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Stock benchmarks traded flat to lower Friday morning, after data showed an unexpectedly large jump in nonfarm payrolls last month despite the spread of the omicron variant of the coronavirus that causes COVID-19.
The U.S. economy added 467,000 jobs in January and hiring was much stronger at the end of 2021 than originally estimated, the government reported Friday. The unemployment rate ticked up to 4% from 3.9%.
Economists surveyed by The Wall Street Journal had forecast a payrolls rise of just 150,000—and some had warned that a fall was possible due to hourly workers without paid sick leave being counted as without jobs. Analysts said investors had been prepared to look through a weak number, on expectations for a sharp reversal in February.
-
The Dow Jones Industrial Average
DJIA,
-0.32%
was trading 0.2% lower at 35,031. -
The S&P 500 index
SPX,
+0.09%
traded around 0.2% lower at 4,470. -
The Nasdaq Composite Index
COMP,
+0.72%
was trading 0.1% lower at 13,860. -
The 10-year Treasury note
TMUBMUSD10Y,
1.903%
yields 1.90%, up 7 basis points, and adding to its gains after the jobs report.
The markets had been buoyant after an ugly session for technology and tech-related stocks on Thursday.
Quarterly results from Amazon.com Inc.
AMZN,
late Thursday, however, were offering some optimism for investors focused on market fundamentals. Some $11.8 billion of the $14.3 billion fourth-quarter profit it reported was from an investment in Rivian Automotive
RIVN,
which went public in the quarter. The company also raised the cost of a Prime subscription to $139 a year from $119 a year. Shares jumped more than 14% in late trade.
