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Pre-open, futures for the 3 major indices had suggested a flat opening after the anticipated jobs data announcement came in short of forecasts. Analysts had expected non-farm payroll employment numbers to show an increase of 175,000 jobs in December with the actual figure almost 20,000 less at 156,000. Unemployment came in as per estimates at 4.7%, a 0.1% increase from November.
The disappointing numbers on jobs added to the economy had led to futures anticipating a muted opening to markets today and a lack of direction for the S&P, Dow Jones and Nasdaq indices. While the S&P did open almost flat, the Nasdaq and S&P were 0.2% and 0.1% up.
Yesterday’s performance was somewhat of an anti-climax following the positive start to the week and year on Wall Street as markets waited on today’s jobs data announcement. Nonetheless, the Nasdaq managed to turn a small profit to end the day on a new record high.
The Dow Jones has opened Friday morning with a sharp fall over the first half hour of trading, which has turned into an equally sharp recovery over the subsequent half hour to bring the index back to its opening level. The S&P 500 saw an almost identical trend but has just taken a new downwards turn while the Nasdaq is showing a similar pattern though from a higher starting point. The recovery after the dip in the first 30 mins of trade has also taken the tech-heavy index noticeably up on its starting position. The session’s opening couple of hours across all three major indices do look like confirming the forecasts for a lack of direction today and a possible mirroring of yesterday’s performances with slight losses for the S&P 500 and Dow Jones and a slight gain again for the Nasdaq.
Pharma company Amgen is set for a strong session to finish the week after a U.S. judge ruled to permanently block sales of its French rival Sanofi’s anti-cholesterol drug Praluent due to violation of a patent held by Amgen for its competitive product. While Sanofi is expected to appeal the ruling the likely consequence is that sales in the U.S. will be postponed for at least a year and the company will likely have to pay Amgen royalties on sales if and when they are finally permitted.
The Apple and Samsung rivalry doesn’t seem set to simmer down anytime soon with Apple set to open its first store on Samsung’s home turf. The tech giant has announced plans for its first retail store in South Korea. Samsung’s Galaxy Note 7 disaster also doesn’t look like it will hurt the company too much in the long run with the South Koreans expected to announce a 50% increase in 4th quarter profit.
