Friday's Market Recap - Stocks Rally On Modestly Weaker Than Expected Employment Report.
What is The Premarket Telling Us?
8:45 AM.
US stock futures are slight higher forty five minutes before the start of trading. Dow futures up 28 points, Nasdaq up 10 points, and the S&P up 1.75 points. Investors are laser focused on the Bureau of Labor, Unemployment report due out at 8:30 AM. After weaker than expected ISM Manufacturing, and ISM Non Manufacturing reports earlier this week, they want to see how this is affecting labor markets.
On The Bond Desk:
The US 10 Year Bond Yield at 1.54%, unchanged.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $53.00/barrel, up 1.05%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed overight. Japan (Nikkei 225) rose 0.32%, Shanghai down 1.11%, Hong Kong (Hang Seng) lost 0.92%.
Major European markets closed with solid gains. German (DAX) gained 0.73%, France CAC 40 rose 0.91%, London FTSE 100 gained 1.10%.
Market And Sector Dynamics
Markets opened decidedly higher. The Dow soared 90 points, Nasdaq jumped 34 points, and the S&P rose 10 points. Markets are cheering a 136,000 jobs number released by the Bureau of Labor, at 8:30 AM this morning. Investors are assuming that the above number, is right in the sweet spot; - It was less than the 155,000 expected, and low enough to improve the likelihood of a Fed rate cut at their next meeting.
The markets steadily melted up during the entire session, closing at the high of the day. Market breath good. All eleven S&P sectors closed the session with solid gains, led by; Financials, Technology, Healthcare, Consumer Staples, Utilities, Communication Services, Industrials, Consumer Discretionary, and Energy.
Factors Influencing Today's Market
September Employment shows 136,000 new job were created, and Unemployment rate fell to 3.50%, the lowers in decades.
Investor seem confident that this slightly weaker than expected employment report will all but ensure the Fed will cut rates at the next meeting.
WTI Crude Oil prices closed at $52.81/barrel, up 0.69%.
This week's Baker Hughes Oil Rig Count fell 3 rigs to 710 total.
US 10 Year Bond Yield closed at 1.539%, down 0.33%.
Asian market were mixed, while European stocks were solidly higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were all higher. The Dow surged 372.68 points, Nasdaq gained 110.21 points, and the S&P rose 41.38 points. Total NYSE volume traded, a light 3.02 billion shares. Advancing shares outpaced Declining shares better than 3:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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