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Stocks fall on jobs report, Treasuries down, Oil mixed, Jobless claims dip but still higher than forecast as of March layoffs rise, World’s wealthiest named, Johnson & Johnson shares rise on settlement offer, and more financial news.
Stock futures fell on Friday after the jobs report showed higher claims for unemployment, Yahoo Finance reported.
S&P 500 futures were down 14.73 points or -0.36%, the Dow was down 45.41 points or -0.14%, and the NASDAQ fell 90.35 points or -0.75%.
Shares of Johnson & Johnson rose after the company proposed an $8.9 billion settlement over claims its baby powder and other health products cause cancer, CNBC reported.
US Treasuries fell, with the benchmark 10-Year Treasury down by -0.01 to yield 3.277%, while the 2-Year Treasury was down -0.003 for a yield of 3.76%, as of 9:38 AM EDT.
In oil futures, WTI crude was down -0.01 % and trading at $80.60 a barrel, while Brent crude moved higher by +0.08% and traded at $85.06 a barrel as of 8:40 AM CDT on Friday.
Initial jobless claims dropped by 18,000 to a seasonally adjusted 228,000 for the week ending April 1, according to the latest report by the Labor Department released on Thursday, Yahoo reported. However, revisions to the data showed 48,000 more applications received than previously reported, with the 228,000 claims topping economists’ forecast of 200,000. Layoffs increased in March, but there were still 1.7 job openings for every unemployed person in February. The forecast for the unemployment rate is unchanged at 3.6%.
So far in 2023, there have been 270,416 layoffs, a fivefold increase of 396 percent from the same period a year ago. So far this year, there have been 102,391 job cuts in the tech sector, a massive increase of 38,487% from the prior year. Planned layoffs totaled 89,703 for March, a 15% increase from February, CNBC reported.
Elon Musk has shed the title of the world’s richest living person, replaced by fashion industry exec Bernard Arnault of France with a $211 billion fortune. The 74-year-old CEO of LVMH, the parent company of over 70 high-end brands like Louis Vuitton, Christian Dior, Givenchy, Tiffany’s, Marc Jacobs, Sephora, Fenty Beauty, and more, added a massive $53 billion to his net worth over the past 12 months, Forbes reported. Arnault topped 51-year-old Tesla and SpaceX CEO Musk’s wealth by $31 billion, according to the New York Post.
The world’s five next wealthiest individuals are Jeff Bezos, Larry Ellison, Warren Buffett, Bill Gates, and Michael Bloomberg. Joining the list of billionaires for the first time are Jimmy Buffett, Lebron James, and Tiger Woods. Kylie Jenner, once titled the youngest self-made billionaire, fell off the list along with Kanye West.
