US open: Stocks modestly higher after softer-than-expected jobs data

by | Nov 3, 2023

(Sharecast News) – Stocks in the US were trading on the front foot following the release of a weaker-than-expected non-farm payrolls report for last month.
As of 1354 GMT, the Dow Jones Industrials was up by 0.50% at 34,009.66, alongside a gain of 0.86% to 4,354.94 for the S&P 500, while the Nasdaq Composite was ahead by 0.95% to 13,420.79.

In parallel, the yield on the benchmark 10-year U.S. Treasury note had slipped 16 basis points to 4.50%.

That left it on track for its largest weekly drop in more than one year.

“The October jobs report provides plenty of evidence that labor market conditions are softening and will allow the Fed to keep policy on hold as it monitors its progress toward returning inflation to 2%,” said Nancy Vanden Houten at Oxford Economics.

According to the U.S. Department of Labor, hiring slowed to a pace of 150,000 in October (consensus: 170,000), although a strike by UAW subtracted 35,000 payrolls in manufacturing.

Economists anticipated a reversal of the drag from the UAW strike in November.

And readings for the prior two months were revised down by a combined 101,000.

Average hourly earnings growth also came in below forecasts at 0.2% month-on-month (consensus: 0.3%).

US equity markets had rallied since the start of the week – with Wall Street’s three major equity indices surging between 3.2% and 4.7% – on rising hopes that the Federal Reserve’s current rate-hiking cycle might be over.

“The fact markets across the US, Europe and Asia remained in an up-trend suggests investors are gaining confidence that we’ve finally reached the much-anticipated pivot in central bank policy,” chipped in AJ Bell investment director Russ Mould.

Apple shares were 2% lower after fourth-quarter revenues were down 1% at $89.5bn.

The tech giant did surpass analysts’ estimates with its results – which included a record $43.8bn in quarterly iPhone revenues – but disappointed with its outlook for hardware and China sales.

“Once again, we have a tech stock managing to beat on both top and bottom-line growth, but markets continue to take somewhat unforgiving stance, opting to instead focus on weak iPad, wearables and Greater China revenue. Nonetheless, shareholders should remain optimistic given the strong figures across their key iPhone and services segments,” said Joshua Mahony, chief market analyst at Scope Markets.

Dow Jones – Risers

Goldman Sachs Group Inc. (GS) $321.35 2.42%
3M Co. (MMM) $94.33 2.19%
Walt Disney Co. (DIS) $85.02 2.08%
Dow Chemical Co. (DOW) $49.92 1.90%
American Express Co. (AXP) $153.60 1.83%
Caterpillar Inc. (CAT) $243.07 1.65%
Walgreens Boots Alliance, Inc. (WBA) $21.85 1.65%
Boeing Co. (BA) $194.77 1.44%
Nike Inc. (NKE) $106.43 1.28%
JP Morgan Chase & Co. (JPM) $143.18 1.24%

Dow Jones – Fallers

Travelers Company Inc. (TRV) $166.87 -1.23%
Apple Inc. (AAPL) $175.58 -1.12%
Unitedhealth Group Inc. (UNH) $530.58 -1.04%
Chevron Corp. (CVX) $148.20 -0.38%
Amgen Inc. (AMGN) $265.83 -0.28%
Walmart Inc. (WMT) $165.26 -0.15%
Dowdupont Inc. (DWDP) $0.00 0.00%
McDonald’s Corp. (MCD) $266.88 0.01%
Coca-Cola Co. (KO) $57.15 0.11%
Procter & Gamble Co. (PG) $151.61 0.11%

S&P 500 – Risers

Expedia Group Inc. (EXPE) $110.34 16.34%
Gartner Inc. (IT) $390.37 15.63%
Fluor Corp. (FLR) $37.96 9.62%
CenturyLink Inc. (LUMN) $1.16 9.23%
Norwegian Cruise Line Holdings Ltd (NCLH) $14.05 7.50%
Lincoln National Corp. (LNC) $24.73 6.96%
Albemarle Corp. (ALB) $133.18 6.87%
AES Corp. (AES) $16.55 6.77%
Sba Communications Corp. (SBAC) $231.57 6.52%
Carnival Corp. (CCL) $12.66 6.39%

S&P 500 – Fallers

Fortinet Inc. (FTNT) $47.83 -16.96%
Church Dwight Co Inc. (CHD) $84.99 -7.58%
CME Group Inc. (CME) $207.72 -2.28%
Teleflex Inc. (TFX) $204.43 -2.28%
Stryker Corp. (SYK) $273.17 -1.82%
Paychex Inc. (PAYX) $110.52 -1.73%
Booking Holdings Inc. (BKNG) $2,796.13 -1.50%
Travelers Company Inc. (TRV) $166.87 -1.23%
CIGNA Corp. (CI) $315.14 -1.18%
Apple Inc. (AAPL) $175.58 -1.12%

Nasdaq 100 – Risers

Qurate Retail Inc. (QRTEA) $0.59 37.11%
Expedia Group Inc. (EXPE) $110.34 16.34%
Monster Beverage Corp (MNST) $55.37 5.15%
Illumina Inc. (ILMN) $117.42 4.60%
Dish Network Corp. (DISH) $5.45 4.50%, Inc. (JD) $26.94 4.38%
Sirius XM Holdings Inc (SIRI) $4.84 3.98%
American Airlines Group (AAL) $11.83 3.77%
Microchip Technology Inc. (MCHP) $76.31 3.68%
Mercadolibre Inc. (MELI) $1,365.50 3.49%

Nasdaq 100 – Fallers

Paychex Inc. (PAYX) $110.52 -1.73%
Booking Holdings Inc. (BKNG) $2,796.13 -1.50%
Apple Inc. (AAPL) $175.58 -1.12%
Intuit Inc. (INTU) $497.05 -0.66%
Automatic Data Processing Inc. (ADP) $217.32 -0.57%
Amgen Inc. (AMGN) $265.83 -0.28%
Electronic Arts Inc. (EA) $127.93 -0.27%
Check Point Software Technologies Ltd. (CHKP) $136.23 -0.26%
Verisk Analytics Inc. (VRSK) $229.45 -0.18%
Kraft Heinz Co. (KHC) $33.49 -0.07%

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