Mid-Morning Market Update: Markets Open Lower; US Economy Adds 428,000 Jobs In April

U.S. stocks traded lower this morning, following the release of jobs report for April.

Following the market opening Friday, the Dow traded down 1.21% to 32,598.81 while the NASDAQ fell 1.91% to 12,083.03. The S&P also fell, dropping, 1.41% to 4,088.22.

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Leading and Lagging Sectors


Energy shares slipped by just 0.2% on Friday. Meanwhile, top gainers in the sector included DMC Global Inc. BOOM, up 8% and Borr Drilling Limited BORR up 3%.


In trading on Friday, materials shares dipped by 2.4%.


Top Headline


The US economy added 428,000 jobs in April versus a revised 428,000 in March. However, analysts were expecting for a gain of 391,000 jobs. The unemployment rate came in unchanged at 3.6% in April.

 

Equities Trading UP


Vinco Ventures, Inc. BBIG shares shot up 18% to $3.04. Vinco Ventures set record date as May 18, 2022 For dividend of shares related to Cryptyde deal. The dividend is expected to be distributed on May 27, 2022.


Shares of iRhythm Technologies, Inc. IRTC got a boost, shooting 16% to $137.48 after the company reported better-than-expected Q1 sales results and issued FY22 revenue guidance above analyst estimates.


Adtalem Global Education Inc. ATGE shares were also up, gaining 20% to $33.94 after the company reported upbeat Q3 results.


Equities Trading DOWN

The Joint Corp. JYNT shares tumbled 46% to $15.00 after the company reported downbeat Q1 results.


Shares of Endo International plc ENDP were down 35% to $1.3150 after the company reported Q1 earnings results and issued Q2 guidance.


Meten Holding Group Ltd. METX was down, falling 32% to $1.83 following effectiveness of 1-for-30 reverse stock split.

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Commodities

In commodity news, oil traded down 0.3% to $109.11, while gold traded up 0.1% to $1,876.80.


Silver traded up 0.3% to $22.37 Friday while copper fell 0.7% to $4.2610.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 slipped 1.3%, London’s FTSE 100 fell 0.8% and Spain’s IBEX 35 Index fell 0.7%. The German DAX dropped 1.1%, French CAC 40 fell 1.3% and Italy’s FTSE MIB Index fell 0.3%.

The S&P Global/CIPS UK Construction PMI declined to a three-month low level of 58.2 in April, while Halifax house price index climbed 10.8% year-over-year in April. Industrial production in Spain rose 0.1% year-over-year in March, while industrial production in Germany dropped 3.9% month-over-month in March. Retail sales in Italy declined 0.5% in March.


Economics

 

The US economy added 428,000 jobs in April versus a revised 428,000 in March. However, analysts were expecting for a gain of 391,000 jobs. The unemployment rate came in unchanged at 3.6% in April.


Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 11:00 a.m. ET.


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 March will be released at 3:00 p.m. ET. Consumer credit is projected to rise $20.0 billion in March following a $41.9 billion increase in the previous month.


Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:20 p.m. ET.


Federal Reserve Governor Christopher Waller will speak at 7:15 p.m. ET.


Federal Reserve Bank of St. Louis President James Bullard is set to speak at 7:15 p.m. ET.


Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:00 p.m. ET.


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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 84,437,150 cases with around 1,023,900 deaths. India confirmed a total of at least 43,094,540 cases and 523,970 deaths, while Brazil reported over 30,524,180 COVID-19 cases with 663,960 deaths. In total, there were at least 515,960,930 cases of COVID-19 worldwide with more than 6,272,390 deaths.

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