Financial markets initially fell today on a massive employment miss as the ADP jobs report came in a half million below estimates. However, traders bought the dip and markets recovered as it became obvious the Fed is backed into a corner as far as a prospective taper is concerned to drain liquidity from the system.
The big news of the day was the collapse of several ‘woke’ tech stocks as their censorship destroyed user growth and customer base.
Facebook reported after hours and declared they lost 1M users during the last quarter. The stock was down 23% at publication in the after market.
Paypal was down 25% after reporting a miss and a decline in user growth.
Spotify is down over 20% after hours as well with similar growth problems.
Spotify, PayPal, and Facebook have been some of the worst censoring offenders.
ADP Employment Change (Jan) printed at -301k vs 207k consensus estimate.
MBA Mortgage Applications (Jan 28) printed at 12%.
EIA Crude Oil Stocks Change (Jan 28) printed at -1.047M vs 1.524M estimate.