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incoming update…Breaking News Stocks surge on strong jobs data, oil jumps 4%U.S. stocks jumped as investors celebrated a stronger-than-expected October jobs report which saw the addition of 261,000 positions inline with September’s 263,000 add. The 10-year Treasury yield pulled back but remained above 4%. In commodities, oil surged 4% to the $92 per barrel level on reports of China easing COVID restrictions.
Dow Jones Averages.$32323.19
Posted by FOX Business Team ShareBreaking News Hiring remains briskU.S. employers kept hiring steady in October creating more headwinds for the Federal Reserve in their inflation fight.
ECONOMYOctober jobs report solid making Fed’s inflation fight harderOctober’s job report signals the Federal Reserve is facing more challenges in their quest to tame inflation and cool the economy.
Posted by FOX Business Team ShareTwitter employees file lawsuit claiming mass layoffs violate federal law requiring noticeElon Musk and Twitter (Getty Images)
A class-action lawsuit was reportedly filed against Twitter on Thursday on behalf of workers, claiming the companys intended layoffs violate a federal law requiring 60 days notice for employees.
A week after Elon Musk finalized his $44 billion purchase of the Silicon Valley-based social media platform, a letter went out to employees saying about half of the companys 7,500-person workforce will be losing their jobs starting Friday.
“Team, in an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” Thursday’s email to employees read, according to the Washington Post.
“We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the companys success moving forward.”
Continue readingPosted by Ken Martin ShareStock futures gain ahead of jobs reportNYSE Traders (AP)
U.S. equity futures traded higher ahead of the October jobs report, the most anticipated piece of data for the month.
The major futures indexes suggest a rise of 0.5% when the opening bell rings.
Oil prices traded higher on Friday as the dollar eased, but gains were capped by recession fears and fresh concerns that COVID outbreaks will dent fuel demand in China.
U.S. West Texas Intermediate (WTI) crude futures traded around $90.00 a barrel putting the contract on course for a weekly gain of 1%.
Brent crude futures traded around $96.00 a barrel. The contract was on track to end the week down just 0.5%.
Economists surveyed by Refinitiv say the U.S. economy likely added 200,000 new nonfarm jobs in October. Thats down from 263,000 the previous month and would mark the weakest job growth since December 2020.
The unemployment rate is anticipated to edge higher to 3.6%.
Twilio shares are plunging 21% in premarket trading after the provider of programmable communication tools said fourth quarter revenue is expected to come in between $995 million to $1,005 million, compared with the analyst estimate of $1.07 billion.
DoorDash shares are 11% higher in premarket trading after the food delivery company said orders surged to a record high in the third quarter as people stuck to their pandemic-era habits despite rising inflation and steeper prices, helping it beat Wall Street targets for revenue.
In Asia, shares soared more than 5% in Hong Kong on Friday after a Communist Party newspaper reported that local officials were being urged not to impose overly burdensome controls to curb coronavirus infections.
The Shanghai Composite added 2.4% and Japans benchmark Nikkei 225 dropped 1.7%.
Wall Streets benchmark S&P 500 lost 1.1% on Thursday, closing at 3,719.89 and the tech-heavy Nasdaq composite index sank 1.7% to 10,342.94. The Dow lost 0,5% to 32,001.25.Posted by Ken Martin ShareHiring may have slowed in October, but still solidA pedestrian passes a “Help Wanted” sign in the door of a hardware store (Reuters)
The most anticipated economic report of the month will be released Friday morning.
Wall Street and Main Street will both be watching the October jobs report for signs that hiring is slowing, which would be welcomed by the Federal Reserve as a sign that high inflation might begin to ease.
Economists surveyed by Refinitiv say the U.S. economy likely added 200,000 new nonfarm jobs in October. Thats down from 263,000 the previous month and would mark the weakest job growth since December 2020.
While the pace of job growth is slowing, the labor market remains tight with employers reluctant to lay off workers.
Continue readingPosted by Ken Martin Share’Chief Twit’ Elon Musk reportedly to begin layoffs this morningTwitter owner Elon Musk (Getty Images)
Elon Musk is moving forward with his plans to reshape Twitter’s workforce, informing the company’s 7,500 employees that layoffs will start on Friday, according to the Washington Post.
“Team, In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” an email to employees on Thursday read, according to the newspaper.
“We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the companys success moving forward.”
Several top executives have already exited the company amid the impending layoffs, including former CEO Parag Agrawal, Chief Finanical Officer Ned Segal, and policy chief Vijaya Gadde.
Continue readingPosted by Ken Martin ShareAlbertsons’ $4B dividend payout put on hold by courtAlbertsons sign on store location (Getty Images)
Albertson’s $4 billion dividend payment that was due to investors on Monday has been put on hold.
Washington’s King County court has granted a nationwide temporary restraining order, according to a Tweet from State Attorney General Bob Ferguson.”We’ll be back in court Nov. 10 seeking an injunction to keep the dividend on hold while our lawsuit continues,” Ferguson said in a tweet.
Last month, supermarket operator Kroger announced its intension to buy Albertsons in a $25 billion deal.
Continue readingPosted by Ken Martin ShareGasoline price gainsGas Prices
The nationwide price for a gallon of gasoline rose Friday to $3.792, according to AAA.
The average price of a gallon of gasoline on Thursday was $3.778.
One week ago, a gallon of gasoline cost $3.761. A month ago, that same gallon of gasoline cost $3.805.
Gas hit an all-time high of $5.016 on June 14.
Diesel gained slightly to $5.311.Posted by Ken Martin Share Oil climbs as dollar slipsOil rig pumping (Reuters)
Oil prices traded higher on Friday as the dollar eased, but gains were capped by recession fears and fresh concerns that COVID outbreaks will dent fuel demand in China.
U.S. West Texas Intermediate (WTI) crude futures traded around $90.00 a barrel putting the contract on course for a weekly gain of 1%.
Brent crude futures traded around $96.00 a barrel. The contract was on track to end the week down just 0.5%.
A weaker dollar boosts oil demand as it makes the commodity cheaper for those holding other currencies.
China stuck to its strict COVID-19 curbs as cases rose on Thursday to their highest since August. Investors earlier in the week had thought the world’s largest oil importer may be moving toward easing restrictions to boost the economy.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were higher on FridayBitcoin was trading around $20,000, after trading higher in two of the last three days.
For the week, Bitcoin was trading lower by less than 1%.
The cryptocurrency has lost more than 56% year-to-date.
Ethereum was trading around $1,500, after gaining less than 1% for the week.
Dogecoin was trading at 12 cents, after gaining more than 57% in the past week.osted by FOX Business Team Share
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