U.S. stock futures turned up on Friday after the job data. Nonfarm payrolls increased by 311,000 for February, above the estimate. The unemployment rate was 3.6% vs. the estimate of 3.4%.
Market Snapshot
At 8:32 a.m. ET, Dow e-minis were up 35 points, or 0.28%, S&P 500 e-minis were up 20.75 points, or 0.53%, and Nasdaq 100 e-minis were up 81 points, or 0.67%.
Pre-Market Movers
SVB Financial Group -- Stocks tumbled over 44% in premarket trading after plummeting more than 60% on Thursday. It was forced to sell securities to realign its portfolio in response to higher interest rates while it manages lower deposit levels from clients, many of which are in the venture capital arena and burning through cash.
Oracle -- Stocks fell nearly 5% in premarket trading; It reported fiscal third-quarter revenue that missed analysts' estimates. Net income fell to $1.89 billion, or 68 cents per share, in the quarter, from $2.32 billion, or 84 cents per share, a year earlier.
Docusign -- Stocks crashed nearly 14% in premarket trading even after swinging to a profit in the fourth quarter and posting better-than-expected revenue. DocuSign's guidance for the fiscal first quarter also was in line with expectations.
Gap -- Stocks were down over 6% in premarket trading after it reported a fourth-quarter loss wider than a year earlier and sales of $4.2 billion that fell 6% and missed expectations.
Allbirds, Inc. -- Stocks dipped over 21% after reporting a fourth-quarter loss that widened from a year earlier and a revenue drop of 13%.
Ulta Salon Cosmetics & Fragrance -- Stocks were down 1.5%. It issued a fiscal-year forecast for earnings and sales that topped Wall Street estimates.
Roblox Corporation -- Stocks gained nearly 3% in premarket trading; Jefferies analyst Andrew Uerkwitz upgrades it from Hold to Buy and raises the price target from $30 to $48.
Silvergate Capital -- Stocks rebounded over 7% in premarket trading after crashing 42.16% yesterday. Before that, it plans to wind down operations and liquidate its bank after the crypto industry’s meltdown sapped the company’s financial strength.
Market News
President Joe Biden unveiled a $6.9 trillion budget proposal on Thursday, a defiant opening salvo in high-stakes negotiations with congressional Republicans over the debt ceiling and government funding.
Inflation seems poised to stick around for longer than previously expected, according to new research from the Federal Reserve Bank of New York.
Tesla Motors is recruiting Chinese and Korean materials suppliers to help lower the cost and boost the energy of its newest battery cells, even as the company struggles with battery-related performance and production issues that have helped delay the launch of its futuristic Cybertruck.
Sea Ltd is cutting more jobs at e-commerce unit Shopee in Indonesia, days after reporting a surprise first-ever quarterly profit helped by last year’s extensive firings. The latest cuts affect fewer than 500 full-time and contract workers in Shopee’s customer service team in Indonesia.
Grab Holdings Chief Financial Officer Peter Oey sold $1.1 million in shares. Oey and affiliated person Eve Oey sold 341,202 shares at an average price of $3.17 on Feb. 28 through JP Morgan Securities LLC, according to a filing with the US Securities and Exchange Commission.
SVB Financial Group lost $1.8 billion from securities sales, cut full-year guidance and planned a $2.25 billion equity offering, and several funds were advising clients to pull their money, sparking fears of a run on the bank.
Oracle's total revenue rose 18% to $12.39 billion in the third quarter ended Feb. 28, net income fell to $1.89 billion, or 68 cents per share, in the quarter, from $2.32 billion, or 84 cents per share, a year earlier.
Docusign reported a Q4 net income of $4.86 million, or 2 cents a share, compared with a loss of $30.45 million, or 15 cents a share, in the year-ago period. For the first quarter, the company expects revenue of $639 million to $643 million, while analysts expect $639.8 million.
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