US open: Jobs report, rising yields knock stocks lower

(Sharecast News) - Shares slumped in volatile trading on Wall Street following the release of a stronger-than-expected US non-farm payrolls report. According to the US Department of Labor, hiring accelerated to a pace of 257,000 in December, easily beating economists' forecasts for a rise of 165,000.

As a result, as of 1548 BST the Dow Jones Industrials was down by 1.28% to 42,078.33, the S&P 500 by 1.15% to 5,849.02 and the Nasdaq Composite by 1.57% at 19,172.81.

Triggering the move lower in equities, yields on the two-year US Treasury note snapped higher by 11 basis points to 4.383%.

The US dollar, gold and crude oil were all noticeably higher alongside.

Ahead of Friday's jobs report, Michael Hartnett at Bank of America had told clients that a "blowout" reading on non-farm payrolls of more than 200,000 would likely see the yield on 10-year Treasury debt rise past 5% and the S&P 500 likely head towards 5,666.

Adding to the risk-off tone, the University of Michigan reported that consumer confidence was steady in January, but that inflation expectations had jumped.

In corporate news, shares in Constellation Energy surged 24% following news that the power generator was to merge with privately owned peer Calpine in a deal worth $26.6bn.

Walgreens shares snapped higher by 26% after beating forecasts with its first-quarter results and maintaining full-year guidance. Futures of the pharmacy chain were up 9% ahead of the bell.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $11.47 24.43% Walmart Inc. (WMT) $92.93 1.24% Unitedhealth Group Inc. (UNH) $529.46 0.94% Chevron Corp. (CVX) $151.65 0.89% Home Depot Inc. (HD) $389.43 0.58% Nike Inc. (NKE) $71.53 0.34% Johnson & Johnson (JNJ) $142.63 0.25% Dowdupont Inc. (DWDP) $0.00 0.00% Merck & Co. Inc. (MRK) $99.82 -0.03% Cisco Systems Inc. (CSCO) $58.88 -0.55%

Dow Jones - Fallers

Intel Corp. (INTC) $19.03 -4.28% Travelers Company Inc. (TRV) $233.74 -3.72% Verizon Communications Inc. (VZ) $37.67 -3.27% 3M Co. (MMM) $130.89 -2.70% Goldman Sachs Group Inc. (GS) $564.41 -2.69% Salesforce.Com Inc. (CRM) $318.52 -2.56% Apple Inc. (AAPL) $236.86 -2.41% American Express Co. (AXP) $296.61 -2.06% Caterpillar Inc. (CAT) $354.20 -1.90% Procter & Gamble Co. (PG) $159.07 -1.87%

S&P 500 - Risers

Walgreens Boots Alliance, Inc. (WBA) $11.47 24.43% Delta Airlines Inc. (DAL) $68.16 10.97% United Airlines Holdings Inc (UAL) $110.33 6.38% Apartment Investment & Management Co. (AIV) $9.04 4.99% VF Corp. (VFC) $22.48 4.34% American Airlines Group (AAL) $18.26 3.78% Helmerich & Payne Inc. (HP) $34.01 3.71% Alaska Air Group Inc. (ALK) $68.27 2.99% Air Products & Chemicals Inc. (APD) $293.47 2.88% Coterra Energy Inc. (CTRA) $27.92 2.85%

S&P 500 - Fallers

Constellation Brands Inc. Class A (STZ) $191.07 -12.86% Jefferies Financial Group Inc. (JEF) $71.68 -10.55% Nektar Therapeutics (NKTR) $1.07 -6.58% CBRE Group Inc (CBRE) $121.98 -6.01% Brown Forman Corp. Class B (BF.B) $34.09 -5.28% Vornado Realty Trust (VNO) $37.94 -4.99% Allstate Corp (The) (ALL) $182.45 -4.87% Advanced Micro Devices Inc. (AMD) $115.96 -4.83% Cincinnati Financial Corp. (CINF) $134.96 -4.76% Global Payments Inc. (GPN) $106.42 -4.46%

Nasdaq 100 - Risers

Walgreens Boots Alliance, Inc. (WBA) $11.47 24.43% American Airlines Group (AAL) $18.26 3.78% Meta Platforms Inc. (META) $618.59 1.29% Skyworks Solutions Inc. (SWKS) $93.71 1.17% Wynn Resorts Ltd. (WYNN) $82.10 1.14% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $419.52 1.05% Intuit Inc. (INTU) $631.44 0.86% Mercadolibre Inc. (MELI) $1,751.69 0.73% KLA-Tencor Corp. (KLAC) $691.07 0.71% Dollar Tree Inc (DLTR) $72.41 0.61%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.35 -7.14% JD.com, Inc. (JD) $33.04 -4.82% Intel Corp. (INTC) $19.03 -4.28% Incyte Corp. (INCY) $70.12 -4.12% Regeneron Pharmaceuticals Inc. (REGN) $703.50 -4.10% Illumina Inc. (ILMN) $134.33 -3.83% Baidu Inc. (BIDU) $78.23 -3.82% Paypal Holdings Inc (PYPL) $84.60 -3.80% Netflix Inc. (NFLX) $842.56 -3.71% Liberty Global plc Series C (LBTYK) $12.38 -3.70%