U.S. stock futures steady ahead of jobs report

U.S. stock futures have changed a little as market participants await the release of the U.S. jobs data this morning. The report is expected to show job growth slowed in January, with the unemployment rate remaining at 4.1%. Economists surveyed by The Wall Street Journal expect U.S. employers to have added 169,000 jobs in January.

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This figure would be lower than in previous months, indicating slower growth. The unemployment rate is projected to stay at 4.1%.

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Federal Reserve officials have cited the job market as a key factor in their recent decision not to cut interest rates again. Amazon shares are down 3% in premarket trading after the company delivered a disappointing first-quarter revenue forecast.

.@WSJ: "The German DAX has climbed more than 9% this year in dollar terms, and France’s CAC 40 is up about 8%. That is well above the 2.45% gain in the S&P 500. European indexes haven’t outpaced U.S. counterparts by such a wide mark at the start of a year since 2015, according to… pic.twitter.com/QpPAmqrfJv

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Despite reporting fourth-quarter results that topped estimates—net sales of $187.8 billion and earnings of $20 billion, or $1.86 per share—Amazon’s projected revenue range of $151 billion to $155.5 billion for the first quarter fell short of analysts’ expectations of $158.58 billion. The company attributed the lower forecast to an “unusually large, unfavorable impact” from foreign exchange rates.

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Shares of Pinterest are soaring 20% in premarket trading after the social media company reported revenue surpassing $1 billion for the first time, reaching $1.15 billion—an 18% year-over-year increase and narrowly beating analyst estimates. The company also announced an 11% increase in global monthly active users, hitting a record 553 million. E.l.f. Beauty’s stock is down over 25% in premarket trading following the company’s reduced full-year sales forecast due to soft sales in January. The cosmetics retailer now projects full-year sales between $1.3 billion and $1.31 billion, below previous estimates and analysts’ expectations. As a result, e.l.f. Beauty shares have lost nearly half their value over the past 12 months. Stocks changed a little on Friday as investors await the latest jobs report. Key quarterly results from Amazon, e.l.f. Beauty and Pinterest were reported after the bell. By now, you’ve likely heard that yesterday, the reigning champion Kansas City Chiefs played the Philadelphia Eagles in Super Bowl 59. The Chefs got spanked, but congratulations to the Eagles. 

Stock futures await jobs report

The Bureau of Labor Statistics will release its January nonfarm payroll data at 8:30 a.m. ET. Economists polled by Dow Jones expect an increase of 169,000 jobs, down from December’s 256,000 additions. With one trading session remaining for the week, all three major averages are up less than 1%. Several companies issued quarterly results from cloud computing to cosmetics after the market closed on Thursday. Despite beating earnings and revenue expectations, Amazon reported facing an “unusually large, unfavorable impact” from foreign exchange rates. e.l.f. Beauty reported a rare disappointing quarter, attributing the drop to the LA wildfires and fewer makeup tutorials on TikTok. Pinterest provided a bright spot with its earnings, reporting a rise in monthly active users, up nearly 3% quarter over quarter. Tesla is facing increasing competition. The U.S. EV leader’s sales in the country fell to 63,238 units in January, down 11.5% from the previous year. Meanwhile, competition in China intensifies. Rivals like BYD sold 296,446 electric and plug-in hybrid vehicles last month, a 47% increase from the prior year. Both Changan Automobile and Xpeng posted sales growth. Hours before the deadline for a deal, a federal judge in Boston issued an injunction, staying the effort until at least Monday. The judge is set to assess the legality of the deal offered by former President Donald Trump. The deal has already seen more than 60,000 federal workers, roughly 3% of the federal workforce, accept an offer that purportedly guarantees pay through September without the obligation to work.  This year’s high-demand ad spots were sold out in the fall, with 10 commercials each going for $8 million. Photo by Evangeline Shaw