Category: Stock Market News

Gold futures finished sharply higher Friday after a weaker-than-expected jobs report heightened expectations that the Federal Reserve would keep interest rates lower for longer. June gold gained $21.70, or 1.7%, to settle at $1,294 an ounce, snapping a three-session string of losses and registering a 0.3% weekly gain. Lower interest rates are bullish for assets that don’t offer a yield like gold.

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Oil futures extended gains after data from Baker Hughes Inc. showed that the number of active U.S. rigs drilling for crude fell for a seventh straight week.
The oil rig count was down by 4 to 328 as of Friday. The total U.S. rig count fell by 5 to 415 rigs. June crude traded up 46, cents, or 1% to $44.77 a barrel on the New York Mercantile Exchange.

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Shares of Intellia Therapeutics Inc. , a gene editing company, started trading at $22, above their $18 issue price, in the company’s debut on the Nasdaq Friday. The company sold six million shares to raise about $108 million. The company had priced its shares at the high end of its $16 to $18 range Thursday. The offering was underwritten by Credit Suisse, Jeferies and Leerink Partners.

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U.S. stocks opened lower on Friday, with the main benchmarks on track for weekly losses, after April’s official employment report came in below expectations, in a sign the U.S. economy still hasn’t recovered from an early-year chill. The S&P 500 was down 8 points, or 0.4%, to 2,042. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,586 at the open. Meanwhile, the Nasdaq Composite began the session down 21 points, or 0.5%, at 4,695.

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From:: Stock Market News

U.S. stocks opened lower on Friday, with the main benchmarks on track for weekly losses, after April’s official employment report came in below expectations, in a sign the U.S. economy still hasn’t recovered from an early-year chill. The S&P 500 was down 8 points, or 0.4%, to 2,042. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,586 at the open. Meanwhile, the Nasdaq Composite began the session down 21 points, or 0.5%, at 4,695.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Financial stocks turned lower in premarket trade Friday, after a weaker-than-expected April jobs report sent Treasury yields lower. The SPDR Financial ETF , which was inactive prior to the jobs data, slumped 0.8%. Among some of its more heavily-weighted components, shares of Bank of America Corp. dropped 1.8%, after being down just 0.1% prior to the data. Shares of Citigroup Inc. slumped 1.5%, of J.P. Morgan Chase shed 1.4% and of Wells Fargo & Co. lost 1.4%; just before the data, they were down 0.5%, down 0.4% and up 0.4%, respectively. After data showing nonfarm payrolls increased 160,000 in April, below expectations of 205,000, the yield on the 10-year Treasury note declined 0.017 percentage points to 1.744%. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

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Treasury prices soared, pushing yields to a nearly one-month low, after April’s official jobs report came in well below Wall Street’s expectations. The U.S. economy added just 160,000 new jobs in April, well below the 203,000 forecast, while the so-called participation rate fell for the first time in seven months. The yield on the benchmark 10-year U.S. Treasury note declined 2.6 basis points to 1.721%, hitting its lowest level since April 7, according to Tradeweb. Yields move in the opposite direction of prices. One basis point is a hundredth of a percentage point. The yield on the two-year Treasury note fell 2.4 basis point to 0.702%. Meanwhile, the yield on the 30-year bond fell 2 basis points to 2.584%.

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The dollar sank against the euro and yen Friday after a reading on April employment gains came in well below expectations. The Labor Department said the U.S. economy created just 160,000 jobs last month, according to the data, the worst monthly performance since September. The dollar tumbled to 106.55 yen after the data, from 106.96 yen shortly before. The euro rose to $1.1454 afterward, up from $1.1425 beforehand. The pound rose to $1.4511, up from $1.4500 shortly before. The data appeared to confirm signs of lackluster jobs growth released earlier in the week, including a weak reading on private-sector employment from Automatic Data Processing Inc. Economists polled by MarketWatch forecast gains of 193,000 jobs.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The dollar sank against the euro and yen Friday after a reading on April employment gains came in well below expectations. The Labor Department said the U.S. economy created just 160,000 jobs last month, according to the data, the worst monthly performance since September. The dollar tumbled to 106.55 yen after the data, from 106.96 yen shortly before. The euro rose to $1.1454 afterward, up from $1.1425 beforehand. The pound rose to $1.4511, up from $1.4500 shortly before. The data appeared to confirm signs of lackluster jobs growth released earlier in the week, including a weak reading on private-sector employment from Automatic Data Processing Inc. Economists polled by MarketWatch forecast gains of 193,000 jobs.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stock futures extended modest losses after government data showed 160,000 news jobs were created in April, while the unemployment rate remained unchanged at 5%. The jobs number came in below expectations, sparking speculation that the Federal Reserve is likely to stay pat on raising interest rates over the coming months. The S&P 500 futures were down 9 points, or 0.5%, to 2,034. Futures for the Dow Jones Industrial Average were down 69 points, or 0.4%, to 17,503. Meanwhile, the Nasdaq-100 futures were down 17 points, or 0.4%, at 4,282.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News