Wall Street Reacts to Bearish Jobs Report

The dismal March payroll report has rekindled worries about first quarter growth and the possible impact on corporate profits, upstaging the bearish data's influence on Federal Reserve monetary policy, resulting in heavy losses for stock futures. Despite firm overseas markets and a rebound in oil, Dow futures are more than 100 points below fair value into the open.

On Friday, the Labor Department reported that only 126,000 new jobs were created, almost half the consensus estimate of 247,000. Although the jobless rate stayed unchanged at 5.5%, investors now worry that first quarter growth has slowed significantly enough to impact corporate earnings. Comments from NY Fed President William Dudley this morning confirmed Wall Street's worse fears about economic growth, as well as the strengthening dollar's detrimental impact on the economy.

Economic data today includes the March PMI services index, last at 57.1 in February and expected to improve to 58.4. The ISM non-manufacturing index, however, is forecasted to decline to 56.7 from February's 56.9.

-Dow Jones Industrial down 0.73%

-S&P 500 futures down 0.67%

-Nasdaq 100 futures down 0.66%


Nikkei down 0.19%

Hang Seng up 0.77%

Shanghai Composite up 0.99%

FTSE-100 up 0.35%

DAX-30 down 0.28%


(-) Large cap tech: Lower

(-) Chip stocks: Lower

(-) Software stocks: Lower

(-) Hardware stocks: Lower

(-) Internet stocks: Lower

(-) Drug stocks: Lower

(-) Financial stocks: Lower

(-) Retail stocks: Lower

(-) Industrial stocks: Lower

(-) Airlines: Lower

(-) Autos: Lower


(+) BIND (+8.33%) Extends cancer drug development with Pfizer ( PFE ) to March 2016

(+) TSLA (+3.73%) Q1 deliveries set new record with 10,000 units

(+) ARIA (+3.30%) Iclusig approved in Canada for certain leukemia patients


(-) DGLY (-7.38%) Market disappointed with details of sponsorship deal for Kansas City golf tournament

(-) GRMN (-2.55%) Downgraded at Citigroup to sell from buy, PT lowered to $42 from $68

(-) WBAI (-1.55%) Will suspend all online lottery sales services in wake of Chinese government crackdown

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Other Topics


Latest Markets Videos


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More