Friday, February 5, 2021
Jobs growth slightly positive
- The US economy gained 49,000 jobs in January according to the US Bureau of Labor Statistics, missing Bloomberg survey estimates of a 105,000 gain, with strong negative revisions to December numbers.
- The unemployment rate fell to 6.3%, but was paired with a slightly reduced labor force participation rate.
- We take a closer look at the state of the US labor market in today’s LPL Research blog.
US stocks open higher as Senate moves forward with vote on budget reconciliation
- European markets were higher in midday trading with the United Kingdom continuing to lag behind its peers.
- Asian stocks mostly higher with China the lone decliner.
- The S&P 500 Index, Nasdaq Composite and Russell 2000 all closed at record highs Thursday and are on track for their best week since the election three months ago.
- Crude prices have risen nearly 9% this week, making 52-week highs and tracking towards the best week since early October.
- The United States reported 124,000 new COVID-19 cases on Thursday, a modest increase from the day prior, but still down 20% week over week (source: COVID Tracking Project).
- Winter storms in the northeast cited as a contributing factor to backlogged cases.
- Cumulative hospitalizations continue to decline, now under 90,000 for the first time since before Thanksgiving.
- Johnson & Johnson officially applies for emergency use authorization for potential third vaccine approval in the US.
LPL Research in the Media
LPL Financial Chief Market Strategist Ryan Detrick joined CNBC’s Trading Nation recently to discuss February seasonality, why January matters, and the Super Bowl Indicator. Watch Ryan discuss these concepts with Seema Moody here.
Street View Video Delivers A Message In A Bottle
LPL Research Chief Investment Officer Burt White contends there is one metric above all others that may tell us how well the economy is doing in the new Street View “Message In A Bottle”.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
All index and market data are from FactSet and MarketWatch.
This Research material was prepared by LPL Financial, LLC.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.
- Not Insured by FDIC/NCUA or Any Other Government Agency
- Not Bank/Credit Union Guaranteed
- Not Bank/Credit Union Deposits or Obligations
- May Lose Value
For Public Use – Tracking # 1-05108342