Nasdaq Jumps Over 100 Points; Crude Oil Rises Sharply

U.S. stocks extended gains midway through trading on Friday, following the release of jobs report for August.

The Dow traded up 0.85% to 31,924.14 while the NASDAQ rose 0.97% to 11,899.68. The S&P 500 also rose, gaining, 0.97% to 4,005.14.

Also check this: Market Volatility Decreases Slightly As Dow Records Gain On First Trading Day Of September


Leading and Lagging Sectors


Energy shares jumped by 2.5% on Friday. Meanwhile, top gainers in the sector included HighPeak Energy, Inc. HPK, up 13% and Borr Drilling Limited BORR up 10%.


In trading on Friday, health care shares rose by just 0.3%.


Top Headline


The U.S. added 315,000 jobs last month, beating average economist estimates of 298,000 jobs. The U.S. unemployment rate increased to 3.7%, missing the 3.5% level economists had projected. Wages were up 5.2% year-over-year and increased 0.3% from July.

 

Equities Trading UP

 

  • Hollysys Automation Technologies Ltd. HOLI shares shot up 17% to $19.87. A consortium led by China's Hollysys Automation Technologies’ management aims to take the U.S.-listed automation and control system maker private in a deal at a $1.8 billion valuation, Reuters reported.
  • Shares of PaxMedica, Inc. PXMD got a boost, shooting 34% to $4.6801. PaxMedica Executive Chairman, Director Michael Derby reportED in Form4 filing the purchase of 95,000 shares at $5.25 per share.
  • Nano Labs Ltd NA shares were also up, gaining 36% to $6.13 after the Nasdaq Hearings Panel granted the company's request to continue its listing on the Nasdaq Stock Market..

 

Equities Trading DOWN

  • PolyPid Ltd. PYPD shares tumbled 77% to $1.25 after the company announced its SHIELD I study did not achieve its primary endpoint of reduction in surgical site infections and mortality.
  • Shares of Shuttle Pharmaceuticals Holdings, Inc. SHPH were down 68% to $16.88 amid post-IPO volatility.
  • Calavo Growers, Inc. CVGW was down, falling 16% to $35.00 after reporting downbeat Q3 earnings.

 

Also check out: Why Snap Shares Jumped 7%; Here Are 75 Biggest Movers From Yesterday


Commodities

In commodity news, oil traded up 2.5% to $88.76, while gold traded up 1% at $1,726.90.


Silver traded up 2.3% to $18.065 on Friday while copper rose 0.9% to $3.4385.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 2.02%, London’s FTSE 100 rose 1.83%, while Spain’s IBEX 35 Index surged 1.61%. The German DAX climbed 3.02%, French CAC 40 climbed 2.15% and Italy’s FTSE MIB Index jumped 2.98%.


Producer prices in the Eurozone surged 4% month-over-month in July, recording the biggest increase in four months. The number of people registered as unemployed in Spain climbed by 40,428 month-over-month to 2.92 million in August. Germany’s trade surplus narrowed to €4.9 billion in July from €17.8 billion in the year-ago period.

 

Economics

 

  • The U.S. added 315,000 jobs last month, beating average economist estimates of 298,000 jobs. The U.S. unemployment rate increased to 3.7%, missing the 3.5% level economists had projected. Wages were up 5.2% year-over-year and increased 0.3% from July.
  • U.S. factory orders dropped 1% month-over-month in July.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m.

Check out this: Fear & Greed Index Moves To 'Fear' Zone Ahead Of US Jobs Report


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 96,465,120 cases with around 1,072,120 deaths. India confirmed a total of at least 44,442,500 cases and 527,930 deaths, while France reported over 34,547,840 COVID-19 cases with 154,130 deaths. In total, there were at least 608,971,030 cases of COVID-19 worldwide with more than 6,499,070 deaths.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Day Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...