Benchmarks Score Weekly Wins Despite Dismal Jobs Data

The VIX logged its fourth-straight drop and a steep weekly loss

Digital Content Manager
Oct 8, 2021 at 4:33 PM
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Stocks closed out the week on a quiet note, after a dismal employment report showed the economy added fewer jobs in September than analysts' estimates. The data cast a shadow on developments in Congress, where officials are working on a short-term hike to the national debt ceiling. The Dow shed 8 points to snap its three-day win streak. The S&P 500 also settled just below breakeven, while the Nasdaq finished with a modest loss. For the week, all three major indexes scored gains. Meanwhile, the Cboe Volatility Index (VIX) logged its fourth consecutive daily loss, and a steep weekly drop.  

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

  • Why Tesla is moving its headquarters out of California.
  • This biotech stock had to pause a cancer drug trial.
  • Plus, Oatly stock pops on analyst praise; top 10 pot stocks to watch; and responding to bond market volatility.

The Dow Jones Average (DJI - 34,746.25) fell 8.7 points, or 0.03% for the day, but rose 1.3% for the week. Chevron (CVX) paced the gainers with a 2.2% pop, while Merck (MKC) fell to the bottom, shedding 1.6%.

The S&P 500 Index (SPX - 4,391.34) dropped 8.4 points, or 0.2%, for the day, but rose 0.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,579.54) shed 74.5 points, or 0.5% for the day, but rose 0.07% for the week.

Lastly, the Cboe Volatility Index (VIX - 18.77) lost 0.8 point, or 3.9% for Friday's session and 11.2% for the week.

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  1. Leaders from 136 countries and jurisdictions, making up 90% of the world's gross domestic product (GDP), reached a deal to increase the global corporate tax rate to 15%. (CNBC
  2. A new ClimateWorks Foundation report showed solutions that address climate change, such as protecting forests and transitioning to electric vehicles, which have not been happening fast enough. (MarketWatch)
  3. Oatly stock popped after this brokerage praised its revenue potential.
  4. These are the top 10 cannabis stocks investors should be watching.
  5.  How to respond to bond market volatility following a steep selloff.
     

There were no earnings reports of note.

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Gold Logs Weekly Losses Despite Dismal Jobs Data

Oil prices settled higher on Friday, after earlier surging above $80 for the first time in almost seven years, before scoring their seventh-straight weekly gain, which came in at nearly 5%. Lower supplies have been boosting the commodity, and it was reported U.S. officials have no plans to release crude oil from the Strategic Petroleum Reserve. As a result, November-dated crude added $1.05, or 1.3%, to settle at $79.35 a barrel for the day.

Gold prices were lower, however, logging their second consecutive daily drop and a weekly loss of $1. The yellow metal erased earlier gains, after surging in response to worse-than-expected jobs report and a weaker U.S. dollar. Nonetheless, December-dated gold dipped $1.80 cents or 0.1%, to settle at $1,757.40 an ounce for the day.

Trader: Sell These 8 Stocks in 2021

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