Happy nonfarm payrolls day as the Labor Department reported that the economy added 215,000 jobs in March, beating the estimate of 200,000.
February’s jobs number was also revised higher to 245,000 from 242,000. The unemployment rate rose to 5 percent from last month’s 4.9 percent and the increase was attributed to more labor participation. Wages continue to rise with average hourly earnings increasing by 7 cents.
Stocks traded in negative territory on concerns that a strong labor market would motivate the Federal Reserve to raise rates. The S&P 500 is down by 7 points to 2,051, the Dow Jones Industrial average is down by 63 points to 17,623 and the Nasdaq is lower by 27 points to 4,840. The S&P Retail ETF fell by 45 cents to trade at $45.71.
Urban Outfitters Inc. stock is getting a lift after the retailer filed its annual report and within the report said that net sales in the first quarter of fiscal 2016 were in the low single digits in the positive side. The company also noted that there is a leap-year benefit, which is helping the numbers. In addition to that, Stifel Nicolas raised its price target for the company to $38 and has a buy rating on the stock. Goldman, Sachs & Co. reiterated its buy rating and raised its price target to $35 from $33. The stock is higher by 3 percent in early trading to $34.19.
Kering SA stock is tumbling following the departure of designer Hedi Slimane from the Yves Saint Laurent label. The stock slid by over 2 percent to 152.85 euros or $173.90 at today’s exchange rates. Slimane is leaving after four years and at the end of his initial contract. This is the second time Slimane has ended his employment with YSL. Sales under Slimane’s era have been good and expected successor Anthony Vaccarello will be under pressure to maintain those strong sales. Kering and Saint Laurent would only say that a new creative team would be announced soon.
A technical problem at the NYSE Arca trading exchange has resulted in the suspension trading for eight stocks including Amazon and Alphabet (formerly Google). The stocks can continue to be traded on other exchanges.
Elsewhere, Japan’s Nikkei dropped a whopping 3.6 percent after manufacturing data saw business sentiment drop to its lowest level in 3 years. China’s Shanghai Composite increased by 0.2 percent on news that its factory sector expanded in March. European markets are lower across the board as prices for manufactured goods dropped.