Dow Surges Over 100 Points As US Economy Adds 315,000 Jobs During August

Dow Surges Over 100 Points As US Economy Adds 315,000 Jobs During August

U.S. stocks traded mostly higher this morning on Friday, following the release of jobs report for August.

The Dow traded up 0.43% to 31,791.57 while the NASDAQ rose 0.20% to 11,808.72. The S&P 500 also rose, gaining, 0.44% to 3,984.23.

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


Leading and Lagging Sectors


Energy shares rose by 1.3% on Friday. Meanwhile, top gainers in the sector included HighPeak Energy, Inc. HPK, up 7% and Borr Drilling Limited BORR up 8%.


In trading on Friday, communication services shares fell by 0.7%.


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


Cheetah Mobile Inc.. CMCM shares shot up 57% to $5.26 following effectiveness of its 1-for-5 reverse split.

 

Shares of PaxMedica, Inc. PXMD got a boost, shooting 45% to $5.09. 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 43% to $6.43. Nano Labs reported the receipt of Nasdaq Hearings Panel's decision to grant request for continued listing.

 

Equities Trading DOWN

PolyPid Ltd. PYPD shares tumbled 78% to $1.19 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 49% to $26.63 amid post-IPO volatility.


Addentax Group Corp. ATXG was down, falling 37% to $19.00. Addentax shares tumbled 95% on Thursday following the company's uplisting and IPO.


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Commodities

In commodity news, oil traded up 2.2% to $88.47, while gold traded up 0.9% at $1,724.00.


Silver traded up 1.4% to $17.905 on Friday while copper fell 0.1% to $3.4055.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 1.4%, London’s FTSE 100 rose 1.4%, while Spain’s IBEX 35 Index surged 1%. The German DAX climbed 2.5%, French CAC 40 climbed 1.5% and Italy’s FTSE MIB Index jumped 2%.


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.

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