5 things to know before the stock market opens on Friday

Here are the top news, trends and analysis that investors need to start their trading day:

1. Futures drop after worst day for Dow Jones and Nasdaq since 2020

A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York, May 5, 2022.

Andrew Kelly | Reuters

US stock futures Positive then negative turned again on Friday after the government’s strong April jobs report. The 10-year treasury bond yield I moved higher on Friday, above Thursday’s trip is above 3.1%, a high dating back to November 2018. Thursday’s rally in bond yields dragged down the stock market that wiped out the previous day’s strong strength. Federal Reserve Relief pool and then some.

  • The Dow Jones Industrial Average It lost 1,063 points, or 3.1%, on concerns that the Fed’s tightening cycle to slow the economy would not keep inflation under control. heavy technology Nasdaq It fell nearly 5% to him Lowest closing level since November 2020, further falling into a bear market. Both of those drops broke a three-day winning streak and were the worst one-day declines since 2020.
  • The Standard & Poor’s 500 It fell about 3.6% on its second worst day of the year. The S&P 500 and Dow were in corrections.

2. Job Growth Accelerated in April: Nonfarm Payroll Recorded Better Than Expected

A “We’re hiring!” A banner is displayed at Starbucks

Mario Tama | Getty Images News | Getty Images

The Department of Labor reported Friday morning better than expected 428000 non-agricultural jobs Added to the US economy in April. The unemployment rate settled last month at 3.6%. A slight decrease was expected. Average hourly earnings in April rose 0.3% slightly less than expected month-on-month and in-line with estimates with a 5.5% year-over-year gain.

  • The report shows that jobs remain tight even as inflation continues to rise. The government’s first-quarter report contributed to the stock market sell-off on Thursday, which showed the biggest drop in worker productivity in 75 years and rising labor costs.

3. Oil prices rise at a time when the European Union is considering imposing sanctions on Russian crude. Plunge Bitcoin

Unused drilling rigs in a corporate park located in the Permian Basin region on March 13, 2022 in Odessa, Texas. US President Joe Biden has imposed an oil embargo on Russian, the world’s third largest oil producer, which could mean oil producers in the Permian Basin will need to pump more oil to meet demand.

Joe Riddell | Getty Images News | Getty Images

Oil prices in the United States It rose nearly 1.5% on Friday, around $110 a barrel, ignoring concerns about global economic growth as proposed European Union sanctions on Russian oil raised the possibility of tight supplies. West Texas Intermediate, the US benchmark, and the global benchmark Brent crude were on track for a second consecutive weekly gain.

Bitcoin is a volatile asset, and it is known to swing more than 10% higher or lower in a single day.

Jacob Borzeki | Norfoto | Getty Images

Bitcoin Drops Below $36000 On Friday, one day after Wall Street plunged. The world’s largest cryptocurrency, promoted by proponents of an inflation hedge, has remained tied to the Nasdaq, falling or rising along with technology stocks. Bitcoin has tumbled nearly 50% from its all-time high of over $68,000 in November, with risky assets dropping in 2022 due to rising inflation, Russia’s war in Ukraine and Fed policy tightening.

4. The Food and Drug Administration limits the use of the Covid J & J vaccine to blood clotting risks

Licensed professional nurse Eloisa Flores prepares a dose of Johnson & Johnson’s Janssen Covid-19 vaccine at the Immunization Clinic in Los Angeles, California on December 15, 2021.

Frederick J. Brown | Agence France-Presse | Getty Images

Food and Drug Administration she decided To reduce the use of Johnson & JohnsonCovid vaccine for adults due to risk of rare coagulopathy syndrome. The J&J vaccine is one of the three vaccines allowed for use in the United States. The Food and Drug Administration said Thursday that the J&J injection can be given in cases where there is a Pfizer or Moderna It is not possible to get the Covid vaccines or if the individual does not want to get the other shots. The US Health Agency said its analysis of the risk of clotting problems after receiving the J&J vaccine orders limits on authorization.

5. Under the shield sank after issuing weak guidance and unexpected loss

The interior of the Under Armor store is seen on November 3, 2021 in Houston, Texas.

Brandon Bell | Getty Images

under the shield Shares fell more than 15% in the Friday market, shortly after making sports shoes and apparel He issued a disappointing forecast for fiscal year 2023. In the quarter just ending in March, Under Armor reported unexpected losses and sales that came in short of Wall Street estimates. Global supply chain challenges and another round of Covid lockdowns in China have dented demand. A number of international companies, including Apple and Estee Lauder, have warned in recent days that withdrawing from China’s Covid controls will hit their businesses.

– CNBC channel Hana MiuAnd Jesse PoundAnd Tanaya MachelAnd Vicki McIverAnd Jeff CoxAnd Patty Doom And Lauren Thomas As well as Reuters contributed to this report.

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