*The three major stock indexes closed higher, with the Nasdaq leading the way with a 0.8% increase;
*In October, there were 12000 new non farm jobs added, which fell short of market expectations;
*Driven by strong performance guidance, Intel rose nearly 8%.
On Friday, the US stock market rebounded from the previous day's sell-off, as Amazon's strong profits offset the weak performance of Apple and the significant decline in US job growth in October. As of the close, the Dow Jones Industrial Average rose 288.73 points, or 0.69%, to 42052.19 points, the Nasdaq rose 0.80%, or 18239.92 points, and the S&P 500 index rose 0.41%, or 5728.80 points. This week, the Dow Jones Industrial Average fell 0.15%, the Nasdaq fell 1.50%, and the S&P 500 index fell 1.37%.
Market Overview
Affected by the Boeing strike and two major hurricanes, the US Department of Labor reported that the US only added 12000 jobs in October, far below market expectations of 110000. Meanwhile, the unemployment rate remained unchanged at 4.1%.
The survey results released by the Institute for Supply Management (ISM) indicate that the US manufacturing index fell from 47.2 to 46.5 in October, which is a sign of worsening industrial weakness in the United States.
Sonu Varghese, global macro strategist at Carson Group, said, "Overall, the labor market continues to cool (even more than the impact of hurricanes), which should keep the Federal Reserve on pace with interest rate cuts in November and December. However, the next non farm payroll should improve
The interest rate futures market shows a slight increase in expectations for the Federal Reserve to cut interest rates by 25 basis points twice before the end of the year. Investors are closely monitoring the US election on November 5th, and many analysts predict it will be a evenly matched contest with some uncertainty in the final outcome.
In recent days, the volatility of US stocks has increased. The CBOE Volatility Index VIX of the Chicago Board Options Exchange was trading near the highest point in the past three weeks. The rise in US bond yields has put pressure on the stock market. The benchmark 10-year treasury bond bond rose 7.9 basis points to 4.36% on Friday, hitting a new high in the past four months. CFRA Research Chief Investment Strategist Sam Stovall believes that the third quarter earnings season, interest rates, and elections remain the main drivers in the short term.
In terms of individual stocks, Amazon rose 6.2%, and its third quarter performance exceeded Wall Street's expectations. Its cloud computing platform and advertising revenue achieved double-digit growth.
Apple fell 1.3%, with iPhone and Mac sales increasing in the previous quarter, while the company incurred a one-time tax of $10.2 billion due to a European court order in September.
Intel rose 7.8%, with strong financial guidance driving the semiconductor sector, Nvidia up 2.0%, and the Philadelphia Semiconductor Index up 1.1%.
Chevron rose 2.9% as its financial report showed that crude oil production in the third quarter increased beyond expectations.
Boeing rose 3.5% after striking workers' unions supported the latest contract proposal, and members are expected to vote on it next Monday.
Affected by the financial fraud scandal, Supermicro Computer fell 11% and its stock price plummeted 45% this week, marking its worst week in history.
The Nasdaq China Golden Dragon Index rose 0.1%.
International oil prices have rebounded slightly, and the market is concerned about the prospect of Iran retaliating against Israel. WTI crude oil contracts rose 0.33% to $69.49 per barrel in the near month, while Brent crude oil contracts rose 0.40% to $73.10 per barrel in the near month.
International gold prices fluctuated narrowly, with COMEX gold futures contracts for November delivery on the New York Mercantile Exchange rising slightly by 0.01% to $2738.60 per ounce.