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Squawk on the Street
Hot Jobs Report Hits Stocks, Delta and Walgreens Surge, Constellation's $16.4B Power Play 1/10/25
Jan 10, 2025
The stronger-than-expected jobs report sparked a market downturn, with rising bond yields raising concerns about interest rate cuts. Delta and Walgreens enjoyed stock surges after impressive earnings. Constellation Energy's massive $16.4 billion acquisition of Calpine highlights the urgent power demands from AI data centers. Additionally, California's wildfires affected communities and raised recovery challenges. Elon Musk's anticipations for DOGE and shifts in sports broadcasting also added another layer of intrigue to the market discussions.
42:12
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Quick takeaways
- The December jobs report indicates strong economic performance, heightening concerns about potential Federal Reserve rate cuts amid rising unemployment and bond yields.
- Delta and Walgreens posted better-than-expected earnings, demonstrating the importance of individual company performance amidst broader economic uncertainties and rising bond yields.
Deep dives
Job Market Insights
The latest jobs report reveals a strong labor market with 256,000 jobs added, marking the strongest performance in nearly a year. This has raised concerns that the Federal Reserve may reconsider rate cuts, given the unemployment rate dipped to 4.1%. Analysts debate whether good earnings or lower rates are more beneficial for the market, with a general preference emerging for sustained strong earnings as a driver for stock prices. The current job growth is notable and suggests resilience in the economy, diminishing fears of an imminent recession.
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