Stock market news: November 1, 2019 – Yahoo Finance


Oct employment report came in properly previously mentioned consensus anticipations.” knowledge-reactid=”fifteen” form=”text”>U.S. stocks jumped Friday and the S&P 500 and Nasdaq shut at history highs soon after the October employment report came in well previously mentioned consensus expectations.

The S&P five hundred finished at 3,066.ninety one, a record shut, and just .04 details under the all-time intraday substantial it also achieved throughout Friday’s session. The Nasdaq posted a history closing higher of 8,386.4. And the Dow finished just .04% down below its modern closing significant from mid-July.

Here’s in which marketplaces settled at the conclusion of typical equity investing:

  • S&P 500 (^GSPC): +.ninety seven%, or 29.34 points

  • Dow (^DJI): +one.11%, or 300.31 factors

  • Nasdaq (^IXIC): +one.13%, or ninety four.04 factors

  • 10-calendar year Treasury yield (^TNX): +2.8 bps to 1.719%

  • Gold (GC=F): +.06% to $1,515.70 per ounce

Optimism in excess of development in a phase 1 U.S.-China trade deal additional to sentiment. The Office of the U.S. Trade Agent stated Friday that Trade Agent Robert Lighthizer and Treasury Secretary Steven Mnuchin held a “constructive call” with China’s Vice Premier Liu He about the initial part of a China trade offer, adding that “they produced development in a selection of areas and are in the procedure of resolving outstanding troubles.”

Before, the Bureau of Labor Statistics released its October careers report Friday early morning, showing the financial system additional 128,000 careers for the month, well earlier mentioned the tepid eighty five,000 gains anticipated.

The unemployment level edged up to 3.six%, as had been envisioned, significantly just a little bit from September’s fifty-calendar year very low of 3.5% and reflecting a even now-limited labor market. Hourly wages rose by .two% month-on-thirty day period, or just below the .3% gain expected, and 3.% year-on-calendar year, matching expectations.

“The power of this report, collectively with the news before this 7 days of a a little bit more powerful-than-envisioned one.9% annualized acquire in 3rd-quarter GDP, would feel to support the Fed’s shift to a a lot more neutral coverage stance,” Michael Pearce, senior U.S. economist for Money Economics, wrote in a be aware.

“Nevertheless, given the continuing weakness in the survey proof – and with the information that these work figures are possible to be revised down noticeably when the annual benchmark revision is incorporated early subsequent yr – the Fed could not be done however, even though a December rate lower now glance significantly less probable,” he added.

Inside of October’s headline payrolls figure, production jobs fell by just 36,000, a lot much better than the decline of fifty five,000 expected.

Consensus economists experienced anticipated work gains would soften for the month thanks primarily to the impression of transitory components like the United Car Workers strike on Basic Motors (GM).

The Labor Department has accounted for 46,000 putting GM personnel. These were established to drag on manufacturing payrolls, but not have an affect on the unemployment fee and other measures in the house study, which classifies hanging workers as just briefly unemployed.

But weaker manufacturing choosing tendencies have also reflected industry-particular softness, with a nicely-documented slowdown in goods-producing providers occurring both domestically and overseas amid an ongoing trade war and slowing business enterprise money expenses.

Expert Thomas McArdle, left, and trader Michael Smyth, heart, do the job on the floor of the New York Stock Trade. (AP Picture/Richard Drew)

To this conclude, the October ISM production index also released Friday early morning mirrored the newest extent of the deceleration. The headline index held in contractionary territory for a 3rd consecutive month, coming in at forty eight.3 compared to the forty eight.nine expected. Even though this was an advancement from September’s ten-calendar year lower of 47.8, it was even now under the neutral level of 50, indicating contraction.

Overseas, some signals of existence emerged from the producing sector of the world’s 2nd major economic climate. China’s Caixin production index unexpectedly greater to fifty one.7 from fifty one.4 in Oct, indicating enlargement.

Even so, Caixin’s study weighs personal manufacturing providers a lot more greatly, and the outcomes ended up at odds with a report from the Chinese governing administration Thursday that showed the country’s factory action dropped to forty nine.3, the most affordable degree considering the fact that February, as the trade war weighed on new export orders.

Somewhere else, earnings period continued to roll on with mixed outcomes.

Newly general public organization Pinterest (PINS) unhappy investors with lower-than-predicted quarterly product sales and assistance, diverging from other world wide web companies like Google (GOOG), Facebook (FB) and Sna