Major stock indexes strengthened in afternoon trading, but off the day’s highs. Stocks recouped some of the losses they suffered in the morning, in volatile trading following stronger-than-expected jobs data.
The S&P 500 rose 1.4%, while the Nasdaq composite added 1.3%. The Dow Jones Industrial Average also added 1.3%, up 402 points. The Russell 2000 Small Cap Index rose 1.4%.
The Invesco QQQ Trust (QQQ) technology-heavy Nasdaq 100 ETF gained 1.6%.
Volume on the NYSE and Nasdaq was higher from the same time Thursday.
Crude oil rose 5.1% to $92.64 a barrel. The Energy Select Sector SPDR ETF (XLF) edged up 1.3%. Natural gas climbed 7.9% to top $6 per million British thermal units. The 10-year Treasury bond rose 11 basis points to 4.17%. Bitcoin climbed 4.3% to $21,170.
European markets were all positive, with Germany’s DAX stock index up 2.5%, London’s FTSE 100 up 2% and Paris’ CAC 40 up 2.8% to end the week of trading. negotiation.
The odds of a 50 basis point hike at the Fed’s December meeting are now 61.5%, while 38.5% expect a 75 basis point hike, according to CME FedWatch Tool.
Jobs report finds rising payrolls and unemployment
October nonfarm payrolls rose 261,000 from the consensus expectation of 210,000. The jobless rate rose to 3.7% from 3.6% expected, from 3.5% in September.
The participation rate of 62.2% was slightly lower than the projected 62.3%.
Starbucks (SBUX) rose 8.5% after reporting better-than-expected fourth-quarter EPS and sales figures Thursday after the market closed. The stock approached the buy point of 93.58 from a flat base, but pulled back.
Cardinal Health (CAH) gained 5.1% after beating expectations for its first-quarter EPS and sales figures. The drug wholesaler hit a 52-week high.
DraftKings (DKNG) fell 27.8% after posting higher-than-expected third-quarter sales but lower-than-expected monthly unique users.
Energy Stocks Reach New Highs, Copper Stock Leads S&P
Mining inventory Freeport-McMoRan (FCX) climbed 11.5% as copper futures rose more than 8%. The stock was the leader of the S&P today.
Woodside Energy (WDS) rose 8.6% and reached the buy point of 24.04 from an irregular pattern. Despite the gap, the stock is in extension from the 5% buy zone. Shares in the Australian-based crude oil and LNG explorer began trading on June 10. The stock has hit a new all-time high since it began trading in June.
The company posted triple-digit quarterly EPS and sales growth.
IBD 50 Stock Market Movers: Healthcare Staff Breakdown
The Innovator IBD 50 ETF (FFTY) fell 0.7%, posting a performance that underperformed the major equity indices.
Texas Land of the Pacific (TPL) rose 7.1% in light volume as energy stocks posted a strong day. The stock has a relative strength rating of 99, which means it has outperformed 99% of stocks in the IBD database.
earth stone energy (ESTE) gained 1.3% after two days of decline following its third-quarter earnings report on Wednesday. The company missed the sales estimate, but beat EPS. Stocks found support at the 21-day exponential moving average.
SM Energy (SM) rose 2.9% and attempted to break out of a choppy base, but fell back below the 47.91 buy point.
Cross Country Health Care (CCRN) fell 11.6% and fell below its 21-day exponential moving average.
Coterra Energy (CTRA) fell 5.6% despite posting higher third-quarter revenue and EPS. The oil and gas exploration stock is trying to hold above the 200-day moving average.
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