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News

Nasdaq Gains 1%; US Adds 150,000 Jobs In October

Author: Lisa Levin | November 03, 2023 10:02am

U.S. stocks traded higher this morning, following the release of jobs report for October.

Following the market opening Friday, the Dow traded up 0.50% to 34,009.36 while the NASDAQ rose 1% to 13,427.71. The S&P 500 also rose, gaining, 0.85% to 4,354.30.

Check This Out: Top 5 Health Care Stocks That Are Preparing To Pump In November

 

Leading and Lagging Sectors

 

Real estate shares jumped by 2.8% on Friday.

In trading on Friday, energy shares fell by 0.5%.

 

Top Headline

 

The US economy added 150,000 jobs in October compared to a revised 297,000 gain in September, and versus market estimates of 180,000. The unemployment rate rose to 3.9% in October from 3.8% a month ago.

Average hourly earnings for all employees on private nonfarm payrolls rose by 0.2% to $34.00 in October.

 

Equities Trading UP

 

Tenon Medical, Inc. (NASDAQ:TNON) shares shot up 47% to $1.2604 after the company announced the US FDA concluded a full Quality System Inspection Technique Level 2 Inspection at Tenon Medical.

Shares of Seres Therapeutics, Inc. (NASDAQ:MCRB) got a boost, shooting 43% to $1.3350. Seres Therapeutics, on Thursday, posted a narrower-than-expected quarterly loss.

Cooper-Standard Holdings Inc. (NYSE:CPS) shares were also up, gaining 39% to $17.70 following better-than-expected third-quarter results.

 

Equities Trading DOWN

 

Fox Factory Holding Corp. (NASDAQ:FOXF) shares dropped 36% to $52.85 after the company reported downbeat third-quarter results and issued weak fourth-quarter forecast.

Shares of BILL Holdings, Inc. (NYSE:BILL) were down 33% to $59.76 after the company reported first-quarter results and lowered its FY24 revenue outlook.

Inseego Corp. (NASDAQ:INSG) was down, falling 26% to $0.3851 after the company reported worse-than-expected third-quarter financial results.

Also Check This Out: Ethereum Falls Below $1,800 Following Jobs Report; Solana, Conflux Among Top Losers

 

Commodities

 

In commodity news, oil traded up 0.5% to $82.90 while gold traded up 0.1% at $1,995.20.

Silver traded down 0.5% to $22.725 on Friday while copper fell 0.1% to $3.6675.

 

Euro zone

 

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.1% The German DAX gained 0.1% French CAC 40 fell 0.1%, while Italy’s FTSE MIB Index gained 0.2%.

The eurozone unemployment rate rose to 6.5% in September from 6.4% in the previous month, while Italy’s jobless rate rose to 7.4% in September from 7.3% in August. The S&P Global/CIPS UK composite PMI was revised higher to 48.7 in October from a preliminary reading of 48.6.

Industrial production in France declined for the second straight month to 0.5% month-over-month in September. The trade surplus in Germany narrowed to EUR 16.5 billion in September versus a revised EUR 17.7 billion in the prior month.

 

Asia Pacific Markets

 

Asian markets closed higher on Friday, with Hong Kong’s Hang Seng Index gaining 2.52% and China’s Shanghai Composite Index gaining 0.71%. India’s S&P BSE Sensex, meanwhile, rose around 0.44%.

China's current account surplus shrank to $62.6 billion in the third quarter from $139.6 billion in the year-ago period, while Caixin China General service PMI increased to 50.4 in October from 50.2 a month ago.

The S&P Global Hong Kong SAR PMI fell to 48.9 in October from 49.6 in September. The S&P Global India services PMI fell to 58.4 in October from 61.0 a month ago.

 

Economics

 

The U.S. economy added 150,000 jobs in October compared to a revised 297,000 gain in September, and versus market estimates of 180,000. The unemployment rate rose to 3.9% in October from 3.8% a month ago.

Average hourly earnings for all employees on private nonfarm payrolls rose by 0.2% to $34.00 in October.

Now Read This: Jim Cramer: 'It's Just Not That Bad A Company,' As Stock Plummets Over 40% Post Earnings

Posted In: BILL CPS FOXF INSG MCRB TNON

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