Apple gains in premarket trading on downbeat U.S. jobs report

Futures tracking the NASDAQ jumped more than 1% on Friday as mega-cap growth stocks rallied in premarket trading after a downbeat jobs report eased valuation concerns and worries about the U.S. Federal Reserve reducing its massive stimulus program anytime soon.

Reuters:

stock chartThe Labor Department’s closely watched employment report showed U.S. employers hired far fewer workers than expected in April, with nonfarm payrolls increasing by only 266,000 jobs last month… Economists polled by Reuters had forecast payrolls advancing by 978,000 jobs.

Highly valued stocks such as Microsoft Corp, Apple Inc, Amazon.com Inc and Facebook Inc rose more than 1% each in premarket trading.

The report also showed unemployment rate rose to 6.1% in April from 6.0% in March. At 9:06 a.m. ET, Dow e-minis were down 32 points, or 0.09%, S&P 500 e-minis were up 13 points, or 0.31%, and Nasdaq 100 e-minis were up 154 points, or 1.13%.

MacDailyNews Take: Hopefully just a blip on U.S. jobs, but despite premarket gains, Apple remains significantly undervalued.

4 Comments

  1. “Back on Track” is being brought to you by the same people that gave us “Recovery Summer”.

    Will it be just as successful? snark

    Obama put Biden in charge of economic jobs recovery, calling it the “Summer of Recovery”.

    From ABCNews online August 23, 2010…

    “The White House dubbed it “Recovery Summer” and President Obama declared the economy had begun “growing at a good clip.” Vice President Joe Biden predicted weeks earlier that creation of 250,000 to 500,000 new jobs a month could soon be on the horizon.

    But with summer quickly coming to an end, those jobs gains and a robust economic recovery have not yet materialized, leaving Democrats on the verge of a fall election campaign in which Republicans are poised to make them eat their words.

    “Sadly, this so-called ‘Recovery Summer’ could end up with more Americans finding themselves out of work then when it began,” said National Republican Congressional Committee spokesman Ken Spain. “Expect Republican candidates across the country to ask one simple question of Democrat incumbents: ‘Where are the jobs?'””

    Republicans might still have to ask Democrats, ‘where are the jobs?’!

    You know, Biden. “Jobs”, that 3-letter word.

    1. And what was happening in 2008 that got Obama elected? No republican administration since Reagan has left the country better then they found it. Clinton and Obama both left the county with great economics, and worldwide respect.

      1. Put down the kool-aid and the naive belief that Obama’s economics were admirable.

        You don’t have to go far to listen to people with broad knowledge of macro-economics to learn that Obama had the chance to punch debt in the gut, but he did nothing of the sort.
        The govt has been kicking the can down the road for many yrs, but Obama’s kick was staggering. He embraced debt and denied dealing with the already troubled unfunded liability.

        On another note related to “respectability,” his record on race relations was deplorable. He created division between races AND fed the anti-law enforcement mindset.

        Do some research before putting forth such tripe.

  2. The downbeat man in the WH said the “unemployment benefits” have had no material effect on the worker shortage that’s affecting the country broadly.

    And, no…there’s not a crisis at the border, either.

    I’d like to add, in-spite of the burning buildings and vehicles in the background, the protest are mostly peaceful. And, I don’t really care if “insurrection” is inexplicably tied to guns and it’s been determined there were none there on that day. “Insurrection” is what it’s to be called because we can tie it to the source of TDS.

    Words, huh…we’re making too much of their meanings.

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