Friday's Market Recap - Stocks Surged On Strong October Jobs Report.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately elevated ahead of the starting bell. Dow futures up 48 points, Nasdaq futures up 19 points, and S&P futures up 6 points. Futures improved significantly, after release of the Bureau of Labor Employment Status report at 8:30 AM.
On The Bond Desk:
The US 10 Year Bond Yield at 1.69%, down 0.11%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.29
Crude Oil:
WTI crude oil futures
On the Earnings Calendar:
Alibaba, the Chinese online retail giant reported another strong performance, for the quarter.
Exxon, and Chevron Corp, reported better than expected Q3 Earnings results.
In M&A News:
Alphabet (GOOGL) announced it's buying Fitbit, the fitness tracker company.
What About The Asian And European Markets?
Major Asian markets closed mixed on Friday. Japan (Nikkei 225) was down 0.33%, Shanghai gained 0.99%, Hong Kong (Hang Seng) rose 0.72%.
Major European markets were higher. German (DAX) gained 0.73%, France CAC 40 up 0.56%, London FTSE 100 up 0.75%.
Market And Sector Dynamics
Markets opened the trading session significantly higher, buoyed be a better than expected employment number. The Dow soared 138 points, Nasdaq jumped 40 points, and the S&P added 16 points.
Stocks powered higher throughout the session, as investors cheer some encouraging US economic data, and Q3 earning performance, which so far, has been better than expected. Talk of imminent recession has subsided, and that is helping investor confidence.
Today's rally was broad based, with eight of the eleven S&P sectors closing with solid gains, led by Energy, Industrials, Basic Materials, Financials, Technology, Communication Services, Consumer Discretionary. Real Estate, and Utilities lagged in the session.
Factors Influencing Today's Market
Bureau of Labor Employment Status report shows a better than expected 128,000 new jobs were created in October. Sign of a healthy job market.
Alphabet (GOOGL) is buying Fitbit in a deal worth $2.1 Billion.
Asian and European markets were mostly higher in their sessions.
October ISM Manufacturing Index came in at 48.3 vs 49.3 estimated.
PMI Manufacturing Index for October actually improved to 51.30 vs 51.11 in September.
This week's Baker Hughes Oil Rig count fell 5 rigs to 691 total.
WTI Crude Oil price close at $56.23/barrel, up 3.73%.
US 10 Year Bond Yield closed the day at 1.714%, up 1.54%.
Market Close Volume Traded And Advance Decline Ratio
Market surged higher today on renewed optimism about US and global economic growth. The Dow jumped 301.13 points, Nasdaq soared 94.04 points, a new record, and the S&P gained 29.34 points, also a new record high. Total NYSE volume traded, Total NYSE volume traded, a moderate 3.98 billion shares. Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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