Tag: stock market

Oil futures lost more ground Friday after Baker Hughes showed that the weekly number of active U.S. rigs drilling for crude rose by 9 to 325 as of Friday. The total U.S. rig count climbed by 4 to 408. July crude was at $48.35 a barrel on the New York Mercantile Exchange, down 82 cents, or 1.7%, from Thursday’s settlement. It was trading at $48.70 before the data.

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From:: Stock Market News

Sensus Healthcare, Inc. was trading at $5.95, above its issue price of $5.50, in its debut on the Nasdaq Friday morning. The company sold 2 million units to raise about $11 million. Each unit is made up of one share of common stock and a three-year warrant to purchase a share of stock at $6.75. The offering was underwritten by Northland Securities, Inc. and Neidiger, Tucker, Bruner, Inc.

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The SPDR Utilities Select Sector ETF surged 1.6% toward a record high in morning trade Friday, as the drop in Treasury yields in the wake of a weak May jobs report made the high-yielding sector tracker more attractive. Of the ETF’s 29 components, 25 traded higher, and 12 hit fresh 52-week highs in intraday trade. Among the ETF’s most-active components, shares of PPL Corp. climbed 1.6%, of Southern Co. shot up 1.8%, of AES Corp. gained 0.6%, of Excelon Corp. tacked on 0.9% and of NRG Energy Inc. slipped 0.4%. The yield on the 10-year Treasury note fell 0.1 percentage points to a three-week low of 1.712%, after data showing only 38,000 new jobs were created in May, while 155,000 new jobs were expected. The ETF, which has dividend yield of 3.20%, according to FactSet, has run up 16% year to date, compared with a 2.4% gain in the S&P 500 , as the yield on the 10-year Treasury note has dropped 0.557 percentage points.

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From:: Stock Market News

Shares of Immunomedics Inc. plunged 20% in active trade Friday, after the biopharmaceutical company’s presentation at a widely-followed oncology conference was cancelled because of allegations of an embargo violation. Volume reached 7.5 million shares within the first 45 minutes of the regular session, which was more than four times the full-day average. On Thursday, the stock had closed at the highest level since January 2014, after more than tripling over the past four months. Immunomedics said the American Society of Clinical Oncology (ASCO) cancelled its presentation at ASCO’s annual conference this week, because of a complaint that the company had already presented at a separate conference in April what it had planned to present at the ASCO conference. Immunomedics said Friday that the complaint appears to have been made by a third party. Chief Executive Cynthia Sullivan said she was trying to get ASCO to reverse its decision, saying the results of a trial of its cancer-treatment drug candidate revealed in April “were different that those in the ASCO abstract submitted last February.”

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From:: Stock Market News

U.S. stocks opened lower Friday after government data showed the economy created only 38,000 jobs last month, the weakest level of hiring in nearly six years. The weak jobs report was viewed as likely to prevent the Federal Reserve from delivering a rate increase this month, analysts said. The S&P 500 fell 6 points, or 0.3%, to 2,099. The Dow Jones Industrial Average lost 59 points, or 0.3%, to 17,780 at the open. Meanwhile, the Nasdaq Composite began the session down 14 points, or 0.3%, at 4,957.

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From:: Stock Market News

Gold futures pushed higher Friday after data showed the U.S. economy created a much lower-than-antipated number of jobs in May. Gold for August delivery rose 2.1% to $1,237.60 an ounce. Silver futures also popped higher, up 2.1% at $16.36 an ounce. Just 38,000 nonfarm payroll jobs were created last month, the Labor Department said. Economists polled by MarketWatch had expected 155,000. The report put into question ​the possibility of an interest-rate increase by the Federal Reserve at its June meeting. A rate increase would put pressure on gold and silver as the commodities don’t pay interest, sending investors looking for higher yields.

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Financial stocks turned sharply lower ahead of Friday’s open, after Treasury yields sank in the wake of a much weaker-than-expected May jobs report. The SPDR Financial Select Sector ETF slumped 1.6% in premarket trade, after trading up 0.1% before the jobs report was released. Among the ETF’s more heavily-weighted components, shares of J.P. Morgan Chase & Co. shed 1.8%, of Bank of America Corp. lost 2.8%, of Citigroup Inc. slid 2.8%, of Wells Fargo & Co. declined 1.7% and of Goldman Sachs Group Inc. gave up 1.9%. The yield on the 10-year Treasury note dropped 6.7 basis points to 1.744%, after the Labor Department said only 38,000 new jobs were created in May, below expectations of 155,000 jobs. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

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From:: Stock Market News

Financial stocks turned sharply lower ahead of Friday’s open, after Treasury yields sank in the wake of a much weaker-than-expected May jobs report. The SPDR Financial Select Sector ETF slumped 1.6% in premarket trade, after trading up 0.1% before the jobs report was released. Among the ETF’s more heavily-weighted components, shares of J.P. Morgan Chase & Co. shed 1.8%, of Bank of America Corp. lost 2.8%, of Citigroup Inc. slid 2.8%, of Wells Fargo & Co. declined 1.7% and of Goldman Sachs Group Inc. gave up 1.9%. The yield on the 10-year Treasury note dropped 6.7 basis points to 1.744%, after the Labor Department said only 38,000 new jobs were created in May, below expectations of 155,000 jobs. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

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From:: Stock Market News

The dollar weakened Friday against its main rivals after official data showed jobs growth decelerated last month to its weakest level since late 2010. The euro surged to $1.1348 after the data, its highest level in about two weeks, up from $1.1156 earlier. The dollar fell to 107.87 yen — its weakest level in nearly a month — compared with 108.82 before the data. The pound climbed to $1.4523, compared with $1.4430 shortly beforehand.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. created just 38,000 new jobs in May and hiring in the prior two months was weaker than originally reported, casting doubt on whether the Federal Reserve will raise interest rates later in June. The number of new jobs was the smallest the economy has created since the fall of 2010. Economists polled by MarketWatch had predicted an increase of 155,000 nonfarm jobs. The unemployment rate, in a surprising twist, fell to 4.7% from 5% to mark the lowest level since the month before the Great Recession began in December 2007. Yet the decline owed almost entirely to 664,000 people leaving the labor force. The labor-force participation fell for the second month in a row to 62.6%, the Labor Department said Friday. Average hourly wages climbed 0.2% to $25.59. Hourly pay rose 2.5% from May 2015 to May 2016. Employment gains for April and March, meanwhile, were reduced by a combined 59,000. The government said 123,000 new jobs were created in April instead of 160,000. March’s gain was lowered to 186,000 from 208,000.

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From:: Stock Market News