The US economy added 517,000 jobs in January, smashing job growth expectations
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US Markets Stocks are down on Friday morning as investors react to the January jobs report. - The U.S. economy added 517,000 jobs in January, significantly more than the 187,000 projected by economists.
- Ford (-9%) and Starbucks (-3%) are both down on the day after missing their earnings estimates.
- Alphabet lost 4% after its results came in short of expectations, which has caused the wide tech industry to fall.
- The current 10 Year U.S. Treasury yield is set at 3.49410%
| Dow Jones | 33,923.78 | -0.38% | | S&P 500 | 4,150.37 | -0.70% | | Nasdaq | 12,108.69 | -0.76% | | Russell 2000 | 1,986.75 | -0.72% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Sales in Toronto's real estate market are at their lowest level since the start of the pandemic. - Analysts say that interest rates, which are at a 15-year high, are the main reason why home buying is falling.
- The average home price in Toronto was at CA$1.08M (US$810,000) in January, down 0.2% from the previous month.
- New listings fell by 3.7% in January compared to a year earlier, but total inventory is at 9,299 properties, twice as much as a year ago.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets Markets in Europe were down on Friday as investors reacted cautiously to central bank decisions. - The Stoxx 600 lost 0.4% on the day, led by losses in the travel and financial services industries, which were both down 1.7%.
- The European Central Bank (ECB) and the Bank of England (BOE) both hiked interest rates by 50 basis points on Thursday. The ECB indicated it would likely do the same in March, while the BOE signaled it might start loosening its monetary policy soon.
- The best-performing industries on the Stoxx 600 were healthcare and energy, which both gained 0.7%.
| Euro STOXX 50 | 4,231.97 | -0.22% | | UK (FTSE 100) | 7,879.91 | 0.76% | | Germany (DAX) | 15,407.01 | -0.66% | | France (CAC 40) | 7,182.87 | 0.23% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Shares in Asia were mixed on Friday but were mostly positive. - Indian markets saw gains after shares in Adani companies closed up on the day following a 35% drop in intraday trading.
- All markets in China, including the Hang Seng, Shanghai Composite, and Shenzhen Component, were down despite the Purchasing Managers' Index showing that services activity increased in the country in January.
- Stocks in Japan were up after the au Jibun Bank Japa showed growth in the service sector last month.
- In Australia, housing loans were down by 4.2% in December.
| S&P Asia 50 | 5,072.46 | 0.16% | | Japan (Nikkei 225) | 27,509.46 | 0.39% | | South Korea (KOSPI) | 2,480.40 | 0.47% | | China (Hang Seng) | 21,660.47 | -1.36% | | India (SENSEX) | 60,841.88 | 1.52% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices were mostly flat on Friday morning after rising on Thursday. - Both Brent crude and U.S. West Texas Intermediate crude lost about 0.1% on Friday morning.
- Shell reported a record annual profit for 2022 as the company benefited from strong demand and high energy prices.
- Oil prices have lost about 5% so far this week.
| Oil (NYSEARCA:OIL) | 29.17 | 1.11% | | Gold (NYSEARCA:GLD) | 174.97 | -1.63% | | Silver (NYSEARCA:SLV) | 20.84 | -3.38% | | Corn (NYSEARCA:CORN) | 26.61 | 0.45% | | Lumber (NASDAQ:WOOD) | 79.27 | -0.85% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar was up on Friday morning following stronger-than-expected economic data. - Wages in the U.S. are up 4.4% year over year, and the economy added more jobs in December and January than expected.
- The Euro and the British Pound were both down despite interest rate hikes by the European Central Bank and the Bank of England.
- The British Pound's significant fall comes after the Bank of England signaled that it will likely start loosening its monetary policy soon.
| UK(GBP) | £0.83 | 2.33% | | Europe (EURO) | €0.92 | 1.58% | | Canada (Canadian Dollar) | $1.34 | 0.84% | | Japan (Yen) | ¥130.90 | 1.75% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Bitcoin continued its upward trajectory to hit $24,000 on Thursday before falling back to $23,500 early this morning. - The cryptocurrency market has benefited from the Federal Reserve's decision to slow down its pace of interest rate increases.
- Bitcoin is up more than 40% since the start of 2023.
- January marked the best start to a year for Bitcoin since 2013, and the largest monthly increase since October 2021.
| Bitcoin | $23,531.00 | -0.73% | | Ethereum | $1,659.00 | 0.96% | | Litecoin | $98.78 | 0.18% | | Bitcoin Cash | $139.01 | 2.10% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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