#Stock #Market #Opens
US stock futures rose after major stock indexes closed lower on Thursday on weaker-than-expected technology earnings; The monthly jobs report is expected to show hiring slowing in October; Amazon (AMZN) shares rose in pre-market trading after reporting strong earnings on cloud and advertising revenue growth; Intel (INTC) stock rises after sales beat estimates; Boeing (BA) reaches a tentative agreement with the mechanics union to end its seven-week strike. Here’s what investors need to know today.
1. US stock futures rise after technical sell-offs
US stock futures rose on Friday after a series of disappointing technology earnings sent markets lower in the previous session. After falling 2.8% yesterday, Nasdaq futures rose 0.5%, and the S&P 500 and Dow Jones Industrial Average rose after falling 1.9% and 0.9%, respectively. The improvement comes despite a disappointing earnings report from Apple (AAPL), whose shares are moving lower in pre-market trading. Investors today will not only be watching the monthly jobs report, but also oil prices, which rose 2% following reports that Iran is preparing to retaliate against Israel.
2. The October jobs report is expected to show a slowdown in hiring
Market watchers will focus on today’s US jobs report, due at 8:30 a.m. ET, which is expected to show that employers added fewer jobs in October due to disruptions such as Hurricanes Helen and Milton and the Boeing strike. Economists surveyed The Wall Street Journal and Dow Jones Newswires Employers are expected to add 110,000 jobs in October, a sharp slowdown from 254,000 jobs in September, while the unemployment rate is expected to remain at 4.1%. While the report is the last thing voters will see before Election Day, it could also help sway the Federal Reserve as it is scheduled to again consider cutting interest rates at its meeting next week.
3. Amazon stock rises on cloud and advertising growth
Amazon (AMZN) shares rose 7% in pre-market trading after the online retailer beat earnings expectations due to growth in its cloud and advertising businesses. The company reported net sales of $158.9 billion, up 11% from the same period last year and above estimates of $157.3 billion by analysts surveyed by Visible Alpha, while earnings per share (EPS) of $1.43 grew more than 50% to beat estimates. . The tech giant also reported a 19% jump in revenue for both its advertising unit and cloud computing division Amazon Web Services.
4. Intel shares rise after revenue exceeds expectations
Struggling chipmaker Intel ( INTC ) stock rose nearly 6% in premarket trading after the company reported better-than-expected revenue growth. While Intel’s third-quarter revenue fell 6% year over year to $13.3 billion, it was above consensus estimates of $13.03 billion, helped by growth in the data center and artificial intelligence (AI) segment. While the company posted a larger-than-expected loss of $16.6 billion thanks to billions in restructuring and impairment charges, its fourth-quarter revenue forecast came in slightly above estimates.
5. Boeing reaches a preliminary agreement with the union as the strike continues
After workers rejected the previous offer, Boeing (BA) and its machinists union reached a tentative contract agreement that could end the strike that began on September 13. Union members will vote next Monday on the new deal, which includes a 38% overall wage increase over four years, up from 35% in the previous offer. The development comes after Boeing raised billions of dollars to stem the drain on strike-related funds, while also announcing plans to lay off about 10% of its workforce, or 17,000 workers. Boeing shares rose 2% in premarket trading.
#Stock #Market #Opens
