The latest jobs report is weaker than expected with only 266,000 jobs added in April. FOX Business’ Cheryl Casone with more.
U.S. stocks, in a choppy session, turned higher mid-morning despite a big miss for the April jobs report.
The Dow Jones Industrials reversed losses rising over 80 points or 0.3%. The data suggests the economic recovery may not be as robust as some thought, therefore cyclical names, including Caterpillar, are seeing weakness.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34714.32 | +165.79 | +0.48% |
| CAT | CATERPILLAR, INC. | 237.53 | +0.21 | +0.09% |
| JPM | JPMORGAN CHASE & CO. | 159.25 | -1.56 | -0.97% |
While the S&P 500 and the Nasdaq Composite were higher by 0.06% and 0.5%, respectively with Microsoft and Apple seeing gains.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 13821.683564 | +188.84 | +1.39% |
| SP500 | S&P 500 | 4236.04 | +34.42 | +0.82% |
| MSFT | MICROSOFT CORP. | 253.71 | +3.98 | +1.59% |
| AAPL | APPLE, INC. | 130.84 | +1.32 | +1.02% |
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The Labor Department said the U.S. economy added just 266,000 jobs well below the 978,000 forecasts. Still, this marks the fourth straight month of gains and the highest since August.
The unemployment rate unexpectedly jumped to 6.1%.
In stock news, Peloton remains in focus after it disclosed the Tread+ recall would cost the company $165 million. CEO John Foley did note, his team is working with product regulars, to get the product back on the market.
PELOTON CEO APOLOGIZES, TALKS TREAD RETURN
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE, INC. | 87.36 | +3.58 | +4.27% |
JOBLESS CLAIMS DROP TO NEW PANDEMIC LOW AS US ECONOMIC RECOVERY GAINS STEAM
And Beyond Meat took a beating after the plant-based meat company reported a net loss of $27.3 million, which was attributed to a decline in sales during the pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT, INC. | 114.45 | -4.59 | -3.86% |
DraftKings lifted its full-year forecast citing optimism that live sporting events will make a full return. “This guidance also assumes that all professional and college sports calendars that have been announced come to fruition and that we continue to operate in states in which we are live today” management noted.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DKNG | DRAFTKINGS | 51.79 | -0.10 | -0.19% |
In Asia, Japan’s benchmark Nikkei 225 recouped early losses to edge up less than 1.8%, Hong Kong’s Hang Seng gyrated much of the day but ended higher at 0.77% and China’s Shanghai Composite edged 0.7% lower.
China reported its trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing.
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In energy trading, benchmark U.S. crude neared $65 per barrel.
The Associated Press contributed to this report.
