U.S. stocks traded lower midway through trading, following the release of jobs data
The Dow traded down 0.48% to 32,571.32 while the NASDAQ fell 1.53% to 12,525.77. The S&P also fell, dropping, 0.90% to 4,114.76.
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Leading and Lagging Sectors
Energy shares climbed 2% on Friday. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT), up 19% and (NASDAQ:AMTX) up 24%.
In trading on Friday, communication services shares fell 1.7%.
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
WeTrade Group, Inc. (NASDAQ:WETG) shares shot up 53% to $28.00 after the company announced a strategic partnership with Jiqing Bio Company to exclusively sell monkeypox test kits and antigen tests.
Shares of Cooper-Standard Holdings Inc. (NYSE:CPS) got a boost, shooting 71% to $8.58 after the company reported better-than-expected Q2 adjusted EPS and sales results.
Marker Therapeutics, Inc. (NASDAQ:MRKR) shares were also up, gaining 55% to $0.5101. The U.S. Food and Drug Administration (FDA) announced clearance to Marker Therapeutics’ Investigational New Drug (IND) application for MT-601 for the treatment of patients with relapsed/refractory non-Hodgkin lymphoma.
Equities Trading DOWN
Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) shares tumbled 64% to $5.05 after the company priced a $16.8 million public offering.
Shares of Hyzon Motors Inc. (NASDAQ:HYZN) were down 38% to $2.8001 after the company late Thursday disclosed an investigation into internal controls and revenue recognition timing. JP Morgan downgraded the stock to Underweight on Friday.
Helius Medical Technologies, Inc. (NASDAQ:HSDT) was down, falling 53% to $0.4746 after the company announced pricing of $18 million public offering.
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Commodities
In commodity news, oil traded up 2.2% to $90.44, while gold traded down 0.8% to $1,792.20.
Silver traded down 1.2% to $19.89 on Friday while copper rose 2.4% to $3.5645.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.56%, London’s FTSE 100 rose 0.14% while Spain’s IBEX 35 Index rose 0.27%. The German DAX fell 0.44%, French CAC 40 fell 0.46% and Italy’s FTSE MIB Index fell 0.05%.
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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