Jobs Report in Focus Today

U.S. stock futures are slightly higher in premarket trading as traders looked ahead to the release of the delayed January jobs report. The moves come after weakness on Tuesday but the Dow Index ($DJI) settled fractionally higher at a new record high close.

The Bureau of Labor Statistics data had been delayed due to a partial government shutdown that ended on Feb. 3. Consensus is calling for a gain of 65,000, compared to a December increase of 50,000. Economists also see the unemployment rate remaining at 4.4%. In addition, traders will be on the lookout for a batch of revisions from the BLS, which could shed some light on the state of the U.S. jobs market and economy.

Expectations are muted after a miss on ADP private payrolls, higher than expected weekly Jobless Claims and a weak JOLTS report last week. Investor focus will also be on earnings with results from McDonalds (MCD) and Shopify (SHOP) this morning and Cisco Systems (CSCO) after the close.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 2% near $65.30 a barrel as the market waited for direction from news on diplomatic relations between the U.S. and Iran, efforts to end Russia’s war in Ukraine and data on the U.S. economy and U.S. oil inventories.
• Gold (/GC) – Gold futures are up 2% near $5130 as the market consolidated ahead of U.S. jobs and inflation data that could offer further clues to the Federal Reserve’s interest-rate outlook. A weaker U.S. Dollar is also supporting the Precious metal.
• Bitcoin (/BTC) – The Crypto Future is down over 2% near 67,200 in premarket trading.
• VIX – The CBOE Volatility Index was up 2.5% on Tuesday and settled at 17.79 as stocks were lower.
• U.S. Dollar (/DX) – The dollar is flat on the session at 96.73.

Biggest Premarket Movers (as of 7 AM ET)

1. Albemarle Corp (ALB): +3.17%
2. Micron (MU): +2.90%
3. SanDisk (SNDK): +2.86%
4. Newmont (NEM): +2.44%
5. Freeport-McMoRan (FCX) +2.24%
6. Moderna (MRNA): -9.75%
7. Robinhood (HOOD): -8.29%
8. Kraft Heinz (KHC): -7.23%
9. Humana (HUM): -6.78%
10. Coinbase Global (COIN) -3.33%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:30 AM ET: Jobs Data – Delayed
• 10:10 AM ET: Fed’s Schmid/Bowman Speak
• 10:30 AM ET: Oil Inventories
• 1:00 PM ET: 10-Year Note Auction
• 2:00 PM ET: Treasury Statement
• 4:00 PM ET: Fed’s Hammack Speaks

Notable Earnings

• Premarket: BWA, CHEF, FNMA, ULCC, GNRC, GFS, HLT, HUM, KHC, LAD, MLM, MCD, NTES, NI, PSN, PAG, R, SN, SHOP, SW, TMUS, THC, TMHC, TEX, TSEM, U, VRT, WAB
• Postmarket ALB, AMCX, AR, APP, CSCO, CGNX, CPA, CW, FSLY, HUBS, IFF, MFC, MSI, NBR, NE, PAYC, PPC, PRCH, QTWO, QS, ROL, TYL
• Premarket Tomorrow: ABEV, AEP, BUD, BAX, BIRK, CBRE, CHKP, CROX, ETR, EXC, FTS, GTES, H, IRM, PCG, QSR, TRU, TRIP, USFD, ZBRA, ZTS
• Postmarket Tomorrow: ABNB, AEM, AMAT, ANET, CAE, COIN, CRSR, DKNG, BROS, EXPE, FLO, IR, CART, FBIN, MHK, PINS, PSA, RIVN, ROKU, TOST, TWLO, VRTX, WYNN, YELP

Upgrades/Downgrades

• Freedom Capital upgrades Eli Lilly (LLY) to Buy from Hold
• Inderes upgrades Spotify (SPOT) to Buy from Accumulate
• Baird upgrades Dick’s Sporting Goods (DKS) to Outperform from Neutral
• Barclays downgrades Norwegian Cruise Line (NCLH) to Equal Weight from Overweight
• JPMorgan downgrades Mattel (MAT) to Underweight from Neutral
• TD Cowen downgrades NuScale Power (SMR) to Hold from Buy

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.