Stocks were rising Monday morning as the market reacts to Friday’s strong jobs report. Tesla stock was rising, while
was falling.
Futures on the
rose 227 points, or 0.7%, while
futures were up 0.6%. The
was indicated to open up 0.5%.
The stock market was closed Friday, so investors didn’t get a chance to react to the jobs report, except for a small window in futures trading. But what a jobs report it was. The U.S. added 916,000 jobs in March, better than the expected 675,000 and the prior reading of 468,000. This confirms the economy’s fast recovery as states reopen and trillions of fiscal stimulus dollars support businesses’ ability to rehire workers.
“The market looks to open higher given its first time to react to Friday’s strong jobs numbers indicating a strong jobs recovery is underway,” writes Tigress Financial’s Ivan Feinseth. “So far, the strong employment data did not cause a further selloff in bonds and spike in yields which I believe the move we saw over the past month more than anticipated the March strong jobs number.” The 10-year U.S. Treasury yield was unchanged at 1.723%.
Here were some notable stock movers:
GameStop (GME) has fallen 9.1% after announcing plans to sell 3.5 million shares.
Shares of
(NVTA) were up 10% after news that it will raise $1 billion from SoftBank and other investors.
Airways (JBLU) shares rose more than 3% after Raymond James upgraded the stock to Outperform from Market Perform.
(SAIL) stocks rose almost 3% after Monness Crespi & Hardt upgraded its shares to Buy from Neutral.
(MGM) shares rose more than 2% after Morgan Stanley upgraded the stock to overweight from Equal Weight.
(TSLA) shares rose more than 7% after Wedbush upgraded the stock to Outperform from Market Perform.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
