US Equity Markets Fall on Weak Jobs Data, Tech Slump

MT Newswires Live05:15

US equity indexes fell Thursday as the labor market weakened, while tech stocks and cryptocurrencies extended slumps.

* January's job cuts in the US rose to the highest since October, driven by layoffs at United Parcel Service (UPS) and Amazon.com (AMZN), Challenger Gray & Christmas said. A total of 108,435 layoff plans were disclosed, more than doubling from a year earlier.

* US job openings fell to 6.542 million in December, according to the Bureau of Labor Statistics, below the 7.25 million expected in a Bloomberg survey and down from 6.928 million in November.

* March West Texas Intermediate crude oil fell $1.89 to settle at $63.25 per barrel, while April Brent crude, the global benchmark, was last seen down $1.96 to $67.50.

* Estee Lauder (EL) raised its full-year earnings outlook after reporting higher fiscal Q2 results. The cosmetics company continues to expect tariffs to weigh on profitability by $100 million in the fiscal year. The stock slumped 19%.

* McKesson (MCK) shares rose 17%, a day after the company raised its full-year earnings outlook after delivering a fiscal Q3 beat.

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