Job-Ful January, Stock Market Is Strangled By the Constant Yield Climb
January remains full of lots of job opportunities with 200,000 available positions which is well above the estimates of Wall Street. What remains to be seen whether this much jobs are sufficient to reverse back the losses of stock futures or not.
The rising bond yields are choking the stock market and continue to do so making it quite a rough week for stocks. The 10 year bond yield have increased to new four year high of 2.83% after the report hit the news and the stock futures stayed quite low. The Dow Jones futures wen down more than 200 points. The three tech giants earned something as follows:
Amazon.com Inc. looked promising as the revenue expectations of the Wall Street’s analysts were beaten and the earnings per share increased consensus by almost $2. The Cloud revenue increased 45% in Q4 and the net income from the year ago, more than doubled. The shares surged 6% in post market trding.
Alphabet Inc disappointed and stands on the less positive side. Both the stocks of NASDAQL GOOG and GOOGL did not meet expectations were disappointing. The stock also fell in the post-market futures trading. GOOG was able to beat the revenue estimates of analysts but the company missed the consensus for the earnings per share as the ad costs increased.
Apple Inc is bit difficult to read as at one hand company was able to beat the earnings and revenue estimate by the analysts in the fiscal Q1 but the sales of iPhone came in below expectations falling from the year earlier. The average selling prices for iPhones climbed quite sharply in the fiscal Q1. The shares of the company rose little bit in post-market trading after the results.
Crude climbed more than 2% to more than $66 a barrel on Thursday. U.S production remains to be a bearish factor constantly. The output jumped over 10 million barrels a day in the last week for the first time in ages. The dollar index fell below 89 and remains in a not-too-strong and euro remained strong.