be too cold, too hot, or just right?
And diversifying:NVIDIA and Apple both look to change up their manufacturing base even further. And from the skies, Boeing signals of a two-month delay to its 737 production ramp-up is in sight, say sources. We'll have a look at what implications that has on its shares.
Now, good afternoon, I'm Angeline Ong, and welcome to this new edition of beat the street. Not long now before Wall Street starts trading, and we just got those numbers out for you, the NFPs.
Private payrolls in line with expectations
For the month of November, we were looking out for 180,000, we got 199,000 instead. Private payrolls pretty much bang in line with expectations, 153,000 expected, we got 150,000.
But it's actually the average earnings that's actually probably more interesting. For the month of November, month-on-month, we were expecting 0.3%, we got slightly above that, 0.4%. And for the year-on-year figure, 4%, bang in line with expectations.
The unemployment rate, also close to what was expected, coming in at 3.7%. Let's cross live to Axel Rudolph now, who's been watching the reaction for us.
AO: Some early thoughts, Axel?
AR: Well, the number came in much, much stronger than we expected with regards to NFPs. And you can see the effect of that on the one-minute euro-dollar chart. So the US dollar actually strengthening on that strong jobs data.
And interestingly enough, once again, earlier this week, Jolt's number and also ADP number didn't give us a good indication of what the non-farm payrolls number would be, because those actually came in lower than expected, whereas here we have a much higher number, as you just said, Angeline, 199,000 compared to a forecast of $184,000, I believe.
So, on that euro-dollar coming off, what is interesting from a technical perspective, if you look at the daily chart, we are actually in the process of falling through minor support, which has held the currency pair for the last two days, as you can see here, going back to the early November high at $107.56.
[...]
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Act on share opportunities today
Go long or short on thousands of international stocks with spread bets and CFDs.
- Get full exposure for a comparatively small deposit
- Trade on spreads from just 0.1%
- Get greater order book visibility with direct market access
See opportunity on a stock?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See opportunity on a stock?
Don’t miss your chance – upgrade to a live account to take advantage.
- Trade a huge range of popular stocks
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See opportunity on a stock?
Don’t miss your chance. Log in to take advantage while conditions prevail.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
