All three major US stock indexes were down in late-morning trading on Friday, as oil prices topped $90 per barrel for the first time since October 2023 and investors weighed President Donald Trump's comment that there would be no deal to end the Iran conflict without an "unconditional surrender."
The February employment report showed nonfarm payrolls fell by 92,000, well below the 55,000 jobs increase expected in a survey compiled by Bloomberg. The unemployment rate rose to 4.4% in February from 4.3% in January, compared with expectations for no change, according to the monthly employment report released by the Bureau of Labor Statistics.
In company news, Gap (GAP) fell about 13% after the company reported fiscal Q4 earnings of $0.45 per diluted share, down from $0.54 a year earlier. Analysts polled by FactSet expected $0.46.
Marvell Technology (MRVL) rose more than 21% in the session after it reported fiscal Q4 adjusted earnings of $0.80 per diluted share, up from $0.60 a year earlier. Revenue for the three months ended Jan. 31 was $2.22 billion, up from $1.82 billion a year earlier.
Jefferies Financial (JEF) said a lawsuit filed against it by Western Alliance Bancorp's (WAL) Western Alliance Bank unit for breach of contract over an unpaid commercial loan collateralized by accounts receivable purchased from First Brands Group was "without merit." Shares of Jefferies Financial fell nearly 10% and Western Alliance Bancorp was down about 12%.
Shell (SHEL) signed several oil deals with the Venezuelan government that include offshore natural gas and onshore oil and gas exploitation, news outlets reported, citing a statement. A Shell spokesperson told MT Newswires that the company executed several agreements with the Venezuelan government, covering the development of oil and gas opportunities, among others. The spokesperson also confirmed the deals with VEPICA, KBR, and Baker Hughes (BKR). Shell rose about 0.8% in the session.
Day One Biopharmaceuticals (DAWN) shares climbed 65.5% after the company said it agreed to be acquired by French pharmaceutical group Servier for $21.50 per share in cash, or a total equity value of about $2.5 billion. The deal is expected to close in Q2.
Indonesia is planning to ban high-risk digital platforms for children under the age of 16 years, starting gradually from March 28, the country's Minister of Communication and Digital Meutya Hafid said. The proposal states that children under 16 cannot create an account on Alphabet's (GOOG, GOOGL) YouTube, TikTok, Meta Platforms' (META) Facebook, Instagram, Threads, X, Bigo Live, and Roblox (RBLX), the Associated Press reported.
Price: 23.69, Change: -3.52, Percent Change: -12.92