BY THE NUMBERS
U.S. stock futures fell Friday after the government's latest employment report showed much weaker-than-expected jobs growth in December. The 10-year Treasury yield topped 1.75%. The Nasdaq on Thursday dropped for the third straight day after sinking 4% over the two previous sessions. The tech-heavy index was 6% away from its latest record close in November. The S&P 500 and the Dow dropped Thursday, logging three- and two-day losing streaks, respectively. They both hit record highs earlier this week. (CNBC)
* Bitcoin slumps to a three-month low as cryptocurrencies extend losses (CNBC)
* Cloud stocks off to a brutal start to 2022 as investors sour on pandemic's top performers (CNBC)
The Labor Department's December jobs report on Friday morning showed just 199,000 nonfarm payrolls were added last month, less than half of what analysts had been expecting. The nation's unemployment rate fell more than expected to 3.9%. Average hourly earnings rose more than expected as the U.S. sees its fastest inflation pace in nearly 40 years. (CNBC)
* Fed scaring markets with the triple threat of policy tightening (CNBC)
IN THE NEWS TODAY
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The efficacy of Covid vaccine boosters will likely decline over time and a fourth shot may be needed next fall to increase protection, Moderna CEO Stephane Bancel said Thursday. Bancel said people who got boosters this fall will likely have enough protection to get them through the winter, when infections tend to surge as people gather indoors to escape the cold. (CNBC)
Quidel (QDEL) said it expects to report revenue of $633 million to $637 million for the fourth quarter, well above the consensus estimate of $466 million. The diagnostics company is benefiting from increased demand for its Covid tests, as well as tests for other diseases. Quidel gained 4.8% premarket trading. (CNBC)
The Supreme Court will take up two major Biden administration efforts to bump up the nation's Covid vaccination rates at a time of spiking coronavirus cases due to the omicron variant. The justices on the conservative-dominated court are set to hear arguments on Friday. (AP)
Shares of GameStop surged 18% in Friday's premarket after The Wall Street Journal reported the video game retailer plans to create a marketplace for NFTs, nonfungible tokens. GameStop also intends to establish cryptocurrency partnerships to create games and items for the marketplace, according to the Journal.
* Lululemon taps former Amazon exec as new CEO of its at-home gym Mirror (CNBC)
Bed Bath & Beyond (BBBY) continues to shut underperforming locations, with dozens of closures planned for early this year. The company released a list of 37 locations spread across 19 states where liquidation sales have already kicked off and the shops are expected to close by the end of February. (CNBC)
Shares of Apple rose in Friday's premarket. However, the stock has dropped 6% from Tuesday's all-time high and this week's punch through a $3 trillion market value. Apple CEO Tim Cook received $98.73 million in compensation in the company's fiscal 2021, according to an SEC filing published Thursday.
Cyber Ninjas, the company that led a partisan review of 2020 ballots in Arizona, is closing down following a scathing report by election officials and the threat of $50,000 a day in fines. The Florida-based company, founded in 2013, has less than a dozen employees, according to its LinkedIn page. (CNBC)
Kazakhstan's president authorized security forces on Friday to shoot to kill those participating in unrest whom he called "terrorists," opening the door for a dramatic escalation in a crackdown on anti-government protests that have turned violent. (AP)
A winter storm is spreading moderate to heavy snowfall across the Northeast. Parts of the New York region had picked up 3 to 6 inches of snowfall as of early Friday morning. In New England, snow totals have topped 10 inches in a few areas of Connecticut and Rhode Island. (Weather Channel)
STOCKS TO WATCH
T-Mobile (TMUS) reported fourth-quarter postpaid net subscriber additions of 844,000 and total 2021 additions of about 2.9 million. The fourth-quarter numbers for the wireless service provider were below consensus estimates of 868,000, and the stock fell 1.8% in premarket trading.
Sonos (SONO) rallied 4% in the premarket, following an International Trade Commission ruling that Alphabet's Google infringed on some Sonos audio patents in its Nest speakers. Google plans to appeal the decision.
Sports betting company DraftKings (DKNG) added 2% in the premarket, ahead of the launch of legal mobile sports betting in New York State, beginning Saturday morning.
New York Times (NYT) announced a deal to buy sports news site The Athletic for $550 million, following earlier reports that a transaction had been finalized. New York Times shares fell 1.4% in the premarket.
A 105,000-square-foot Los Angeles megamansion known as "The One" listed Friday for $295 million, making it the most expensive listing in the U.S. If it doesn't sell quickly, "The One" heads to auction in February and will be sold to the highest bidder. (CNBC)