Here are the most important news items that investors need to start their trading day:
1. In stocks
Stock futures are up Friday morning as they prepare to close out a turbulent week. After a Fed-related selloff and rebound, the Dow Jones Industrial Average is up 1% so far this week. The broad S&P 500 is up 0.3%, and the tech-heavy Nasdaq Composite is down 0.6%, left to digest a big week of tech earnings (more on that below.) Follow live market updates.
2. Back on track
A view of the Amazon logo outside Amazon’s offices in Dublin City Centre, Ireland, on Feb. 15, 2023.
Artur Widak | Nurphoto | Getty Images
3. For hire
A UPS driver makes a delivery on January 30, 2024 in Miami Beach, Florida.
Joe Raedle | Getty Images
January saw the highest level of job cuts since early last year, with layoffs totaling more than 82,000, according to a new report by outplacement firm Challenger, Gray and Christmas. Those reductions represented an increase of 136% from December and the second-highest layoff total in a data set that goes back to 2009. The report also found a low level of planned hiring, which is likely to pressure an already tight labor market. On Friday, the Labor Department released its readout on nonfarm payrolls, showing a much-higher-than-expected 353,000 jobs added in January.
4. Bad bounce
Amer Sports, (AS.N) parent company of sporting goods brands, banner hangs on the front of the New York Stock Exchange (NYSE) during the company’s IPO in New York City, U.S., February 1, 2024.
Brendan McDermid | Reuters
It wasn’t quite an ace for Amer Sports Thursday. The Finnish maker of Wilson tennis rackets and Arc’teryx outerwear debuted on the New York Stock Exchange, opening — and closing — at $13.40 after pricing at a discount in the initial public offering. The gains made for a first-day pop of just 3%. There were early signs of little sell-side interest, with only a fraction of the shares offered being traded at the debut. That could be the result of apathy toward Amer…
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