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Market: Stocks to open higher as jobs report eases concerns

US futures are pointing to a higher open today after ending sharply higher on Friday. Investors remained optimistic as the recent jobs report eased concerns over inflation and hinted at faster interest rate hikes.

The S&P futures gained 0.15% to 2,788.25, Dow futures rose 0.14% to 25,371 and Nasdaq advanced 0.33% to 7,122. Elsewhere, shares at Asian markets closed higher on Monday, and European stocks are trading higher.

On the European economic front, data from the Central Bureau of Statistics showed that Dutch industrial production grew 7.1% annually in January, after rising 5.6% in December. The Statistics Denmark data revealed that Denmark’s consumer price inflation eased to 0.6% in February from 0.7% in January.

A survey compiled by IHS Markit on behalf of Visa revealed that UK consumers lowered their expenditures by 1.1% in February from last year, due to rising living costs, lackluster wage growth and relatively subdued consumer confidence. The Hellenic Statistical Authority data showed that Greece industrial production fell 1.7% on year in January after rising 1.3% in December.

On the Asian economic front, data from the Central Statistics Office showed that India’s consumer price inflation eased to 4.44% in February from 5.07% in January and India’s industrial production jumped 7.5% on year in January after rising 7.1% in December. The Department of Statistics data revealed that Singapore’s retail sales fell 5.4% on month in January after rising 0.6% in December. Japan business survey index fell to 2.9 in the March-ended quarter from 9.7 last quarter.

On March 9, US ended higher, with Nasdaq up 1.8% to 7,560.81. Dow gained 1.8% to 25,335.74, and S&P 500 advanced 1.7% to 2,786.57. The Labor Department data showed that non-farm payroll employment jumped by 313,000 jobs in February after rising 239,000 jobs in January. The unemployment rate held at 4.1% in February.

Orexigen Therapeutics stock plunged 68% in the premarket after filing for Chapter 11 bankruptcy protection.

Meanwhile, key economic data that will be released today include the Treasury Budget for February, 3-year note auction and 10-year note auction. Market analysts are expecting a $216 billion deficit for the federal government’s operating budget.

On the corporate front, Orexigen Therapeutics stock plunged 68% in the premarket after filing for Chapter 11 bankruptcy protection. Oclaro stock jumped 26.50% in the premarket after Lumentum Holdings agreed to buy Oclaro for about $1.7 billion in a cash and stock deal. Broadcom stock increased 3.24% in premarket after the latest development in its efforts to take over Qualcomm.

On the job-cut front, CafePress announced its intention to cut workforce by 7% and its operating chief Robert Barton has submitted his resignation. According to a Bloomberg report, Deutsche Bank AG’s management board will seek to cut as many as 6,000 jobs at the lender’s retail unit by the end of 2022, and the bank seeks to cut more than 1,000 jobs each year through voluntary departures and natural attrition.

Crude oil futures is down 1.02% to $61.41. Gold is trading down 0.42% to $1,318.50, and silver is down 0.74% to $16.49. On the currency front, the US dollar is trading down 0.23% at 106.522 yen. Against the euro, the dollar is down 0.01% to $1.2304. Against the pound, the dollar is up 0.36% to $1.3901.

Categories: U.S. Markets News
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