Here are five things you must know for Monday, April 5:
1. -- Stock Futures Rise on Strong U.S. Jobs Report
Stock futures rose Monday after data showed a surge in U.S. jobs, with employers adding the most workers to payrolls in seven months.
Contracts linked to the Dow Jones Industrial Average jumped 232 points, S&P 500 futures rose 22 points and futures on the tech-heavy Nasdaq were up 53 points.
The U.S. economy added far more new jobs than expected in March as hiring begins to return to its pre-pandemic pace amid accelerating vaccine rollouts and multiple state reopenings.
The Bureau of Labor Statistics said 916,000 new jobs were created last month, well above forecasts of about 675,000. The unemployment rate fell to 6%.
"Just as important as the big jobs number are the types of jobs added. While leisure and hospitality, the hardest-hit sectors, gained the most, other gains show the economy is broadly under repair," said Robert Frick, corporate economist at Navy Federal Credit Union. "But while we'll likely see strong jobs reports for months, within the March report were clues of problems we'll face in the future."
Anu Gaggar, senior global investment analyst for Commonwealth Financial Network, said faster growth in jobs and wages "can have an upward pressure on prices and test the (Federal Reserve's) patience with easy monetary policy."
The Fed has pledged to keep interest rates near zero through 2023 but continued strong employment growth has many questioning whether the Fed can maintain that stance.
The yield on the benchmark 10-year Treasury rose slightly Monday at 1.727%.
The S&P 500 jumped 1.18% on Thursday to almost 4,020, establishing an all-time closing high and crossing 4,000 for the first time after President Joe Biden unveiled a $2.25 trillion infrastructure spending plan. Stock markets in the U.S. were closed for Good Friday.
2. -- Tesla Gets Upgrade After 'Paradigm Changer' First-Quarter Deliveries
Wedbush analysts upgraded shares of Tesla (TSLA) - Get Tesla Inc. Report to outperform and boosted the stock's price target to $1,000 from $950 after the electric vehicle maker reported stronger-than-expected vehicle deliveries for the first quarter, paced by its mid-priced Model 3 sedan and China demand for its new Model Y.
"In our opinion the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla's Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway," wrote analysts Dan Ives and Strecker Backe in a research note.
They believe Tesla could exceed 850,000 deliveries for the year, with 900,000 a "stretch goal, despite the chip shortage and various supply chain issues lingering across the auto sector."
Tesla delivered 184,800 new cars over the three months ended in March, up more than 100% from last year and about 4,000 more than in the fourth quarter.
Wall Street expected first-quarter deliveries from Tesla of about 177,000 vehicles.
The stock was rising 7.66% in premarket trading Monday to $712.41.
3. -- This Week's Calendar: Fed Minutes, Carnival Earnings
The U.S. economic calendar for Monday includes the Markit Services PMI (final) for March at 9:45 a.m. ET, the ISM Services Index for March at 10 a.m. and Factory Orders for February at 10 a.m.
Minutes from the Federal Reserve's March 16-17 meeting will be released on Wednesday.
Earnings reports are expected this week from Carnival (CCL) - Get Carnival Corporation Report, Constellation Brands (STZ) - Get Constellation Brands Inc. Report, Conagra Brands (CAG) - Get ConAgra Brands Inc. Report, Levi Strauss (LEVI) - Get Levi Strauss & Co Class A Report, Lamb Weston (LW) - Get Lamb Weston Holdings Inc. Report, Paychex (PAYX) - Get Paychex Inc. Report, WD-40 (WDFC) - Get WD-40 Company Report and JinkoSolar (JKS) - Get JinkoSolar Holding Company Limited American Depositary Shares (each representing 4) Report.
4. -- Delta Cancels Flights Because of Staff Shortage
The airline said it had more than 1 million passengers during the past few days, the highest number since before the coronavirus pandemic began last year, the Associated Press reported.
Delta opened middle seats on Sunday and Monday in an effort to accommodate passengers, but added that its seat-blocking policy hasn't changed.
The airline said last Wednesday that starting May 1 it would again allow travelers to sit in the middle seats on planes.
The Atlanta carrier is the last U.S. airline to lift this restriction, which was put in place last April at the beginning of the pandemic.
5. -- Facebook Data for 500,000 Users Emerge on Dark Web
Phone numbers and other account details for about 533 million Facebook (FB) - Get Meta Platforms Inc. Report users have been posted on the dark web recently, reported a cyber-threat intelligence firm and several news outlets.
The information that was exposed includes profile information, Facebook identification numbers, emails, location data and more, according to a report in The Record, which is published by cyber-threat intelligence firm Recorded Future. The Record said it had made a "cursory" review of the stolen data, showing a screen grab of a forum user with an anime-style user icon announcing the data was available.
Facebook didn't immediately respond to a request for comment, but told The Record that the data was old and that it "was previously reported on in 2019 ... We found and fixed this issue in August 2019.”
Still, according to the cyber security firm, the data that was stolen from users around the world was still available for download.
"There is a massive market ... for buying and selling personal records and personal information," Recorded Future's CEO Christopher Ahlberg told TheStreet on Sunday in a phone interview.
Even though the information was taken in 2019, much of it could still be valuable to cyber criminals, Ahlberg added.