Mid-Morning Market Update: Unemployment Falls to 7.7%, Gun Stocks Drop
Following the market opening Friday, the Dow traded up 0.19 percent to 13,098.87 while the NASDAQ fell 0.36 percent to 2,978.62. The S&P also fell, decreasing 0.04 percent to 1,413.31.
The national unemployment rate was reported today, coming in at 7.7 percent, below the expected report and prior release of 7.9 percent. Following the release, some speculated that it meant little due to an increased number of Americans leaving the workforce. As of 10:00am traders were still trying to decide their take on the release.
Equities Trading UP
Hovnanian Enterprises (NYSE: HOV) saw a 6.64 percent boost in early trading to $5.23 , possibly linked to the positive comments made by Topeka Capital on a series of home builders this morning.
Shares of Freeport-McMoRan Copper & Gold (NYSE: FCX) saw a renewed rally Friday morning, rising 5.07 percent to $32.37 despite a slew of downgrades Thursday.
Deckers Outdoor (NASDAQ: DECK) spike up at the beginning of the session, but gave back some of its gains soon after. Shares remained up 2.76 percent at $42.72, possibly linked to a Seeking Alpha article stating that Labelux will acquire the company.
Equities Trading DOWN
Webster Financial (NYSE: WBS) fell 3.85 percent to $20.08 following the market open after the company announced the pricing for its 10 million share public offering.
Smith & Wesson Holding Corporation (NASDAQ: SWHC) fell sharply at the market opening, losing 5.62 percent despite a strong earnings report yesterday after the close.
Shares of Regal Entertainment Group (NYSE: RGC) dropped 1.62 percent to $14.60 following a Piper Jaffray downgrade to Neutral this morning.
In commodity news, oil traded down 1.21 percent to $86.82, while gold traded down 0.30 percent to $1,687.30.
Silver traded up 0.21 percent Thursday to $33.10.
In European headlines this morning, German industrial production came in well below the expected -0.5 percent at -2.6 percent, while headlines came out that the majority of the ECB governing council supported the rate cut.
The European markets fell across the board this morning as investors displayed their fears of economic contraction, with the Italian MIB index leading the fall.
In economic news Friday morning, the Michigan consumer confidence figure was reported well below the expected 82 at 74.50. This was even further below the prior figure of 82.70.
Nonfarm payrolls were also reported, coming in at 146 thousand, well above the expected 85 thousand, but below the prior report of 171 thousand. Private nonfarm payrolls came in at 147 thousand, well above the projected 90 thousand, but below the previous release of 184 thousand.
Manufacturing payrolls were released as well, coming in at -7 thousand, below the expected -4 thousand, and far below the previously reported 10 thousand.
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