The three major U.S. indices continue to fall in afternoon trading today following the release of the latest non-farms payroll numbers before the opening bell.
The U.S. added 151,000 jobs in January, while economists surveyed by Bloomberg were expecting the economy to add 188,000 jobs, a fall from the adjusted 262,000 jobs that were added in December 2015. The U.S. unemployment rate currently stands at 4.9%.
Oil prices are climbing today after a volatile couple of sessions this week. Industry standard Brent crude futures are up $0.19 to $34.65 per barrel while West Texas Intermediate is rising $0.09 to $31.81 per barrel. Crude prices are climbing despite a warning from Morgan Stanley that oil prices probably won't stabilize until mid-2017.
In stock news, Freeport-McMoRan (FCX) shares are showing volatility on heavy volume in trading, as the stock has spent time in both negative and positive territory today. The stock closed 18% higher in the previous session after spiking as high as 24%. (Read more about FCX being "stressed out.") While precious-metals prices have dropped nearly 80% over the past five years but the euro has added more than 3% against the dollar this week.
Shares of Facebook (FB) are falling sharply today amid a massive selloff in the tech sector. Facebook had a lot of momentum following the release of its earnings results last week, but the stock has retreated in the previous two sessions.
Tableau Software (DATA) shares are down nearly 50% after the company announced that it expects to lose between $0.08 and $0.12 per share in the first quarter vs. analysts' $0.06 per share profit expectations.
LinkedIn (LNKD) shares are declining sharply after also issuing first-quarter guidance that is at least 20 cents per share below analysts' expectations.
"In one sinister night, two of the highest-valued stocks in the land, Tableau Data and LinkedIn, disappoint and it's almost tailor-made for the moment," commented TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio. "I mean, what more evidence do you need to roll into down-and-out cyclicals than to see faltering themes like analytics, the cloud, the modern want-ads. You name it."
Finally, while there aren't many stocks moving higher on heavy volume, biotech company Immunomedics (IMMU) shares are up nearly 30% on 10x its normal volume after the company's breast cancer treatment received a "breakthrough therapy" designation from the FDA, which allows the FDA to expedite the development and review of the drug.