U.S. stocks traded lower midway through trading, following the release of jobs data
The Dow traded down 0.48% to 32,571.32 while the NASDAQ fell 1.53% to 12,525.77. The S&P also fell, dropping, 0.90% to 4,114.76.
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Leading and Lagging Sectors
Energy shares climbed 2% on Friday. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P. CLMT, up 19% and AMTX up 24%.
In trading on Friday, communication services shares fell 1.7%.
Top Headline
The U.S. added 528,000 jobs in July, beating consensus economist estimates of 258,000 jobs. The unemployment rate dropped from 3.6% to 3.5%, returning to its pre-COVID pandemic level. Wages were up 5.2% from a year ago and by 0.5% from June.
Equities Trading UP
WeTrade Group, Inc. WETG shares shot up 53% to $28.00 after the company announced a strategic partnership with Jiqing Bio Company to exclusively sell monkeypox test kits and antigen tests.
Shares of Cooper-Standard Holdings Inc. CPS got a boost, shooting 71% to $8.58 after the company reported better-than-expected Q2 adjusted EPS and sales results.
Marker Therapeutics, Inc. MRKR shares were also up, gaining 55% to $0.5101. The U.S. Food and Drug Administration (FDA) announced clearance to Marker Therapeutics’ Investigational New Drug (IND) application for MT-601 for the treatment of patients with relapsed/refractory non-Hodgkin lymphoma.
Equities Trading DOWN
Quoin Pharmaceuticals, Ltd. QNRX shares tumbled 64% to $5.05 after the company priced a $16.8 million public offering.
Shares of Hyzon Motors Inc. HYZN were down 38% to $2.8001 after the company late Thursday disclosed an investigation into internal controls and revenue recognition timing. JP Morgan downgraded the stock to Underweight on Friday.
Helius Medical Technologies, Inc. HSDT was down, falling 53% to $0.4746 after the company announced pricing of $18 million public offering.
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Commodities
In commodity news, oil traded up 2.2% to $90.44, while gold traded down 0.8% to $1,792.20.
Silver traded down 1.2% to $19.89 on Friday while copper rose 2.4% to $3.5645.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.56%, London’s FTSE 100 rose 0.14% while Spain’s IBEX 35 Index rose 0.27%. The German DAX fell 0.44%, French CAC 40 fell 0.46% and Italy’s FTSE MIB Index fell 0.05%.
Payroll employment in the French private sector increased 0.5% to 20.70 million in the second quarter, while industrial production in Germany increased by 0.4% month-over-month in June. The Halifax house price index in the UK rose 11.8% year-over-year in July
Economics
The U.S. added 528,000 jobs in July, beating consensus economist estimates of 258,000 jobs. The unemployment rate dropped from 3.6% to 3.5%, returning to its pre-COVID pandemic level. Wages were up 5.2% from a year ago and by 0.5% from June.
The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
Data on consumer credit for June will be released at 3:00 p.m. ET. Consumer credit is likely to increase $24.5 billion in June following a $22.3 billion rise in the previous month.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,739,660 cases with around 1,057,810 deaths. India confirmed a total of at least 44,107,580 cases and 526,600 deaths, while France reported over 33,993,930 COVID-19 cases with 152,450 deaths. In total, there were at least 587,031,760 cases of COVID-19 worldwide with more than 6,431,240 deaths.
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