Futures Fall After Jobs Report, Crazy Volatility In Big Tech

U.S. equity futures traded lower amid huge volatility in major tech stocks as Facebook lost a quarter of its valuation and the January jobs report beat expectations. The better than expected jobs report showing 467,000 jobs added in January suggests the Fed will be more inclined to tighten/

Meanwhile, major tech companies saw more volatility than penny stocks earlier this week. This is certainly not a good sign for the market going forward. Wild swings in stock prices could be indicative of overpriced valuations.

Tech stocks may indeed be overpriced, by a lot, if the Fed raises rates. The Bank of England recently raised rates for the first time since 2008. Moreover, the European Central Bank is turning hawkish on inflation, which is weighing on global sentiment.

Level Chg. Chg. %
DOW Futures 34,825.00 -134 -0.38%
S&P 500 Futures 4,463.25 -3 -0.07%
Nasdaq Futures 14,550.00 71.75 0.50%

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury fell two basis points. The dollar remained stable against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.23 -0.15 -0.16%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.758% 0.005 0.753%
U.S. 5 Year Treasury Note 1.664% -0.008 1.672%
U.S. 10 Year Treasury Note 1.817% -0.022 1.839%

 

Stocks To Watch

Meta (formerly Facebook) was stable after Tuesday’s 26.39% on a decline in Facebook’s active user numbers. The company lost $230  billion in valuation, the biggest one-day decline for a U.S. stock. In other words, Facebook lost more than what other companies are worth.

Amazon shares surged on cloud earnings, breaking $3,000 per share. It also increased the price of its Prime membership by $20, to $139. That is also likely to impact future revenue.

Social media company Snap surged almost 50% in premarket trading on strong user growth. It bounced back from a 25% drop on Tuesday, dragged down by Facebook.

Pinterest had a similar run, bouncing back from a 10% decline.

Symbol Company Name Price Chg. % Volume
FB Meta Platforms Inc. $238.21 0.19% 380.12K
PINS Pinterest Inc. $28.05 14.44% 167.88K
AMZN Amazon.com Inc. $3,088.91 11.24% 130.31K
SNAP Snap Inc. $35.86 46.37% 2.9M

 

Commodities To Watch

Oil surged above $90 for the first time since 2014, as a winter storm compounds geopolitical concerns.   Gold was up as more and more investors brace for a bear market in stocks. 

Resource Price Chg. %
WTI Crude Oil $92.13 2.06%
Brent Crude Oil $92.92 1.99%
Natural Gas $4.77 -2.50%
Gold $1,812.20 0.45%
Silver $22.52 0.63%
Copper $4.48 0.10%

Crypto

The global crypto market cap is $1.76T, a 5.25% increase over the last day. Bitcoin’s dominance is currently 40.79%, a decrease of 0.42% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $37,998.51 +4.34% 720.02b
Etherium ETH $2,840.70 +9.69% 338.22b
Binance coin BNB $378.25 +4.38% 56.23b
Solana SOL $104.63 +9.58% 33.00b
Cardano ADA $ 1.063 +3.83% 33.07b

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