Dow Adds 301 Points on Jobs Data, Trade Progress

The S&P and Nasdaq rallied to record highs

Digital Content Manager
Nov 1, 2019 at 4:33 PM
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The Dow erased yesterday's losses, tacking on over 300 points on better-than-expected employment data for October, despite the General Motors (GM) strike. In addition, investors cheered reassuring news that the U.S. and China have reached a consensus in principle on trade, with the Chinese Ministry of Commerce touting "serious and constructive" talks between high-level officials. Likewise, one White House official said the two sides have "made progress" and are "resolving outstanding issues."

A post-earnings surge from Exxon Mobil (XOM) and fresh highs for Apple (AAPL) helped boost the Dow, too, sweeping a wider-than-expected contraction in the Institute for Supply Management's (ISM) manufacturing purchasing managers' index (PMI) under the rug. The Nasdaq and S&P were the real stars of the day, though, with both indexes soaring to all-time highs. 

Continue reading for more on today's market, including:

  • 2 surging stocks options players swarmed today. 
  • Why analysts like this pharma stock before earnings. 
  • Plus, Sysco gears up for earnings; options bears pummel ANET stock; and Novo Nordisk lifts its full-year forecast

The Dow Jones Industrial Average (DJI - 27,347.36) added 301.1 points, or 1.1%, with a 1.4% gain for the week. Caterpillar (CAT) led the 18 gainers on a 4.8% win, while Merck (MRK) dragged down the 12 losers on a 2% dip.

The S&P 500 Index (SPX - 3,066.91) gained 29.4 points, or nearly 1%, with a 1.5% pop for the week. The Nasdaq Composite (IXIC - 8,386.40) finished 94 points, or 1.1%, higher, settling 1.6% higher on the week.  The SPX and IXIC touched new record highs of 3,066.95 and 8,386.75, respectively.

The Cboe Volatility Index (VIX - 12.30) settled down 0.9 point, or almost 7%, with a 2.8% loss for the week. 

Closing Indexes Summary Nov 1

NYSE and Nasdaq Stats Nov 1

5 Items on Our Radar Today

  1. NBC is taking aim at the increasingly competitive world of streaming services, and said it's considering a free, ad-supported version of Peacock. This would make Peacock the first no-charge, on-demand streaming service from a major media firm in the United States. (CNBC)
  2. Tesla (TSLA) CEO Elon Musk has, once again, announced that he is leaving Twitter, while adding that "Reddit still seems good." As of now, the account has yet to be deactivated. (Reuters)
  3. Sysco stock looks attractive, from a contrarian perspective. 
  4. Options bears swarmed ANET stock amid a post-earnings plummet. 
  5. NVO stock clocked fresh highs on solid guidance. 

Corporate Earnings Nov 1

Unusual Options Activity Nov 1

Data courtesy of Trade-Alert

Gold Finishes Lower, But Notches Weekly Win 

Oil reversed some of this week's losses today, boosted by promising U.S. economic data and a dip in the number of crude-oil drilling rigs. Hopes for U.S.-China trade talks also bolstered black gold. December-dated crude futures rose $2.02, or 3.7%, to settle at $56.20 a barrel, but lost 0.8% for the week.

Gold retreated today, as stocks strengthened on well-received employment data. The precious metal did, however, notch a win for the week. December gold futures slipped $3.40, or 0.2%, to end at $1,511.40 an ounce today, with a 0.4% win for the week.

 

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