Stock market live updates: Dow to snap 4-day winning streak, strong jobs report, Uber spikes - CNBC

Traders work on the floor of the New York Stock Exchange.

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This is a live blog. Check back for updates.

8:50 am: Curious reaction to jobs report

The markets had a curious reaction to the better-than-expected nonfarm payrolls report. Stock futures, after an initial move higher, are now lower than they were when the report came out, with Dow futures off by 100 points and S&P 500 futures off by 0.3%. Even more interesting is the move in the 10-year yield, which fell 4 basis points to 1.6%. Some early trader theories on the counter-intuitive reaction: month-over-month wage gains disappointed, unusually warm weather was perhaps the main reason for the jump in jobs and some fatigue after a week of strong stock gains and rising yields. -Melloy

8:33 am: US added 225,000 jobs in January, versus 158,000 expected

Stock futures pared losses after the blowout January jobs report. The Labor Department said the U.S. economy added 225,000 jobs last month, beating a Dow Jones estimate of 158,000 nonfarm payrolls for January. —Li

8:24 am: Here are Friday's biggest analyst calls of the day

• Credit Suisse downgraded Ford to neutral from outperform
• Goldman Sachs upgraded Domino's Pizza to buy from neutral
• Goldman Sachs added Workday to the conviction buy list
• Credit Suisse downgraded Sirius XM to neutral from outperform
• BTIG downgraded Yum Brands to neutral from buy
• Susquehanna upgraded Twitter to positive from neutral
• Guggenheim downgraded Twitter to neutral from buy
• Cowen downgraded Marvell Technology to underperform from outperform
• Gordon Haskett upgraded General Electric to hold from underperform
• DA Davidson downgraded GrubHub to underperform from neutral
• Benchmark initiated Boeing as buy

CNBC Pro subscribers can read more here. —Bloom

8:12 am: Coronavirus hits major Asian markets

While the U.S. stock market has recovered most of the losses from the deadly coronavirus, major Asian markets are still in the red on concerns about the fast-spreading epidemic. The Shanghai Composite Index is down 5.7% this year, while the Taiwan SE Weighted Index fell 3.2% in 2020. Equity benchmarks in Thailand, Hong Kong and Singapore are also still negative. —Li

8:07 am: Jobs report approaches

The Labor Department's report on nonfarm payrolls for January will set the tone for Friday. The consensus expectation is for a net gain of 158,000 jobs and a 3.5% unemployment rate, according to Dow Jones. The Labor Department is also expected to release revisions to its full-year numbers for 2019. —Pound

8:02 am: Uber climbing after improved profitability timeline

Shares of Uber climbed 7% in premarket trading after the company said during its fourth-quarter results that it expects to be profitable by the end of next year, ahead of its previous forecast. The announcement came as Uber reported a quarterly loss that wasn't as bad as Wall Street expected, as well as improving revenue growth. —Sheetz

7:55 am: Dow futures drop about 100 points, Wall Street to snap 4-day winning streak

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2020-02-07 12:58:00Z
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