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Stock Futures Rally On Payrolls, China, Brexit; Boeing Leads Dow | Stock News & Stock Market Analysis

Stocks jumped out of the starting blocks Friday, boosted by a better-than-expected November jobs report and positive trade on global markets.

XThe Nasdaq Composite led the early advance with a 0.7% leap, as Apple (AAPL) climbed 0.8%, Microsoft (MSFT) jumped 2.1% and all four of the big-tech FANG stocks opened to solid gains. The S&P 500 opened 0.4% higher, while the Dow Jones industrial average swung up 0.3%.

Premarket trade had inflected higher after the Labor Department reported nonfarm, U.S. employers added 228,000 new workers in November, well above economist projections for 190,000 new jobs. Friday’s report also revised October’s hiring tally to 244,000, down from an initial estimate of 261,000. It left the unemployment rate untouched at 4.1% — in line with economist expectations.

Hourly earnings increased 0.2%, recovering from a 0.1% dip in October, but still below consensus forecasts for a 0.3% gain.

The market still has its eye on tax reform and government shutdown negotiations in Washington, D.C. Global stock market action, though, injected a strong note of optimism into early trade, with positive trade data in China and a U.K./European Union agreement on terms governing Britain’s exit from the union lifting investors confidence.

Microsoft Paces Dow As China Names, FANG Stocks Rise

Microsoft (MSFT) seized the Dow’s top slot in opening trade, surging 2.1%. The stock is trading just below an 86.30 buy point in a flat base.

Netflix (NFLX) ran at the head of the FANG stock tech leaders, up 15% at the open. Facebook (FB) added 1.1%, as the stock nears the top of a buy zone above a 175.59 buy point.

A number of top China-based stocks traded higher. Microblogging site Weibo (WB) jumped more than 2%, implying an open back above its 50-day moving average, but still below the 105.60 buy point after a pullback from a November breakout.

IBD Leaderboard name 58.com (WUBA) leapt 5%. The online classifieds site is rebounding from support at its 10-week line, but is in late stages of its run, so the rebound is not a buy opportunity.

Among IBD 50 stocks, Universal Display (OLED) scored a 8% at the open, as the stock aims to extend its late-stage rebound from its 10-week line. The maker of organic LEDs used in flat-panel displays announced late Thursday that China’s BOE Technology had agreed to a long-term extension of its contract naming Universal as its phosphorescent materials supplier.

China-based IBD 50 peer YY (YY) jumped 3%. The gain moved the streaming social networking platform beyond a buy range, on a rebound from support at its 10-week moving average.

Bitcoin settled edged back above the $16,000 mark, after soaring past $19,000 late Thursday. Among stocks with bitcoin ties, Square (SQ) rose 2%, Riot Blockchain (RIOT) jumped 6% and Marathon Patent Group (MARA) dropped 3%.

Global Markets Surge; Consumer Sentiment Coming Up

The Commerce Department reports its October wholesale inventories estimates, and the University of Michigan delivers its preliminary reading on December consumer confidence, both at 10 a.m. ET. BakerHughes (BHGE) releases its weekly rig count census at 1 p.m. ET.

Overseas, the Shanghai Composite climbed 0.6%, ending down 0.8% in its fourth straight weekly decline. Hong Kong’s Hang Seng Index jumped 1.1%, leaving it with a 1.5% loss for the week. In Japan, Tokyo’s Nikkei 225 popped 1.4%, a second day of solid gains to end the week down 2.8%.

Frankfurt’s DAX led Europe’s stock market benchmarks, up 1% in afternoon trade, with the CAC-40 in Paris riding a 0.4% gain and London’s FTSE 100 ahead 0.9%.

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