Dow Futures Up Triple Digits After Jobs Report

Cooling bond yields are giving the market a boost

Deputy Editor
Nov 3, 2023 at 9:10 AM
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Stock futures are on the rise this morning, with Dow Jones Industrial Average (DJI) futures above fair value by triple digits already. Wall Street is getting a boost after this morning's nonfarm payrolls report showed just 150,000 jobs added in October -- below analyst estimates of 170,000 and a sharp drop from September's downwardly revised 297,000. Unemployment rose 3.9%, which is the highest level since the beginning of 2022. Bond yields are moving lower in response, while investors pore over the latest batch of earnings reports

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

  • Cinemark stock has a history of upbeat post-earnings moves. 
  • Options traders load up on surging C3.ai stock
  • Plus, two stocks flying higher after earnings; and what's boosting rideshare stocks.

futures Nov3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.3 million call contracts and more than 1 million puts traded Thursday. The single-session equity put/call ratio rose to 0.77 and the 21-day moving average stayed at 0.68.
  2. Block Inc (NYSE:SQ) stock is up 16.8% premarket, after the Cash App parent beat top- and bottom-line estimates in the third quarter and raised its revenue forecast. A flood of analysts chimed in with price-target adjustments in both directions, too. Heading into today, SQ is down 30% since the start of the year. 
  3. The shares of Paramount Global (NASDAQ:PARA) are up 6.9% in electronic trading, after the streaming name's upbeat third-quarter report, despite delays due to the SAG-AFTRA strike. Year to date, PARA is down 29.4%, after closing 10 of the past 11 days lower. 
  4. Uber Technologies Inc (NYSE:UBER) is up 1.6% before the bell, looking to extend yesterday's gains, after Keybanc upgraded the stock to "overweight" from "sector weight." The firm is betting on the rideshare name's quarterly growth ahead of next week's earnings. UBER is up 87.9% in 2023. 
  5. See what economic data is scheduled for next week. 

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European Stocks Head for Best Week Since March

Asian markets closed out the week firmly higher, as investors digested economic data. Specifically, China’s service sector expanded slightly in October, while Hong Kong’s private sector activity contracted. Hong Kong’s Hang Seng led the gainers with a 2.5% pop, while Japan’s Nikkei added 1.1%. Elsewhere, South Korea’s Kospi and China’s Shanghai Composite each rose 1.1%.

European stocks are mixed, though they are still on track for their best week since March amid a batch of earnings reports and interest rate decisions out of the U.S. and England. London’s FTSE 100 and France’s CAC 40 are both down 0.1% at last check, while the German DAX sports a 0.2% lead.

 

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