Financial News
Jobs report is proof that 'the state of our economy is strong,' Biden saysExternal Link

President Joe Biden on Friday hailed stronger-than-expected job creation in January and called the robust reading proof that the U.S. economy is showing strength. Biden said in a statement at the White House: "I'm happy to report that the state of our union, and the state of our economy, is strong." Biden spoke after the U.S. reported that the number of new jobs created in January rose by 517,000, marking the biggest gain in six months. The unemployment rate slid to a 54-year low of 3.4% from 3.5%, the government reported. That's the lowest level since 1969. The stronger-than-expected jobs figures come as Biden is preparing to deliver a State of the Union speech before a joint session of Congress. on Tuesday night. The address is expected to focus on the debt-limit standoff and recession worries, among other topics. One caveat to the jobs report, meanwhile, is that the government's formula to adjust for seasonal swings in hiring sometimes exaggerates employment levels in January. It's unclear whether that was the case last month. Employment grew even faster in the waning months of 2022 than previously reported, indicating the labor market was still quite robust.

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Fri, 03 Feb 2023 16:04:43 GMT
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Amazon may be target of antitrust suit as FTC reviews practices deemed anticompetitive: WSJExternal Link

The Federal Trade Commission is preparing a possible antitrust lawsuit against Amazon.com Inc. , the Wall Street Journal reported Friday, citing people familiar with the matter. The suit could challenge many of the tech giant's business practices as being anticompetitive, the people said. Amazon officials have not yet had meetings with FTC commissioners to argue against any suit, but the agency has been reviewing the company's practices to determine whether it favors its own products over competitors' on its platform, and how it treats third-party sellers on Amazon.com, some of the people said. Amazon and the FTC declined to comment to the paper. Amazon stock is down 4.4% Friday, after it reportedits least profitable holiday quarter since 2014 late Thursday and biggest annual loss on record, along with a forecast miss.

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Fri, 03 Feb 2023 16:03:16 GMT
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Blinken's trip to Beijing postponed after U.S. spots Chinese spy balloon External Link

The U.S. State Department has postponed Secretary of State Antony Blinken's trip to Beijing after American officials said they had found a Chinese spy balloon above the continental U.S., according to multiple published reports. China's Foreign Ministry said Friday that the balloon the U.S. suspects of conducting surveillance was a civilian “airship” used for research, mainly meteorological purposes.

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Fri, 03 Feb 2023 15:28:01 GMT
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: Activision Blizzard to pay $35 million to settle SEC investigationExternal Link

Activision Blizzard Inc. ATVI has agreed to pay $35 million to settle SEC charges that it failed to maintain disclosure controls related to complaints of workplace misconduct. The video game publisher also settled charges that it violated an SEC whistleblower protection rule, according to an SEC statement released Friday. “The SEC’s order finds that Activision Blizzard failed to implement necessary controls to collect and review employee complaints about workplace misconduct, which left it without the means to determine whether larger issues existed that needed to be disclosed to investors,” said Jason Burt, director of the SEC’s Denver Regional Office, in the statement. Activision agreed to the settlement without admitting or denying the SEC’s charges.

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Fri, 03 Feb 2023 14:33:00 GMT
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U.S. stocks open down after stronger-than-forecast jobs reportExternal Link

U.S. stocks opened lower Friday as investors assessed a stronger-than-anticipated jobs report. The Dow Jones Industrial Average was down 0.4% soon after the opening bell, while the S&P 500 fell 1.1% and the Nasdaq Composite dropped 2%, according to FactSet data, at last check. The U.S. Bureau of Labor Statistics said Friday that 517,000 jobs were created in January while the unemployment rate was little changed at 3.4%. Economists polled by The Wall Street Journal had forecast 187,000 new jobs last month. Treasury yields jumped after the jobs report, with the yield on the two-year Treasury note up 14 basis points at 4.23% and 10-year yields rising 10 basis points to 3.5%, FactSet data show, at last check.

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Fri, 03 Feb 2023 14:32:22 GMT
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