Mid-Morning Market Update: Markets Mostly Lower; U.S. Unemployment Rate Drops To 3.7% In September

Following the market opening Friday, the Dow traded down 0.06 percent to 26,612.43 while the NASDAQ declined 0.30 percent to 7,855.81. However, the S&P rose 0.02 percent to 2,902.23.

Leading and Lagging Sectors

Friday morning, the utilities shares rose 0.62 percent. Meanwhile, top gainers in the sector included Companhia Energética de Minas Gerais CIG up 6 percent, and Centrais Elétricas Brasileiras S.A. - Eletrobras EBR up 4 percent.

In trading on Friday, energy shares fell 0.42 percent.

Top Headline

The U.S. economy added 134,000 new jobs in September, while unemployment rate declined to 3.7 percent from 3.9 percent. However, economists were expecting a gain of 168,000 jobs.

Equities Trading UP

SMART Global Holdings, Inc. SGH shares shot up 27 percent to $34.485 after the company reported better-than-expected earnings for its fourth quarter and issued strong first-quarter earnings guidance.

Shares of EMCORE Corporation EMKR got a boost, shooting up 11 percent to $5.06 after the company raised its sales guidance for the fourth quarter.

The Chefs' Warehouse, Inc. CHEF shares were also up, gaining 8 percent to $37.04. The Chefs' Warehouse will replace Penn National Gaming in the S&P SmallCap 600 on Wednesday, October 10.

Equities Trading DOWN

KemPharm, Inc. KMPH shares dropped 32 percent to $2.835. KemPharm priced its 8.33 million share common stock offering at $3.00 per share.

Shares of Aytu BioScience, Inc. AYTU were down 33 percent to $1.3499. Aytu BioScience priced its 8.8 million share common stock offering at $1.50 per share.

Histogenics Corporation HSGX was down, falling around 41 percent to $0.592. Histogenics Corporation priced its 26.155 million share common stock and warrant offering at $0.65 per share.

Commodities

In commodity news, oil traded up 0.38 percent to $74.61 while gold traded up 0.26 percent to $1,204.70.

Silver traded up 0.27 percent Friday to $14.63, while copper fell 0.4 to $2.7665.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.51 percent, the Spanish Ibex Index fell 0.40 percent, while Italy’s FTSE MIB Index slipped 0.90 percent. Meanwhile the German DAX dropped 0.69 percent, and the French CAC 40 fell 0.40 percent while U.K. shares fell 0.79 percent.

Economics

The U.S. economy added 134,000 new jobs in September, while unemployment rate declined to 3.7 percent from 3.9 percent. However, economists were expecting a gain of 168,000 jobs.

U.S. trade deficit increased 6.4 percent to $53.2 billion for August. U.S. exports slipped 0.8 percent to $209.4 billion, while imports increased 0.6 percent to $262.7 billion in August.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Waco, Texas at 12:30 p.m. ET.

Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta, GA at 12:30 p.m. ET.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Data on consumer credit for August will be released at 3:00 p.m. ET.