U.S. stocks traded lower this morning, following the release of jobs data
Following the market opening Friday, the Dow traded down 0.30% to 32,630.25 while the NASDAQ fell 1.04% to 12,588.85. The S&P also fell, dropping, 0.58% to 4,127.72.
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Leading and Lagging Sectors
Energy shares climbed 2.2% on Friday. Meanwhile, top gainers in the sector included Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT), up 29% and Clean Energy Fuels Corp. (NASDAQ:CLNE) up 17%.
In trading on Friday, consumer discretionary shares fell 1.3%.
Top Headline
The U.S. added 528,000 jobs in July, beating consensus economist estimates of 258,000 jobs. The unemployment rate dropped from 3.6% to 3.5%, returning to its pre-COVID pandemic level. Wages were up 5.2% from a year ago and by 0.5% from June.
Equities Trading UP
Assure Holdings Corp. (NASDAQ:IONM) shares shot up 79% to $3.76 after jumping around 104% on Thursday.
Shares of Cooper-Standard Holdings Inc. (NYSE:CPS) got a boost, shooting 81% to $9.15 after the company reported better-than-expected Q2 adjusted EPS and sales results.
Pineapple Energy Inc. (NASDAQ:PEGY) shares were also up, gaining 61% to $4.01.
Equities Trading DOWN
Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) shares tumbled 68% to $4.4950 after the company priced a $16.8 million public offering.
Shares of Hyzon Motors Inc. (NASDAQ:HYZN) were down 40% to $2.6750 after the company late Thursday disclosed an investigation into internal controls and revenue recognition timing. JP Morgan downgraded the stock to Underweight on Friday.
Health Catalyst, Inc. (NASDAQ:HCAT) was down, falling 35% to $11.84 after the company issued weak sales forecast and announced a $40 million share repurchase program. JP Morgan and Stifel also downgraded the stock.
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Commodities
In commodity news, oil traded up 0.3% to $88.84, while gold traded down 1% to $1,788.80.
Silver traded down 1% to $19.715 on Friday while copper rose 1.4% to $3.5295.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.6%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.2%. The German DAX fell 0.3%, French CAC 40 fell 0.5% and Italy’s FTSE MIB Index fell 0.21%.
Payroll employment in the French private sector increased 0.5% to 20.70 million in the second quarter, while industrial production in Germany increased by 0.4% month-over-month in June. The Halifax house price index in the UK rose 11.8% year-over-year in July
Economics
The U.S. added 528,000 jobs in July, beating consensus economist estimates of 258,000 jobs. The unemployment rate dropped from 3.6% to 3.5%, returning to its pre-COVID pandemic level. Wages were up 5.2% from a year ago and by 0.5% from June.
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 June will be released at 3:00 p.m. ET. Consumer credit is likely to increase $24.5 billion in June following a $22.3 billion rise in the previous month.
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 93,739,660 cases with around 1,057,810 deaths. India confirmed a total of at least 44,107,580 cases and 526,600 deaths, while France reported over 33,993,930 COVID-19 cases with 152,450 deaths. In total, there were at least 587,031,760 cases of COVID-19 worldwide with more than 6,431,240 deaths.
