⚠️BREAKING: *U.S. STOCKS CLOSE LOWER AS BLOWOUT JOBS REPORT DENTS FED PAUSE HOPES, BUT S&P 500 STILL NOTCHES WINNING WEEK $DIA $SPY $QQQ
517,000 jobs last month, well above economists’ estimates of 185,000. Average hourly earnings slowed to 4.4% in January from the prior month, but were above estimates of 4.3%
“We now make another 25bp hike at the March FOMC our base case, raising the peak fed funds rate this cycle to 4.875%, with more upside risk if labor market data continue to move from strength to strength,” Morgan Stanley, ditching its estimate for a Fed pause next month. Consumer stocks led the broader market lower, pressured by a 7% slump in Amazon.com Inc after the e-commerce giant reported fourth quarter earnings that missed on the bottom line and softer guidance for Q1 amid growth in its cloud business.
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