Live Stock Market News Updates: Jan 5, 2023

US stock futures fell in early trade Thursday, turning lower after the ADP National Employment Report showed private payrolls. Much more than expected in December.

Futures contracts linked to the S&P 500 index (^ The Salafist Group for Preaching and Combat(down 0.5%, while futures contracts on the Dow Jones Industrial Average)^ DJI) decreased by approximately the same amount. Contracts for the Nasdaq Technology Heavy Composite (^ ix) fell 0.6%.

The moves came as investors digested a raft of labor market data and watched Fedspeak from central banks. The ADP report showed private sector employment increased by about 235,000 jobs in December, well above expectations of around 150,000.

The report was the latest to show a labor market that remains tight amid the Federal Reserve’s campaign to rein in inflation. a Wed measure Employment opportunities fell less than expected last month and remained elevated. The Labor Department’s monthly non-farm payroll survey is due Friday morning.

Scheduled speeches from Federal Reserve Chairs Rafael Bostic and James Bullard will be watched closely on Thursday.

Meanwhile, Amazon (AMZNShares rose 2% pre-market after CEO Andy Jassy said in a note late Wednesday that the company’s planned job cuts will affect at least 18,000 employees, far more than previously reported. Jassy’s note came after The Wall Street Journal reported news.

The figure marks the largest workforce drop by a tech company in recent months as more names in the sector grow Layoffs to cut costs amid more difficult market conditions. Amazon lost approximately $834 billion in market value in 2022.

Shares of crypto-focused Silvergate Capital (SI) fell 29% in pre-opening trading after The Wall Street Journal reported Bank Thursday Forced to sell assets At a significant loss to cover $8.1 billion in withdrawals after FTX went bankrupt. The drop comes after the stock rose 27% on Wednesday.

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Elsewhere in cryptocurrency stocks, Coinbase (CurrencyShares fell 4% before the open following the downgrade of Coin to market performance from Outperform, citing a “fairly consistent decline” in trading volumes and risks from potential regulatory enforcement action after FTX’s collapse.

“There is a reduced view regarding stability in retail volumes in 2023 after further deterioration in December,” the company said. “Potential SEC Enforcement Action Rise After FTX With No Regulatory Certainty Until 2024.”

In other stock movements, T-Mobile shares (TMUS) up slightly in extended trading after the mobile service provider reported subscriber growth in the fourth quarter slightly above estimates. The company added 927,000 new phone customers in the period, compared to analyst calls of 921,000 customers.

Johnson & Johnson (JNJ) Consumer Business Health introduced Kenvue on Wednesday To be listed as a separate company, marking the first notable filing of an initial public offering in the United States for the new year.

In other markets, oil prices have rebounded after falling nearly 10% over the past two days. West Texas Intermediate (WTI) crude futures, the US benchmark, rose 2% to just over $74 a barrel.

Monitors on the trading floor of the New York Stock Exchange (NYSE) show Federal Reserve Chairman Jerome Powell during a press conference, Dec. 14, 2022. REUTERS/Andrew Kelly

Stocks closed higher on Wednesday after a volatile session affected by readings of the Federal Reserve’s December meeting minutes and economic data that showed… Higher job opportunities than expected and a A decline in manufacturing activity for the second month in a row.

Fed minutes showed on Wednesday Officials oppose ‘unwarranted’ accommodations For financial conditions, even as they welcome lower inflation, and the need to maintain a “restrained political stance” until the data becomes more promising.

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“The December meeting minutes show that FOMC members remain focused on current inflation and inflation risks, with a fear of overdoing monetary policy that gets little attention,” Ian Shepherdson, chief economist at Pantheon, said in a note.

“Don’t expect them to ease their inflation line until it becomes clear that there is a serious shift in the data going,” he added.

Alexandra Semenova is a correspondent at Yahoo Finance. Follow her on Twitter @employee

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