GDPNow, an economic forecasting model of the Atlanta Fed, is now predicting Q1 GDP growth of 2.1%, down from a previous 3.1%, in response to the latest disappointing employment report.
The Nasdaq Composite remains under pressure and is down 1.1% at last check.
White House Economic Advisor Kevin Hassett has suggested that investor redemptions in the current market cycle are no comparison to those of the 2008 Great Financial Crisis, also noting that the “markets will move forward quickly” once the Iran war is over. Other sources suggest that the fighting could drag on until September.
The markets remain lower across the board though the Nasdaq Composite has narrowed its losses.
The U.S. labor market stumbled badly in February, with nonfarm payrolls falling by 92,000, nearly double the expected loss of 50,000 and well below January’s downwardly revised total of 126,000. The healthcare sector was a drag, shedding tens of thousands of jobs in the month. The overall results mark the third time in five months that the economy lost jobs, a pattern of weakness in the labor market, with the unemployment rate now hovering at 4.4%, up from 4.3%.
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The markets have buckled under pressure to end the week on a sour note, with all three of the major stock market averages posting steep losses out of the gate. The Nasdaq Composite is down approximately 1.7% while the Invesco Nasdaq 100 (QQQ) is meandering at or below the 600 threshold. The odds of a peace deal with Iran have dwindled after President Trump declared that his end game is “total surrender” for the Middle Eastern nation.
A weaker-than-expected February jobs report is only exacerbating an already tense market (more on that later). Oil remains in the spotlight, with the Brent Crude price having crossed the pivotal $90/barrel threshold while U.S. Crude oil hovers in the $87/barrel range.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 47,098.48 Down 856.26 (-1.79%)
Nasdaq Composite: 22,371.57 Down 392.0 (-1.72%)
S&P 500: 6,720.72 Down 109.99 (-1.60%)
Software leader Oracle (Nasdaq: ORCL | ORCL Price Prediction) is in the earnings lineup for next week, and Jefferies analysts have reemphasized their “buy” rating ahead of results. On the flip side, the analyst firm also lowered its price target on the stock by $80 to $320 per share. Oracle stock is trading lower with the wider technology sector.
Oppenheimer analysts have begun coverage of Motorcar Parts of America (Nasdaq: MPAA) with an “outperform” rating amid what they consider market share tailwinds. MPAA stock is tacking on 1.2% today.
Marvell Technology (Nasdaq: MRVL) is soaring by about 15% today amid a bullish Wall Street analyst community that advises buying the stock.
Technology equipment stock Applied Materials (Nasdaq: AMAT) is spiraling by 4.4% today amid a broader chip-stock selloff that’s also gripped industry leaders such as AMD (Nasdaq: AMD), down 1.2%, and Intel (Nasdaq: INTC), down 3.7% today.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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