It’s a case of good news is bad news on Wall Street. Stocks are lower despite a stronger-than-expected jobs report.
The U.S. economy added 295,000 in February, while the unemployment rate ticked down to 5.5%, a 7-year low according to the Labor Department.
Yahoo Finance Senior Columnist Michael Santoli the strong jobs data puts the June rate hike by the Federal Reserve back on the table.
However, wage growth remained soft and more workers left the workforce.
Average hourly pay rose 3 cents to $24.78, but was up only 2% over the past year.
Stocks to Watch
Apple (AAPL) is finding a new home on the Dow Jones Industrials Average (^DJI) later this month. The tech giant will replaces AT&T (T) on March 18. Apple shares are higher on the news.
Related: Foot Locker kicks up its heels; Staples sales drop; The Gap stumbles
Retailers continue to ring in results this morning.
Foot Locker (FL) shares are sprinting higher. The athletic gear retailer reporting a beat on both its top and bottom lines during the holiday quarter. Sales jumped nearly 7% from a year earlier thanks to stronger-than-expected same-store sales growth.
Staples (SPLS) shares are down in early trading. The office supply retailer reporting adjusted earnings that topped estimates by penny, but revenue missed forecasts. Staples says the strong dollar took its toll on sales, which fell 3.7% from a year earlier. Staples is also awaiting regulatory approval of its deal to buy Office Depot (ODP).
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Shares of Big Lots (BIG) are on the move after the discount retailer posted earnings that beat Wall Street views by a cent while revenue came in line with estimates for its holiday quarter. Sales rose more than 1% from a year ago. However, the company expects them to be flat this year.
The Gap (GPS) shares are lower after reporting a surprise 4% drop in same-store sales in February as sales declined in its namesake and Banana Republic store while sales at Old Navy were flat.
And we are also keeping a eye on banks, such as Bank of America (BAC) and Citigroup (C), after the Federal Reserve said 31 big banks had enough capital to survive a financial crisis...passing the Fed's annual stress test.
Oil Storage Issues
Crude oil supplies in the US are at their highest levels in over 80 years. The Wall Street Journal reporting that storage capacities in the US, Japan, and Europe are nearing their maximum, and that running out of storage space could send oil prices even lower.
Vodafone's New Maternity Leave Policy
And some good news for expecting moms. Vodafone (VOD) is now one of the first companies to offer maternity leave globally. The telecom company plans to provide fully-paid 16-week leave for new mothers, no matter what country they live in. Vodafone says this policy will help save money because it is more expensive to recruit and train new employees to replace women who leave after giving birth.
Related: Vodafone’s global maternity leave: a promising sign?
