Dow Jumps 400 Points; US Adds 12,000 Jobs In October

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 400 points on Friday.

The Dow traded up 1% to 42,182.88 while the NASDAQ surged 1.18% to 18,309.37. The S&P 500 also rose, gaining, 0.98% to 5,761.25.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 3.1% on Friday.

In trading on Friday, utilities shares fell by 0.1%.

Top Headline

The U.S. economy added 12,000 jobs in October compared to a revised 223,000 gain in September and versus market estimates of 113,000.

Average hourly earnings increased by 0.4% over a month to $35.46 in October, while unemployment rate came in unchanged at 4.1% in October.

Equities Trading UP
                       

• ChromaDex Corporation CDXC shares shot up 55% to $5.38 after the company reported a year-over-year increase in third-quarter EPS results and raised its FY24 revenue guidance.
• Shares of Proto Labs, Inc. PRLB got a boost, surging 33% to $36.54 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter adjusted EPS guidance with its midpoint above estimates.
• Interface, Inc. TILE shares were also up, gaining 32% to $23.04 after the company reported better-than-expected third-quarter financial results and raised its FY24 net sales guidance above estimates.

Equities Trading DOWN

• ESSA Pharma Inc. EPIX shares dropped 70% to $1.5450 after the company announced it terminated its Phase 2 study evaluating masofaniten combined with enzalutamide in patients with mCRPC.
• Shares of Elevai Labs Inc. ELAB were down 45% to $0.0325.
• Lexicon Pharmaceuticals, Inc. LXRX was down, falling 34% to $1.2790. Lexicon Pharmaceuticals announced the outcome of the FDA's Endocrinologic and Metabolic Drugs Advisory Committee Meeting to review the company's New Drug Application (NDA) for Zynquista (sotagliflozin). The company is seeking approval for the oral SGLT1/SGLT2 inhibitor as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes (T1D) and chronic kidney disease (CKD).

Commodities

In commodity news, oil traded up 1.5% to $70.39 while gold traded up 0.4% at $2,761.30.

Silver traded up 0.3% to $32.890 on Friday, while copper rose 0.4% to $4.3575.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 1%, Germany's DAX gained 0.8% and France's CAC 40 gained 0.7%. Spain's IBEX 35 Index surged 1.2%, while London's FTSE 100 rose 0.8%.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan's Nikkei 225 falling 2.63%, Hong Kong's Hang Seng Index gaining 0.93%, China's Shanghai Composite Index declining 0.24% and India's BSE Sensex falling 0.27%.

Economics

• The U.S. economy added 12,000 jobs in October compared to a revised 223,000 gain in September and versus market estimates of 113,000.
• Average hourly earnings increased by 0.4% over a month to $35.46 in October, while unemployment rate came in unchanged at 4.1% in October.
• U.S. construction spending increased by 0.1% month-over-month to an annual rate of $2,148.8 billion in September.
• The S&P Global Flash manufacturing PMI was revised upward to 48.5 in October versus a preliminary reading of 47.8.
• The ISM manufacturing PMI declined to 46.5 in October versus 47.2 in the previous month and down from estimates of 47.6.

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