April Jobs, Cigna Earnings, Alibaba Reports: 3 Things to Watch
2022.05.06 00:23
By Sam Boughedda
Investing.com – U.S. stocks melted down on Thursday in between two big economic events for the week: Yesterday’s rate hike by the Federal Reserve – which investors greeted with a relief rally – and tomorrow’s jobs report for April.
By late afternoon on Thursday, the tech-heavy Nasdaq was down nearly 6% for the day as yields on Treasury bonds shot above 3%. Ultimately, the Nasdaq closed down just under 5%.
It’s hard to see a catalyst that could reverse the trend on Friday if the jobs report proves disappointing.
Investors had hoped that May would help erase an ugly April, but the first week of trading for the month has been rough going.
The volatility index is above 32 despite less hawkish comments by Fed Chair Jerome Powell on Thursday. China’s economic growth remains a concern for many investors.
Lockdowns to contain the spread of Covid-19 outbreaks there are leading some to extrapolate issues through the supply chain. If products and materials can’t get to and from China, there will be broader implications for commerce globally.
Here are three things that could affect markets tomorrow:
1. Jobs, jobs, and jobs
Nonfarm payroll data will be reported Friday 8:30 am ET. With ADP Nonfarm Employment Changes already coming in below expectations for April, all eyes will be on tomorrow’s employment data. Analysts polled by Investing.com expect 391,000, below the previous 431,000 reading.
2. Cigna earnings
Cigna Corp (NYSE:CI)and Alibaba are set to report earnings Friday. Analysts polled by Investing.com expect insurance firm Cigna to report earnings of $5.20 per share on revenue of $43.38 billion.
3. Alibaba reports
Meanwhile, China’s e-commerce giant Alibaba Group Holdings Ltd ADR (NYSE:BABA) is expected to post earnings per share of RMB 7.35 on revenue of RMB 200.89 billion.
