Major Indexes Rise for the Day Despite Posting Big Weekly Drops

Fed fears are still clouding today's optimism

Digital Content Manager
Nov 4, 2022 at 4:31 PM
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Upbeat jobs data came to the market's rescue on Friday, keeping the major indexes afloat for most of the day. The Dow added almost 402 points, while the S&P 500 and Nasdaq managed to log notable wins of their own. For the week, however, all three suffered major losses as Federal Reserve anxieties continue to loom large over Wall Street. In fact, the Dow snapped a four-week win streak while the Nasdaq turned in its worst week since January. 

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

  • The fallout on Meta Platforms stock is far from over.       
  • This medtech name could be a prime pick for options bulls. 
  • Plus, why DKNG ate dirt; BNTX gets boosted; and Lowe's inks $400 million sale.

The Dow Jones Average (DJI - 32,403.22) added 402 points, or 1.3% for the day. For the week, it dropped 1.5%. Nike (NKE) led the gainers, adding 6%, while Salesforce (CRM) paced the laggards with a 4.5% loss.

The S&P 500 Index (SPX - 3,770.55) popped 50.7 points, or 1.4% for the day. The Nasdaq Composite (IXIC - 10,475.25) rose 132.3 points, or 1.3% for the session. The former lost 3.3% for the week, and the latter lost 5.6 %. 

Lastly, the Cboe Volatility Index (VIX - 24.55) lost 0.8 point, or 3% for the session, and 4.7 for the week, logging its third-straight weekly loss.

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5 Things to Know Today 

  1. Digging into October's jobs data, the healthcare and social assistance sectors added over 71,100 jobs between the two, while manufacturing also saw a strong month. (CNBC)
  2. A survey from real-estate brokerage Redfin polling over 2,000 U.S. residents in October showed 61% of voters prefer to live in a place with strong gun control laws. (MarketWatch)
  3. Why DraftKings stock ate dirt on Friday.
  4. Vaccine buzz gave shares of BioNTech a boost. 
  5. Lowe's plans on selling its Canadian retail unit for $400 million. 

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Oil, Gold Post Winning Weeks

Oil prices rose for the day and week, breaking out above the $90 per barrel mark amid rumors that China will begin easing its Covid-19 restrictions. December-dated crude saw its highest settlement since Oct. 7, rising $4.44, or 5% to $92.61 per barrel, and rising 5.4% for the week. 

Strong U.S. jobs data weakened the dollar and in turn sent precious metal soaring. Silver hit a one-month high, copper futures climbed 7.6%, and gold rose off yesterday's more than two-year lows. December-dated gold tacked on $45.70, or 2.8%,to settle at $1,676.60 an ounce. For the week, it added 1.9%.

 

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