Mid-Morning Market Update: Markets Open Higher; U.S. Economy Creates 222,000 Jobs In June

Following the market opening Friday, the Dow traded up 0.21 percent to 21,365.78 while the NASDAQ climbed 0.62 percent to 6,127.27. The S&P also rose, gaining 0.29 percent to 2,416.74.

Leading and Lagging Sectors

Technology shares rose by 1.90 percent in the US market on Friday. Top gainers in the sector included Fabrinet FN, and Coherent, Inc. COHR.

In trading on Friday, energy shares fell 0.70 percent. Meanwhile, top losers in the sector included Teekay Offshore Partners L.P. TOO, down 8 percent, and TETRA Technologies, Inc. TTI, down 6 percent.

Top Headline

The U.S. economy added 222,000 new jobs in June, while the unemployment rate increased to 4.4 percent from 4.3 percent.

Economists projected a gain of 179.000 jobs in June.

Equities Trading UP

Digital Ally, Inc. DGLY shares shot up 42 percent to $4.47 after the company reported a 'significant victory' in legal battles against Axon Enterprise Inc AAXN.

Shares of Zion Oil & Gas, Inc. ZN got a boost, shooting up 19 percent to $5.02.

Synchronoss Technologies, Inc. SNCR shares were also up, gaining 5 percent to $16.60 after the company reported the review of strategic alternatives. The company said strategic alternatives could include sale or other transaction.

Equities Trading DOWN

Cherokee Inc CHKE shares dropped 28 percent to $5.59 after the company reported a loss for its first quarter on Thursday. The company reported an adjusted loss of $0.07 per share, versus analysts’ estimates for a profit of $0.13 per share.

Shares of Dextera Surgical Inc DXTR were down 17 percent to $0.261 after the company disclosed that it has placed 'temporary shipping hold' on MicroCutter 5/80. The company also reported preliminary FY17 total product sales of $2.9 million to $3 million.

RadiSys Corporation RSYS was down, falling around 16 percent to $3.09 after the company lowered its sales forecast for the second quarter. The company now expects Q2 sales of $35 million, versus earlier outlook of $41 million to $47 million.

Commodities

In commodity news, oil traded down 1.96 percent to $44.63 while gold traded down 0.01 percent to $1,223.20.

Silver traded down 0.55 percent Friday to $15.895, while copper fell 0.23 percent to $2.6555.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.23 percent, the Spanish Ibex Index fell 0.25 percent, while Italy’s FTSE MIB Index fell 0.57 percent. Meanwhile the German DAX dropped 0.11 percent, and the French CAC 40 declined 0.17 percent while U.K. shares rose 0.25 percent.

Economics

The U.S. economy added 222,000 new jobs in June, while the unemployment rate increased to 4.4 percent from 4.3 percent.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.