US Top News and Analysis
U.S. stock futures rose slightly on Thursday night as investors looked ahead to the December jobs report Friday. Strong jobs data earlier in the day led to declines in the major averages as it pointed to further rate hikes ahead.
Dow Jones Industrial Average futures rose by 42 points, or 0.13%. S&P 500 and Nasdaq 100 futures climbed 0.19% and 0.21%, respectively.
During the regular session Thursday, the Dow Jones Industrial Average fell 339.69 points, or 1.02%. The S&P 500 declined 1.16%, while the Nasdaq Composite closed 1.47% lower. A stronger-than-expected ADP private payrolls report Thursday weighed on the major indexes.
Recession fears remained top of mind for investors as they deliberated whether the Federal Reserve could navigate a soft landing in its fight against inflation.
“I’m allowing in my thinking that we could have a recession by the end of the year, and that recession will be brought about by Fed tightening, QT, quantitative tightening, a stronger dollar, or the price of oil,” said Omega Family Office’s Leon Cooperman on CNBC’s “Closing Bell: Overtime” on Thursday.
“And if we have a recession, the market will have ended its decline, say, down 35% from its peak, so that gives you the low 3,000s,” Cooperman added.
Traders are anticipating the December jobs report before the bell Friday. Economists polled by the Dow Jones expect the U.S. added 200,000 jobs last month, which would mean a deceleration from gains in the prior month. A better-than-expected report pointing to a resilient labor market could mean the Fed has further to go in its efforts to tame inflation.
Stocks are headed for losses in the first trading week of 2023. As of Thursday’s close, the Dow is down 0.66% week to date, headed for its fourth down week in five. Meanwhile, the S&P 500 and the Nasdaq are both on pace for their fifth straight week of losses, down 0.82% and 1.54%, respectively.
WWE shares rise in extended trading
Shares of World Wrestling Entertainment jumped more than 10% in Thursday extended trading after Vince McMahon said he elected himself executive chairman at the company — months after he retired over a sexual misconduct scandal.
McMahon, the company’s controlling shareholder, brought on two former WWE co-presidents and board members, Michelle Wilson and George Barrios.
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— Rebecca Picciotto, Sarah Min
Leon Cooperman says new bull market isn’t coming anytime soon
Billionaire investor Leon Cooperman said he’s still holding a cautious view on stocks and the economy, but he’s finding cheap stocks to buy after the recent correction.
“I would basically take the position that we’re in a market of stocks rather than a stock market,” Cooperman said on CNBC’s “Closing Bell Overtime” Thursday. “I think anybody looking for a new bull market anytime soon is looking the wrong way.”
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— Yun Li
Where the major averages stand this week
Stocks are set to close out the first trading week of the year with losses. As of Thursday’s close, here are where the major averages stand:
The Dow Jones Industrial Average is down 0.66% week to date, on pace for its fourth negative week in five.The S&P is down 0.82% week to date, on pace for its fifth negative week in a row for the first time since its 7-week streak ending 5/20/2022.The NASDAQ is down 1.54% week to date, on pace for its fifth negative week in a row for the first time since its 7-week streak ending 5/20/2022.
— Chris Hayes, Sarah Min
Stock futures open higher
U.S. stock futures opened higher Thursday night after the major averages declined on the back of strong jobs data that could point to further rate hikes, and as investors looked ahead to the December jobs report Friday.
Dow Jones Industrial Average futures rose by 21 points, or 0.06%. S&P 500 and Nasdaq 100 futures climbed 0.13% and 0.19%, respectively.
— Sarah Min
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