Dow Surges Over 200 Points; ISM Services PMI Falls In October

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 200 points on Friday

The Dow traded up 0.65% to 34,060.00 while the NASDAQ rose 1.10% to 13,440.99. The S&P 500 also rose, gaining, 0.91% to 4,356.98.

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Leading and Lagging Sectors

Real estate shares jumped by 3.1% on Friday.

In trading on Friday, energy shares fell by 1%.

Top Headline

The ISM services PMI declined to 51.8 in October, from 53.6 in September and versus market estimates of 53.

Equities Trading UP

Tenon Medical, Inc. TNON shares shot up 47% to $1.2599 after the company announced the US FDA concluded a full Quality System Inspection Technique Level 2 Inspection at Tenon Medical.

Shares of Qurate Retail, Inc. QRTEA got a boost, shooting 46% to $0.62 following third-quarter results.

Cooper-Standard Holdings Inc. CPS shares were also up, gaining 42% to $18.08 following better-than-expected third-quarter results.

Equities Trading DOWN

Fox Factory Holding Corp. FOXF shares dropped 34% to $54.97 after the company reported downbeat third-quarter results and issued weak fourth-quarter forecast.

Shares of BILL Holdings, Inc. BILL were down 28% to $64.79 after the company reported first-quarter results and lowered its FY24 revenue outlook.

Inseego Corp. INSG was down, falling 35% to $0.34 after the company reported worse-than-expected third-quarter financial results.

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Commodities

In commodity news, oil traded down 0.2% to $82.27 while gold traded up 0.4% at $2,002.20.

Silver traded up 1.9% to $23.29 on Friday while copper rose 0.5% to $3.6890.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.16%, London’s FTSE 100 fell 0.54% while Spain’s IBEX 35 Index rose 0.35% The German DAX gained 0.35% French CAC 40 fell 0.11%, while Italy’s FTSE MIB Index gained 0.74%.

The eurozone unemployment rate rose to 6.5% in September from 6.4% in the previous month, while Italy’s jobless rate rose to 7.4% in September from 7.3% in August. The S&P Global/CIPS UK composite PMI was revised higher to 48.7 in October from a preliminary reading of 48.6.

Industrial production in France declined for the second straight month to 0.5% month-over-month in September. The trade surplus in Germany narrowed to EUR 16.5 billion in September versus a revised EUR 17.7 billion in the prior month.

Asia Pacific Markets

Asian markets closed higher on Friday, with Hong Kong’s Hang Seng Index gaining 2.52% and China’s Shanghai Composite Index gaining 0.71%. India’s S&P BSE Sensex, meanwhile, rose around 0.44%.

China's current account surplus shrank to $62.6 billion in the third quarter from $139.6 billion in the year-ago period, while Caixin China General service PMI increased to 50.4 in October from 50.2 a month ago.

The S&P Global Hong Kong SAR PMI fell to 48.9 in October from 49.6 in September. The S&P Global India services PMI fell to 58.4 in October from 61.0 a month ago.

Economics

The U.S. economy added 150,000 jobs in October compared to a revised 297,000 gain in September, and versus market estimates of 180,000. The unemployment rate rose to 3.9% in October from 3.8% a month ago.

Average hourly earnings for all employees on private nonfarm payrolls rose by 0.2% to $34.00 in October.

The S&P Global composite PMI was revised lower to 50.7 in October from a preliminary reading of 51.0.

The ISM services PMI declined to 51.8 in October, down from estimates of 53.

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