Stock market news live updates: January 6, 2022

US stock futures were higher on Friday morning after the December jobs report showed the economy added more jobs than expected in the final month of 2022.

About 40 minutes before the market opened, futures tied to the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) were up about 0.9%, while contracts on the tech-heavy Nasdaq Composite (^IXIC) -weights were more closely related. up to 1%.

The Labor Department’s latest 2022 jobs report showed the economy added 223,000 jobs last month while the unemployment rate fell to 3.5%.

Economists expected nonfarm payrolls to increase by 200,000 with the unemployment rate holding steady at 3.7%.

In separate stock moves, beleaguered shares of Tesla ( TSLA ) resumed their recent slide, falling more than 7% in pre-market trading after the electric carmaker cut prices in China following a drop in December deliveries.

According to Tesla’s website, the starting price for the Model 3 has dropped to 229,000 yuan, or about $33,000, while the price of the Model Y has dropped to 259,900 yuan, or $37,886.

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Elsewhere in the markets, shares of World Wrestling Entertainment (WWE) rose more than 10% in early trading after the company announced that former chairman Vince McMahon would return to explore a sale of the business. McMahon retired in July 2022 due to a botched investigation. The Wall Street Journal first reported the planned return late Thursday.

Bed Bath & Beyond ( BBBY ) fell another 13% Thursday morning after disclosing in a statement the previous day that the company is seeking bankruptcy because it’s running out of cash. On Wednesday, shares rose more than 30 percent after the announcement.

Costco ( COST ) stock gained more than 2% in extended trading, breaking from a six-month low after the retailer released favorable December sales data. Revenue last month reached $23.8 billion, up 7% year-over-year, while comparable store sales grew 5.5%, beating analysts’ expectations of 5%. Costco was Yahoo Finance’s company of the year.

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US shares of Hong Kong brokerage AMTD Digital (HKD) rose another 60% on Friday after rising more than 200% in the previous trading session.

In commodity markets, oil prices held steady on Friday morning after a gloomy start to the year that saw crude oil prices fall nearly 10% this week. West Texas Intermediate (WTI) crude oil is trading around $73 this morning.

A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York City, USA, January 5, 2023.  REUTERS/Andrew Kelly

A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York City, USA, January 5, 2023. REUTERS/Andrew Kelly

Outside of the main monthly jobs report, a slew of other labor market updates this week suggested that hiring remains strong and job openings are still high. For investors, the numbers suggest that labor conditions remain tight enough for the Federal Reserve to raise interest rates, sending stocks up.

In the previous trading session, all three major indexes fell more than 1% after the ADP National Employment report showed private payrolls rose by 235,000 jobs in December, while jobless claims fell to the lowest since September. a little.

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“Last year, it was the Fed versus the markets — they wanted rates to go down, they wanted bonds to go down, they wanted bonds to go down, they wanted housing prices to go down — they got it,” David Waddell, CEO. equity firm Waddell and Associates told Yahoo Finance Live on Wednesday. “This year, it’s going to be the Fed versus the employers, and what the Fed has said to the employers is, ‘We’re not going to stop until you lay off two million people.'”

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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