US jobs report; Buffett likes Amazon; Adidas accelerates

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

1. US jobs report: The American jobs market is very strong. But how much longer can that last?

The latest update set to be published at 8:30 a.m. ET will show a healthy 185,000 jobs added in April, according to economists surveyed by Refinitiv. The unemployment rate is expected to remain at 3.8%.

Mark Zandi, chief economist for Moody’s Analytics, said despite recent strength, hiring is slowing down.

“It’s a solid pace of growth. But the rate of growth is slowing,” he told CNN Business. In 2018, the average gain was nearly 225,000 jobs a month. So far this year, it’s about 180,000.

Zandi thinks the slowdown will continue.

“When you cut through the noise and volatility and you look out a year or two from now, it’ll be below 100,000 a month,” he said.

2. Buffett likes Amazon: Warren Buffett has said for years that “we missed it” on Amazon. Not anymore.

Buffett revealed on Thursday that Berkshire Hathaway has been buying Amazon shares, noting that the details will be disclosed in a report to the Securities and Exchange Commission later this month.

“One of the fellows in the office that manage money … bought some Amazon,” Buffett told CNBC, referring to investment managers Ted Weschler and Todd Combs.

Buffett has made no secret of his admiration for Amazon and Jeff Bezos, repeatedly praising the company and its chief executive during previous annual meetings of Berkshire Hathaway shareholders.

“Yeah, I’ve been a fan, and I’ve been an idiot for not buying [Amazon],” Buffett told CNBC. Berkshire Hathaway’s next annual meeting is Saturday in Omaha, Nebraska.

3. European results: Shares in HSBC, Europe’s largest bank by assets, rose more than 2% in London after it posted a 31% jump in profit. The increase was powered by retail banking and wealth management, while its trading business struggled.

France’s Societe Generale reported that its profits fell 26% to €631 million ($705 million) in the first quarter. The bank announced last month that it would cut 1,600 jobs as part of a turnaround plan.

Shares in Adidas advanced 7% in Frankfurt to a record high after the sportswear maker reported a 17% increase in first quarter operating profits. The company said online sales were up 40%.

4. Global market overview: US stock futures were higher.

European markets opened mixed. Most stocks markets in Asia closed out the week with gains.

US stocks ended lower on Thursday. Then Dow shed 0.5%, while the S&P 500 and Nasdaq declined 0.2%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

5. More earnings: DISH Network, Fiat Chrysler and Newell Brands will release earnings before the open.

6. Coming this week:
Friday — US jobs report; Eurozone inflation; Fiat Chrysler earnings

Trademark and Copyright 2020 Cable News Network, Inc., a Time Warner Company. All rights reserved.

FOX 2 Newsletters

Sign up for a newsletter from FOX 2 to get updates about news and weather. We offer daily headlines, breaking news, severe weather, and forecast emails.


Latest News

More News