Dow Drops Over 400 Points After US Economy Adds 263,000 Jobs During September

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 400 points on Friday.

Following the market opening Friday, the Dow traded down 1.49% to 29,480.97 while the NASDAQ fell 2.52% to 10,792.82. The S&P 500 also fell, dropping, 1.93% to 3,672.18.

Also check this: Dow Dips Over 300 Points, Volatility In Markets Increases

Leading and Lagging Sectors

Energy shares jumped by 0.5% on Friday. Leading the sector was strength from Nordic American Tankers Limited NAT and Nine Energy Service, Inc. NINE.

In trading on Friday, information technology shares fell by 2.9%.

Top Headline

The US economy added 263,000 jobs in September, the least since April 2021, but still above analysts’ estimates of 250,000. The US unemployment rate declined to 3.5% in September, while average hourly earnings rose 0.3% to $32.46 in September.

Equities Trading UP

• Aditxt, Inc. ADTX shares shot up 27% to $4.2199 after the company announced AditxtScore is featured by FedEx in a video presentation.
• Shares of Aehr Test Systems AEHR got a boost, shooting 19% to $16.52 after the company announced better-than-expected Q1 EPS and sales results and issued guidance.
• Provention Bio, Inc. PRVB shares were also up, gaining 12% to $6.98. Provention Bio announced it has entered into a co-promotion agreement with Sanofi U.S. for the launch of its lead investigational drug candidate teplizumab. Jefferies maintained Provention Bio with a Buy and raised the price target from $10 to $15.

Equities Trading DOWN

• Avenue Therapeutics, Inc. ATXI shares tumbled 58% to $2.63 after the company priced a roughly 3.6 million unit offering at $3.30 per unit.
• Shares of InVivo Therapeutics Holdings Corp. NVIV were down 35% to $5.16 after the company announced $9 million registered direct and private placement offerings priced at-the-market under Nasdaq rules.
• Atlis Motor Vehicles, Inc. AMV was down, falling 30% to $17.06 on post-IPO volatility.

Also check out: Why Cyclerion Therapeutics Shares Traded Lower By Around 38%; Here Are 70 Biggest Movers From Yesterday

Commodities

In commodity news, oil traded up 2% to $90.25, while gold traded down 0.9% at $1,705.40.

Silver traded down 1.5% to $20.345 on Friday while copper fell 1.6% to $3.3925.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index fell 1%. The German DAX dropped 1.2%, French CAC 40 fell 0.9% and Italy’s FTSE MIB Index fell 0.9%.

France recorded a current account deficit of EUR 5.1 billion in August versus a EUR 5.3 billion gap in the prior month, while trade deficit increased to EUR 15.3 billion in August from revised EUR 14.8 billion in July.

Labor productivity in the UK rose by 0.3% on quarter during the three months to June, while Halifax house price index rose 9.9% year-over-year in September. Industrial production in Germany declined 0.8% month-over-month in August, while retail sales fell 1.3% month-over-month in August. Import prices in Germany climbed by 32.7% year-over-year in August.

Economics

• The US economy added 263,000 jobs in September, the least since April 2021, but still above analysts’ estimates of 250,000. The US unemployment rate declined to 3.5% in September, while average hourly earnings rose 0.3% to $32.46 in September.
• Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 11:00 a.m. ET.
• Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET.
• The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
• Data on consumer credit for August will be released at 3:00 p.m. ET. Consumer credit is projected to rise $25.0 billion in August following a $23.8 billion increase in the previous month.

Check out this: Investor Fear Increases Ahead Of US Jobs Data

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,474,750 cases with around 1,087,350 deaths. India confirmed a total of at least 44,606,460 cases and 528,750 deaths, while France reported over 35,705,230 COVID-19 cases with 155,360 deaths. In total, there were at least 625,721,310 cases of COVID-19 worldwide with more than 6,558,290 deaths.