January jobs report, Apple Q1 earnings, Nerdy stock surges on AI products: 3 things to watch markets
Yahoo Finance Live anchors recap the January jobs report, Apple's first-quarter earnings, and why Nerdy stock is surging on Friday.
JULIE HYMAN: We started the 9:00 AM hour with three things. We're going to end the show with three things as well. First up, we recap the January jobs report. And as we know, big number here, 517,000 jobs added to the US economy in January. Unemployment falling to 3.4%. Stocks are not doing what they were doing earlier. Out of the gate, we had a big decline, and now we're mixed. Things aren't that bad after all. Everything's OK, you guys.
BRIAN SOZZI: Well, it looks like it's OK with Apple. I think Apple is sort of the reversal we're seeing here, Brad. Maybe they are going back to what we caught on after the call last night, after that earnings call where Tim Cook mentioned a little bit of a budding turnaround in China. Maybe people are reviewing this conference call performance by Tim Cook and saying, you know what? We like what he said on China. We want to get in here and buy that stock.
BRAD SMITH: Yeah, and we caught this earlier on in the hour here and continuing to look like that move is actually adding on to some of the gains that we'd seen earlier. It was up by about 2% earlier, now up by nearly 3 and 1/2%. So for Apple services and greater China was really two of the bright spots in the earnings report. Perhaps, as you mentioned a moment ago, investors giving a little bit more outsized weight to that.
JULIE HYMAN: Yeah, and also Jim Suva from Citi telling us that FX, the currency effects were a big problem for Apple. So that doesn't really imply that there's a fundamental issue with demand necessarily at Apple if it's sort of currency conversion. Maybe, maybe. That, at least, was [INAUDIBLE] view. And finally, thing number three, at least on my radar, remember, we've been talking about this AI phase right now hearkens back to the slap of blockchain on the name of something.
BRAD SMITH: Oh, yeah. Long Island Blockchain, yeah.
JULIE HYMAN: And it goes to the moon. There's a company called Nerdy that I'd never heard of before. Nerdy apparently said it would debut two new AI powered products and integrate ChatGPT into its existing product suite. And look what happened to the stock. It's up by 14%--
BRIAN SOZZI: Sounds promising.
JULIE HYMAN: --right now. It's about a $300 million company. So it's a little company.
BRIAN SOZZI: Go get them, guys.
JULIE HYMAN: Said something about AI, [WHISTLE].
BRAD SMITH: BuzzFeed, similar.
JULIE HYMAN: There it goes.
BRAD SMITH: We saw that move, the AI slap-on.
JULIE HYMAN: Exactly. Everybody wants that AI magic right now.
BRAD SMITH: [LAUGHS] Yeah.