Amazon jitters offset upbeat jobs data on Wall Street

Wall Street ended mixed on Friday, as optimism at a surge in January US job growth was offset by a weaker-than-expected outlook from that battered retail stocks.

The online retail heavyweight slumped 5.38% after its quarterly sales forecast fell in short supply of Wall Street estimates, overshadowing its record sales and profit over the christmas.

Those results position the Nasdaq in negative territory, while retailers Walmart, Macy’s and Kohl’s each dropped much more than 2%. The S&P consumer discretionary index fell 1.77%.

A US Labour Department report showed non-farm payrolls jumped by 304 000 jobs recently, the largest gain since February 2018 and beating economists’ expectations a great increase of 165 000.

That report, as well as better-than-expected ISM manufacturing activity numbers for January, pointed to underlying strength in the economy despite an uncertain outlook which includes left the government Reserve wary about more US interest rates hikes at the moment.

“Just what the unemployment report is fore warning you is people would like to get back on work,” said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta. “The client must be strong, just in case the individual can be used, the patron will continue to be strong.”

Even as being the US economy remains on a stable footing, investors come to mind which a slowdown overseas could hurt profit growth, with high-profile companies which include Apple warning of slower demand in China.

Data showed China’s manufacturing sector shrank in January for the second straight month, heightening risks for global growth amid a trade war with Us.

The Dow Jones Industrial Average climbed 0.26% to absolve the week at 25 063.89 points, although the S&P 500 edged 0.09% higher to 2 706.53.

The Nasdaq Composite dropped 0.25% to 7 263.87.

The S&P 500 rose 1.6% for the week along with the benchmark index has increased 8% thus far in 2019, even so it still remains 8% below its record high close on September 20, 2018.

The Dow added 1.3% for any week as well as Nasdaq gained 1.4%.

During Friday’s session, Exxon Mobil Corp and Chevron jumped over 3% apiece once the oil majors reported better-than-expected quarterly profits, boosting the Dow Jones Industrials.

The S&P energy index rallied 1.83%, also helped by higher oil prices.

Cigna slid 2.88% lower following your health insurer forecast 2019 revenue and earnings below estimates.

Advancing issues outnumbered declining ones about the NYSE by a 1.30-to-1 ratio; on Nasdaq, a 60 minute.37-to-1 ratio favored advancers.

The S&P 500 posted 29 new 52-week highs with out new lows; the Nasdaq Composite recorded 51 new highs and 20 new lows.

Volume on US exchanges was 7.5 billion shares, compared with the 7.7 billion share average over the past 20 trading days.

Leave a Reply

Your email address will not be published. Required fields are marked *