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Market watchers are anticipating today's job report, which is expected to show unemployment remained steady in December; U.S. stock futures are slightly lower after markets were closed yesterday for former President Jimmy Carter's funeral; insurance stocks are dropping in premarket trading as damage estimates for the Los Angeles wildfires soars to up to $150 billion; Delta Air Lines (DAL) stock is surging on better-than-expected Q4 results; and Taiwan Semiconductor Manufacturing Co. (TSM) shares are moving higher as the chipmaker posted stronger-than-expected revenue. Here's what investors need to know today.
1. Jobs Report Expected to Show Stable Unemployment
Market watchers are bracing for today's 8:30 a.m. ET release of the monthly U.S. jobs report, with unemployment expected to have remained steady in December. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expect that employers will report 155,000 new jobs in December, down from the 227,000 jobs added in November but slightly above the 143,000 jobs added on average for each of the past six months. The unemployment rate is expected to hold at 4.2%, remaining relatively low by historical standards.
2. US Stock Futures Slightly Lower Ahead of Jobs Report
U.S. stock futures are slightly lower after markets were closed yesterday to honor former U.S. President Jimmy Carter. After inching lower Wednesday, Nasdaq futures are down 0.3% as investors await December job numbers. S&P 500 and Dow Jones Industrial Average futures are down 0.3% and 0.2%, respectively. Bitcoin (BTCUSD) is up more than 2% to trade at nearly $95,000, and oil and gold futures also are higher. Yields on the 10-year Treasury note are little changed.
3. Insurance Stocks Drop as Wildfires Damage Estimate Soars
Shares of insurance companies are declining in premarket trading amid a soaring damage estimate for the Los Angeles-area wildfires. The total damage and economic loss attributed to the wildfires is estimated at between $135 billion and $150 billion, according to updated AccuWeather figures as of Thursday night, up from $52 billion to $57 billion one day prior. Shares of Allstate (ALL) are 5% lower, while those of Travelers (TRV) and Chubb (CB) are down 4%.
4. Delta Air Lines Stock Jumps as Results Top Expectations
Shares of Delta Air Lines (DAL) are surging 7% in premarket trading after the carrier beat fourth-quarter estimates. Delta reported a December-quarter adjusted profit of $1.85 per share on revenue of $15.56 billion, above Visible Alpha expectations of $1.76 and $14.89 billion, respectively. Delta Chief Executive Officer (CEO) Ed Bastian said the company expects 2025 financial results to be the best in the company's history. "As we move into 2025, we expect strong demand for travel to continue," Bastian said.