Look ahead: US jobs report; Apple; Amazon; Meta earnings reaction; Exxon Mobil; Chevron
Market sentiment is likely to be driven by non-farm payrolls and another round of "Magnificent Seven" tech earnings after the closing bell, Apple, Amazon, and Meta hand in their report cards.
There’s also an oil theme with the latest Baker Hughes oil rig count and earnings from Chevron and Exxon Mobil.
(AI Video Summary)
Big tech earnings reports
In today's "Look ahead", Angeline Ong discusses several interesting topics related to the stock market and the economy. She first talks about the reactions to the recent earnings reports from popular companies like Apple, Amazon, and Meta (formerly known as Facebook). These reports have a big impact on the stock prices of these companies and can give valuable insights into their financial performance.
Non-farm payrolls report
Next, she mentions the upcoming non-farm payrolls report, which is an important indicator of the job market in the United States. This report provides data on how many new jobs were created in the country and what the unemployment rate is. For example, it is expected that 180,000 jobs will be created, but there is also a forecast that the unemployment rate will increase slightly to 3.8%.
USD against the EUR and JPY
Ong then moves on to discuss the value of the US dollar in relation to other currencies. She explains that the US dollar gained against the euro but lost against the Japanese yen. This happened because the head of the Federal Reserve, Jerome Powell, stated that a rate cut in March was not likely. This statement caused the probability of a rate cut to decrease in the market.
Oil market updates
Additionally, she mentions the oil market and the upcoming earnings reports from Chevron and ExxonMobil, two major players in the industry. These reports are expected to show a decrease in revenues for both companies. However, she points out that European oil companies like Shell are doing well, with Shell recently reporting a $28 billion annual profit.
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