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Wall Street eyes lower open after soft jobs data

01/07/2022 | 09:11am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Nonfarm payrolls rise by 199,000 in December

* GameStop jumps after report of foray into NFT, crypto markets

* Futures down: Dow 0.17%, S&P 0.24%, Nasdaq 0.56%

Jan 7 (Reuters) - Wall Street's main indexes were set to slip at the open on Friday after data pointed to weaker-than-expected job growth, while a rise in wages fueled concerns about higher inflation.

The Labor Department's report showed nonfarm payrolls increased by 199,000 jobs in December, although the unemployment rate dropped to 3.9% from 4.2% in November, underscoring tightening labor market conditions.

Economists surveyed by Reuters expected nonfarm payrolls to increase by 400,000 jobs in December. The average hourly earnings rose by 0.6% against expectations of 0.4%.

"The topline is a disappointment but the growth of the labor market remains firm," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"Hourly wages are not coming down much, which suggests the Fed is not likely to be derailed by this headline number."

The data comes after the minutes from the Federal Reserve's December meeting signaled the central bank may have to raise interest rates sooner than expected amid a "very tight" job market and unabated inflation.

The hawkish tone spurred a rally in U.S. Treasury yields while prompting investors to swap technology-heavy growth shares with more cyclical parts of the market such as energy, financials and industrials that tend to do better in a high interest-rate environment.

Fed funds futures imply a 90% chance of a 25-basis point tightening at the March Fed meeting, and at least three rate hikes by the end of the year.

Shares of Occidental Petroleum and Citigroup rose 1.0% and 0.6%, respectively, in premarket trading, leading gains among major oil and banking companies.

The S&P 500 energy sector, which has gained 9% so far this week, was set for its best weekly rise in ten months. The broader value index added 0.8% this week, outperforming its growth counterpart, which is eyeing its worst week since late February 2021.

At 8:58 a.m. ET, Dow e-minis were down 62 points, or 0.17%, S&P 500 e-minis were down 11.25 points, or 0.24%, and Nasdaq 100 e-minis were down 88.5 points, or 0.56%.

All the three major Wall Street indexes are set for a weekly fall.

Mega-cap tech titans Apple Inc, Microsoft Corp , Inc and Tesla Inc were mixed, after steep losses suffered this week.

"Meme stock" GameStop Corp jumped 18.7% after the video game retailer said it is launching a division to develop a marketplace for nonfungible tokens (NFTs) and establish cryptocurrency partnerships.

Starbucks Corp fell 2.4% after RBC downgraded the specialty coffee retailer's stock to "sector perform" from "outperform" on valuation and margin outlook.

Discovery Inc added 5.3% after Bank of America upgraded the media company's stock to "buy" from "neutral". (Reporting by Devik Jain in Bengaluru and Stephen Culp in New York; Editing by Maju Samuel)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -4.34% 142.815 Delayed Quote.-15.95%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.46% 0.69989 Delayed Quote.-3.96%
BRITISH POUND / US DOLLAR (GBP/USD) -0.81% 1.23855 Delayed Quote.-8.90%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.33% 0.77852 Delayed Quote.-1.62%
EURO / US DOLLAR (EUR/USD) -0.59% 1.04867 Delayed Quote.-8.19%
GAMESTOP CORP. -8.17% 92.305 Delayed Quote.-32.35%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.32% 0.01287 Delayed Quote.-4.30%
LONDON BRENT OIL -2.40% 110.01 Delayed Quote.44.70%
MICROSOFT CORPORATION -3.32% 257.4826 Delayed Quote.-20.66%
NASDAQ 100 -3.99% 12068.74 Real-time Quote.-23.01%
NASDAQ COMP. -3.77% 11537.63 Real-time Quote.-23.40%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.42% 0.63342 Delayed Quote.-7.71%
OCCIDENTAL PETROLEUM CORPORATION -3.78% 65.4569 Delayed Quote.133.60%
S&P 500 -3.14% 3961.82 Real-time Quote.-14.21%
STARBUCKS CORPORATION -2.51% 71.9 Delayed Quote.-36.98%
TESLA, INC. -4.90% 724.98 Delayed Quote.-27.93%
WARNER BROS. DISCOVERY, INC. -3.76% 17.67 Delayed Quote.-22.01%
WTI -5.04% 107.902 Delayed Quote.51.27%
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Analyst Recommendations on STARBUCKS CORPORATION
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Financials (USD)
Sales 2022 32 286 M - -
Net income 2022 3 244 M - -
Net Debt 2022 11 402 M - -
P/E ratio 2022 27,1x
Yield 2022 2,66%
Capitalization 84 549 M 84 549 M -
EV / Sales 2022 2,97x
EV / Sales 2023 2,71x
Nbr of Employees 383 000
Free-Float 99,8%
Duration : Period :
Starbucks Corporation Technical Analysis Chart | SBUX | US8552441094 | MarketScreener
Technical analysis trends STARBUCKS CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 34
Last Close Price 73,72 $
Average target price 93,79 $
Spread / Average Target 27,2%
EPS Revisions
Managers and Directors
Howard D. Schultz President, Chief Executive Officer & Director
Rachel Marie Ruggeri Executive VP, Chief Financial & Accounting Officer
Mellody Louise Hobson Chairman
Jeff Wile Chief Information Officer
John Culver Chief Operating Officer
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