Beat the street: US jobs growth surges; Exxon Mobil; Chevron; Meta; Amazon; Apple
US jobs growth rose sharply in January, further lowering expectations of how much the Fed might cut rates in the months ahead. Bond yields jumped on the news.
Stocks had a wobble, but were underpinned by relatively positive tech earnings. A mixed bag of oil earnings from giants Exxon Mobil and Chevron.
(AI Video Summary)
Nasdaq set to rise on Meta and Amazon's earnings reports
Welcome to today's edition of "Beat the street" the show that brings you all the latest news and data before Wall Street opens. Today, we have some exciting updates regarding the tech sector. Get ready, because the Nasdaq, one of the major stock market indices, is predicted to rise. This is because two big players in the tech world, Meta Platforms and Amazon, have reported some fantastic results.
Chevron and Exxon Mobil's earnings
On the other hand, Chevron, an oil company, hasn't been so lucky. Their earnings have been affected by weak margins and some charges. However, don't worry, because Exxon Mobil has come to the rescue. They have beaten expectations, with higher trading profits and increased oil and gas output.
US job market currently booming
In January alone, the number of jobs increased by a whopping 350,000, surpassing everyone's expectations. Now, this has sparked a debate about what the Federal Reserve, which controls interest rates, should do. Some experts are suggesting a possible rate cut in March, while others believe that progress in inflation might delay any rate cuts.
The jobs data has had an interesting effect on the market. Banks and bond yields have taken a hit due to the negative impact. To dive deeper into this, Angeline Ong interviews Joachim Klement from Liberum, who explains the potential impact of the strong jobs numbers on interest rates and inflation.
Tech companies updates
Apple's shares are expected to open slightly lower because their revenues are anticipated to be $5 billion less compared to the previous year, mainly due to a decline in iPhone sales in China. On the other hand, there's good news for Amazon. Their shares are expected to rise after announcing better-than-expected earnings and revenue, and they're even introducing their first-ever dividend. And that's not all - Meta Platforms has also impressed with their earnings, surpassing expectations.
Nasdaq, the tech-heavy index, is set to benefit from these positive tech earnings. In fact, IGTV technical analyst Axel Rudolph believes that Nasdaq might reach new all-time highs. Of course, there are always ups and downs in the market, so Axel also mentions areas of support in case of a decline.
Dramatic drop on Nasdaq, S&P 500 and Dow Jones
To wrap things up, the market's reaction to the non-farm payrolls data has been quite dramatic. The Nasdaq, S&P 500, and Dow Jones have experienced a sharp decline. It's definitely an exciting time in the trading world, and we'll keep you updated on all the latest developments. Watch the video to get all the details.
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.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
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.
