9 hours ago
A weaker job market could lead to risky trades, says David Rosenberg
David Rosenberg, chief economist and strategist at Rosenberg Research, believes the stock market will see a sustained recovery when the job market begins to shrink in three to four months.
“Right now you have a situation where the stock markets and the credit markets seem to think they have more time to buy before the boom really takes the economy down,” Rosenberg said on CNBC’s Fast Money Thursday .
“There is no doubt that the economy is not strong, but it must be weakening sharply. Unemployment needs to start shrinking… I think that’s where you’ll find the trading risk,” he added.
The jobs picture started 2023 on a surprisingly strong note, with non-farm payrolls posting their biggest rise since July 2022. The Federal Reserve could reverse its tightening policy if the labor market shows weakness.
— Yun-Li
9 hours ago
Stocks make the biggest moves after hours
Check out the companies making headlines after the bell.
Zscaler – Shares of the cloud security company plunged more than 11% in after-hours trading. Although the company beat analysts’ estimates for revenue and earnings for the fiscal second quarter, it narrowly beat expectations for billings, according to FactSet. Billings for Zscaler were $493.8 million compared to FactSet’s estimate of $491.4 million.
C3.ai — Shares of the artificial intelligence company rose 15% after third-quarter results beat Wall Street estimates, according to Refinitiv. The company posted a loss of 6 cents per share compared to analyst estimates of a loss of 22 cents. It also reported revenue of $66.7 million, beating expectations of $64.2 million.
Dell Technologies — Dell shares gained nearly 3% after fourth-quarter earnings and sales beat Wall Street estimates. The tech company’s adjusted earnings came in at $1.80 per share, ahead of the consensus estimate of $1.63 by analysts polled by Refinitiv. Dell’s revenue also beat expectations, coming in at $25.04 billion versus analyst estimates of $23.39 billion.
The full list can be found here.
— Hakyung Kim
10 hours ago
Stock futures open lower
US stock futures opened lower on Thursday evening.
Dow Jones Industrial Average futures fell 12 points, or 0.04%. S&P 500 and Nasdaq 100 futures fell 0.07% and 0.18%, respectively.
Major averages are on track for a positive week. The S&P 500 is up 0.28%, while the Nasdaq is up 0.60%. The Dow is up 0.57% this week.
— Hakyung Kim