"Futures are exploding higher. The S&P 500 is up 0.51%, or by 35 points. The SPDR S&P 500 ETF ( SPY) is up 0.63%, or by $4.35. The Dow is up 0.47%, or by 240 points. The Nasdaq is up 0.67%, or by 164 points."
"Fueling upside, January nonfarm payrolls showed jobs growth of 130,000. Economists only expected the addition of 55,000. Even better, that's well above December's loss of 48,000. The unemployment rate also dipped to 4.3%, as compared to estimates of 4.4%. That easily overshadows the weaker-than-expected consumer spending data released Tuesday."
"Unfortunately, it could drop even more, as the "age of speculation" fades, according to Galaxy founder and CEO Mike Novogratz, as quoted by CNBC. "Retail people don't get into crypto because they want to make 11% annualized," he said. "They get in because they want to make 30 to one, eight to one, 10 to one." Overall, "it's going to be transposed or replaced by us using these same rails, these crypto rails, to bring banking [and] financial services to the whole world. And so, it's going to be real-world assets with much lower returns," he added."
"Down about $7 in premarket, HOOD is slipping on Bitcoin weakness and a revenue miss. Fourth quarter revenue of $1.28 billion missed estimates of $1.35. However, EPS of 66 cents did beat estimates of 63 cents. And while a good number of analysts are still bullish on the stock on the dip, we don't believe the pullback is over. In fact, we'd like to see it retest $70, near-term, taking its lead from Bitcoin weakness."
U.S. futures and major equity indices climbed as January nonfarm payrolls added 130,000 jobs versus expectations of 55,000, and the unemployment rate fell to 4.3% versus the projected 4.4%. The robust jobs data outweighed weak consumer spending metrics. Bitcoin lost momentum, trading near $67,274, with commentary that speculative retail demand may fade and crypto rails could shift toward real-world assets with lower returns. Crypto weakness pressured Robinhood shares after Q4 revenue missed estimates at $1.28 billion while EPS beat at $0.66. UBS reiterated a buy rating on Nvidia with a $245 price target.
Read at 24/7 Wall St.
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