US futures are rising sharply this Wednesday morning after a stronger-than-expected jobs report, rekindling expectations of a still-resilient US economy.
US Jobs: NFP Beats Expectations
The January Nonfarm Payrolls report delivered a positive surprise:
- Job creation exceeded expectations
- Unemployment rate fell to 4.3%
This report confirms the strength of the US labor market and could influence Fed monetary policy expectations in the coming weeks.
Futures on the Rise
At the pre-market open:
- Dow futures (INDU): +0.4%
- S&P 500 futures (SPX): +0.5%
- Nasdaq 100 futures (US100): +0.5%
The market is responding positively to the macro data, despite ongoing debate over the effects of strong employment on the rate-cut timeline.
Bond Market: Yields Easing
U.S. Treasury yields are falling across the curve:
- 10-year Treasury yield (US10Y): 4.13% (-1.4 bps)
- 30-year Treasury yield (US30Y): 4.77% (-3.1 bps)
- 2-year Treasury yield (US2Y): 3.45% (-1 bps)
Lower yields are supporting growth stocks and the Nasdaq in pre-market trading.
Top S&P 500 Gainers in Pre-Market
- Akamai Technologies (AKAM): +5.41%
- Ventas (VTR): +3.65%
- Steel Dynamics (STLD): +3.59%
- Frontier Group (ULCC): +8.22% after EPS beat expectations
- GlobalFoundries (GFS): +4.53% after a Q4 beat and a share buyback plan of up to $500M
Biggest Losers
- Moderna (MRNA): -9.42%
- Robinhood Markets (HOOD): -6.85%
- Coinbase Global (COIN): -3.24%
- Unity (U): -26.70% after Q1 revenue outlook fell short of expectations
- Kraft Heinz (KHC): -7.75% after mixed Q4 results and cautious guidance
Other notable movers:
- VenHub Global (VHUB): -15.06% after a fundraising round
- Insight Molecular Diagnostics (IMDX): -20.38%
- Upstream Bio (UPB): -23.37%
- Aspire Biopharma (ASBP): -12.06%
