U.S. stocks traded lower this morning, following the release of jobs data
Following the market opening Friday, the Dow traded down 0.30% to 32,630.25 while the NASDAQ fell 1.04% to 12,588.85. The S&P also fell, dropping, 0.58% to 4,127.72.
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Leading and Lagging Sectors
Energy shares climbed 2.2% on Friday. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P. CLMT, up 29% and Clean Energy Fuels Corp. CLNE up 17%.
In trading on Friday, consumer discretionary shares fell 1.3%.
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
Assure Holdings Corp. IONM shares shot up 79% to $3.76 after jumping around 104% on Thursday.
Shares of Cooper-Standard Holdings Inc. CPS got a boost, shooting 81% to $9.15 after the company reported better-than-expected Q2 adjusted EPS and sales results.
Pineapple Energy Inc. PEGY shares were also up, gaining 61% to $4.01.
Equities Trading DOWN
Quoin Pharmaceuticals, Ltd. QNRX shares tumbled 68% to $4.4950 after the company priced a $16.8 million public offering.
Shares of Hyzon Motors Inc. HYZN were down 40% to $2.6750 after the company late Thursday disclosed an investigation into internal controls and revenue recognition timing. JP Morgan downgraded the stock to Underweight on Friday.
Health Catalyst, Inc. HCAT was down, falling 35% to $11.84 after the company issued weak sales forecast and announced a $40 million share repurchase program. JP Morgan and Stifel also downgraded the stock.
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Commodities
In commodity news, oil traded up 0.3% to $88.84, while gold traded down 1% to $1,788.80.
Silver traded down 1% to $19.715 on Friday while copper rose 1.4% to $3.5295.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.6%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2%. The German DAX fell 0.3%, French CAC 40 fell 0.5% and Italy’s FTSE MIB Index fell 0.21%.
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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