Markets hold their breath ahead of NFP data

The Non-Farm payroll is highly anticipated to trigger more volatility today as the US Job sector continues to exceed expectations.

By Nadia Elbilassy | @Nadia Elbilassy | 5 April 2024

Market open
  • Chinese markets are closed, USDCNH edges up to 7.2.

  • Meta drops despite optimistic Jefferies commentary on ad revenue growth.

  • Wall Street stocks declined ahead of jobs report with the Dow extending a losing streak.

On the Market Watch:

In currencies

The dollar inched higher, rebounding from significant losses earlier in the week. This uptick was supported by a series of positive data releases that further postponed expectations for early interest rate hikes.

Elsewhere, Markets in China were closed for the day with the USDCNH rising slightly to 7.2.

In Wall Street

Stocks declined overnight ahead of today's jobs report, driven by concerns over geopolitical tensions that fuelled a rally in oil prices, prompting investors to seek safety. And amid hawkish comments from Federal Reserve officials regarding pushing back on rate cuts.

The S&P 500 fell by 1.2%, wiping out previous gains, While the Dow Jones Industrial Average extended its decline for the fourth consecutive day, relinquishing earlier intraday gains.

The Magnificent 7

Apple, Amazon, Microsoft and Meta Platforms Inc dropped marginally, with Meta retreating from a record high, despite optimistic commentary from Jefferies.

Jefferies raised its price target on Meta to $585 from $550, citing optimism that the social media giant could secure approximately 50% of additional industry ad spending in 2024. They anticipate ad revenue growth of around 20%, buoyed by the implementation of generative artificial intelligence.