December 4, 2022

Tricia Oak

Business & Finance Excellency

Stocks hit records as hiring surges in October

U.S. stocks finished in record territory Friday after the October jobs report showed a surge in hiring.

The Dow Jones Industrial Average climbed 204 points, or 0.57%, while the S&P 500 index and the Nasdaq Composite index advanced 0.37% and 0.2%, respectively. The gains, which propelled all three of the major averages to all-time highs, came after the October nonfarm payroll report showed the U.S. economy added 531,000 jobs last month, ahead of the 450,000 estimate. The unemployment rate slipped to 4.6%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35921.23 -158.71 -0.44%
SP500 S&P 500 4649.27 +2.56 +0.06%
I:COMP NASDAQ COMPOSITE INDEX 15704.281414 +81.58 +0.52%

Following the report, the yield on the 10-year note fell 7 basis points to 1.45% to close at its lowest level since Sept. 23. 

In stocks, Pfizer Inc. said its antiviral pill for COVID-19 reduces the chances of hospitalization and death by 89%. The company plans to seek emergency-use authorization for the drug. Rival Merck & Co. said last month its antiviral pill reduced the risk of hospitalization and death by 50%. 

Ticker Security Last Change Change %
PFE PFIZER INC. 50.18 +1.16 +2.37%
MRK MERCK & CO., INC. 84.02 +0.01 +0.01%

Peloton Interactive Inc. shares were sharply lower after the company reported a wider-than-expected loss and slashed its full-year outlook due to slowing demand for its products as consumers return to gyms and purchase other at-home workout options. 

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE, INC. 50.52 +1.57 +3.21%

Airbnb Inc. reported record quarterly revenue as countries lifted restrictions for vaccinated travelers.  

Ticker Security Last Change Change %
ABNB AIRBNB, INC. 191.61 -0.61 -0.32%

Uber Inc. booked its first quarterly profit on an adjusted basis as the company’s ride-hailing and delivery service businesses both showed strength. 

Ticker Security Last Change Change %
UBER UBER TECHNOLOGIES, INC. 43.28 -0.10 -0.23%

Square Inc.’s quarterly sales fell short of Wall Street estimates as revenue tied to Bitcoin missed the mark. 

Ticker Security Last Change Change %
SQ SQUARE, INC. 226.51 -0.70 -0.31%

DraftKings Inc., Expedia Group Inc. and Goodyear Tire & Rubber Co. were among the other companies that reported on Friday.

Ticker Security Last Change Change %
DKNG DRAFTKINGS, INC. 40.71 -0.37 -0.90%
EXPE EXPEDIA GROUP, INC. 182.58 -3.09 -1.66%
GT GOODYEAR TIRE & RUBBER CO. 23.46 +0.39 +1.69%

In commodities, West Texas Intermediate crude oil jumped $2.46 to $81.27 a barrel and gold ticked up $23.40 to $1,816.40 an ounce. 

Overseas markets were mixed. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

European bourses rallied across the board with Germany’s DAX advancing 0.15%, France’s CAC 40 adding 0.76% and Britain’s FTSE 100 climbing 0.33%. 

In Asia, Japan’s Nikkei 225 lost 0.61% while China’s Shanghai Composite and Hong Kong’s Hang Seng index declined 1% and 1.41%, respectively.