- The Department of Labor releases employment statistics for March.
- US Treasury Secretary Janet Yellen began her first full-day meeting in China.
- Ford announced it is delaying production of its new all-electric large SUV and pickup truck.
Here are the most important news items investors need to start their trading day:
All three major stock averages fell on Thursday as soaring oil prices and concerns that the Federal Reserve might wait to cut interest rates soured investor sentiment. The Dow Jones Industrial Average fell 1.35%, its worst session since March 2023. The S&P 500 fell 1.23%, and the tech-heavy Nasdaq Composite Index fell 1.40%. The market decline coincided with a rise in oil prices. WTI crude oil topped $86 per barrel, the highest price since October. Minneapolis Fed President Neel Kashkari also said Thursday that he doubts whether the central bank should cut interest rates at all if inflation remains high, adding to recent Fed speakers who have spoken conservatively about policy. I joined in. Follow live market updates.
More than 75 employers accepted resumes and spoke with prospective employees at a career fair in Lake Forest, California, on February 21, 2024.
Paul Bersebach | Media News Group | Orange County Register | Getty Images
The Department of Labor will release its March employment report on Friday at 8:30 a.m. ET. Job growth for the month is expected to be 200,000 jobs, according to the Dow Jones consensus forecast. While this would be slower than the 275,000 job gains originally reported in February, it would still be a historically strong pace. The initially strong numbers have been lowered in recent estimates, leaving many to wonder if the employment situation is as bright as it seems.
U.S. Treasury Secretary Janet Yellen (left) shakes hands with Chinese Vice Premier He Lifeng in the southern Chinese city of Guangzhou on April 5, 2024.
Pedro Pardo | AFP | Getty Images
U.S. Treasury Secretary Janet Yellen kicked off her first full-day meeting in China by encouraging China to pursue market-oriented reforms and discussing concerns about overcapacity. In remarks prepared for a meeting with Vice Premier He Lifeng, Yellen also said it was important for China to share economic actions related to national security and cooperate on climate change. Yellen will be in the southern Chinese city of Guangzhou, visit Beijing on Saturday, and return to the United States on Tuesday. He is also scheduled to meet with Premier Li Qiang, Finance Minister Lan Fong-an, and Beijing Mayor Yin Yong.
The Ford Motor Company logo is displayed on a sign outside the Chicago Assembly Plant on February 3, 2021 in Chicago.
Scott Olson | Getty Images
Ford announced Thursday that it is delaying production of its new all-electric large SUV and pickup truck. Production of the three-row SUV will be postponed from the originally planned 2025 to 2027. The pickup of the codename “T3” will also be postponed from the end of 2025 to 2026. The company aims to offer a hybrid option across its North American lineup The change comes as EV adoption has been slower than expected and production costs remain high.
A shopper carries multiple bags in Chicago’s Magnificent Mile shopping district on December 2, 2023.
Taylor Glasscock | Bloomberg | Getty Images
Retailers including Peloton, Saks, Express and Bath & Body Works are behind on payments to vendors, according to data from business intelligence firm Creditsafe. Some healthy businesses leave invoices unpaid for weeks or even months, but this can be an early sign that the company is in financial trouble. . “Either you have a liquidity problem or you don’t care,” said Perry Mandarino, head of restructuring at B. Riley Securities. Creditsafe information does not represent a company’s overall trading profile, but is based on its payment history with suppliers.
— CNBC’s Pia Singh, Hakyung Kim, Jeff Cox, Evelyn Cheng, Michael Wayland and Gabrielle Fonrouge contributed to this report.
— Follow broader market movements like a pro CNBC Pro.
