Dow Jones futures endured heavy selling pressure at the open of Friday’s trading session. It followed the release of September’s job data which appeared higher than anticipated. DJ lost 300 pips nearly instantly.
Job Data And Stock Market Performance
Job report for September dropped earlier on Friday at 08:00 A.M ET before markets opened. The data showed that employers added 263,000 jobs to the US economy. Ultimately, that overhauled Econoday’s 250,000 growth prediction last month.
As a result, the unemployment rate dropped by 3.5 percent below the 3.7 percent forecasts. Immediately after the report got released, stocks faced a downturn.
AMD (Advanced Micro Devices) slid almost 6 percent, causing a drawdown of microchip indexes. Previously on Thursday, the company’s record showed it fell backward on its quarter three revenue target. AMD noted that it was because of the creeping demand for PC and accessories.
On the other hand, Taiwan Semiconductor Manufacturing accrued excess revenue during quarter three. But its stocks remained 2.5 percent lower.
Aehr Test Systems upended Wall Street’s estimates for its first fiscal quarter. The shares jumped over 10% during premarket trade. Also, it maintained its development aim for the whole year.
Lyft fell 1 percent after RBC said it underperformed with a price target of 16 instead of 30. On Friday morning, Twitter dived 1 percent following a ruling on Elon Musk. The court ordered him to complete his Twitter bid or face a trial in November.
Dow Jones indexes, Apple and Microsoft, fell slightly lower before today’s market open. Also, Tesla slipped 1 percent lower.
Treasury Yield, Dow Jones, And Oil Price Actions
Dow Jones futures fell 0.95 percent before trading began on Friday. S&P 500 followed suit and dropped 1.3 percent. Also, Nasdaq 100 index followed the leading pack of declining shares, including Intel, AMD, ASML, and NVidia.
It is worth noting that Dow Jones overnight price action does not imply actual trading.
Invesco QQQ, Nasdaq 100 index tracker, declined 1.7 percent. Likewise, the SPDR, S&P 500 exchange-traded fund futures, dropped 1.2 percent.
Treasury’s ten-year ticker soared 3.88 percent on Friday morning, in the continuum of a ten-week surge. Earlier this week, it lost 3.56 percent before recovering. Meanwhile, it hit a record high of 4 percent for a short time last week.
A height that has not been attained in over a decade.
Furthermore, USOIL trailed upward, climbing 1 percent higher on Friday. Meanwhile, the West Texas Intermediate index touched $90 per barrel.
However, oil hit an annual low of $76 per barrel last week before bouncing back.
UnitedHealth Dow Jones shares fell 1.5 percent on Thursday, swerving from a three-day upward momentum. The stock hit the price ceiling on the fifty-day moving average. However, Friday saw UNH indexes race ahead.
According to the IBD shares rating, UNH indexes displayed a sturdy 94 out of 99. The IBD Composite Rating evaluates a stock’s technical and fundamental benchmark. October 14 will see UNH disclose its quarter three quota.