CNBC Daily Open: January's U.S. jobs reports is stunningly good
the company's earnings report, falling 8%. Though both Apple and Alphabet posted a disappointing fourth quarter too, Alphabet's stock slipped 2%, while Apple's gained 2%.. Wall Street names like Vanguard and BlackRock are exposed to it too.First it was Chevron with a buyback of $75 billion. Next, Meta announced its own $40 billion plan.
Yet markets fell on the news. On Friday, the S&P 500 declined 1.04% to 4,136.48, the Nasdaq Composite lost its red-hot streak and fell 1.59%, and the Dow Jones Industrial Average slipped 0.38%. True, the indexes may have been reacting to earnings: Apple, Alphabet and Amazon, which in combination have a market capitalization of nearly $5 trillion, turned in fourth-quarter results with more misses than hits.
Foremost on investors' minds, however, must surely be how the job report will affect the Federal Reserve's interest rate trajectory. Central bankers have repeatedly emphasized that they're looking at economic data to determine how far to take hikes. The question is: Which set of data are they prioritizing? We know that inflation, consumption and manufacturing figures have fallen in December.
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