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Benchmark US indices closed at their record highs on Friday, November 5, pulled up by investors’ optimism due to positive economic data. The US job growth rebounded in the last month after a slowdown in summer.
The S&P 500 was up 0.37% to 4,697.53. The Dow Jones Industrial Average increased by 0.56% to 36,327.95. The NASDAQ Composite Index rose 0.20% to 15,971.59, and the small-cap Russell 2000 was up 1.44% to 2,437.08.
Fresh data released by the Labor Department on Friday, showed that the US has added 531,000 jobs in October topping the economists' estimates. Meanwhile, a survey by the Wall Street Journal showed that the economists were expecting the number to be 450,000 in October.
The better-than-anticipated growth in the last month is likely due to the subsided cases of the Covid-19 over the summer, while indicating that the US economic recovery has started to regain its momentum in the fourth quarter.
Global Markets reach new heights
The upbeat earnings and better-than-expected outlooks have so far lifted traders' confidence, fuelling gains in the market, shrugging off concerns over inflation, supply chain disruptions, and labor shortages.
The energy, communication services, and consumer discretionary sectors were the top gainers on S&P 500 on Friday. Ten of the 11 critical sectors of the S&P 500 index stayed in green, with the healthcare sector as the bottom mover.
The shares of Pfizer Inc. (PFE) gained 8.79% in the intraday trading session after the company said that preliminary results showed that its experimental Covid-19 pill, Paxlovid, proved to be highly effective. It is expected that the drug may reduce hospitalization or death chances by up to 89% for adults associated with severe risks from the infection.
The stocks of Enbridge Inc. (ENB) jumped 2.91%, after reporting strong earnings results for the third quarter. Its adjusted earnings came in at US$1.2 billion, or US$0.59 per share in Q3, FY21, as compared to US$1.0 billion, or US$0.48 per common share in the year-ago quarter.
The Telus Corporation (TU) soared 2.49% in the intraday session, following its robust third-quarter earnings release before the opening bell today. Its revenue ticked up 30% YoY to US$556 million, while its adjusted diluted EPS grew 13% YoY to US$0.26.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 1.38%, Chevron Corporation (CVX) rose 1.25%, and ConocoPhillips (COP) surged 3.14%. EOG Resources, Inc. (EOG) and Schlumberger N.V. (SLB) advanced 5.31% and 2.56%, respectively.
In communication stocks, Meta Platforms, Inc. (FB) gained 1.94%, Walt Disney Company (DIS) soared 3.19%, and Comcast Corporation (CMCSA) jumped 2.41%. AT&T Inc. ticked up 1.63%, while Netflix, Inc. (NFLX) plunged 3.18%.
In the healthcare sector, Eli Lilly and Company (LLY) decreased by 1.75%, Thermo Fisher Scientific Inc (TMO) fell 4.08%, and Abbott Laboratories (ABT) declined 3.68%. Merck & Company, Inc. (MRK) and Danaher Corporation (DHR) tumbled 8.84% and 5.35%, respectively.
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Futures & Commodities
Gold futures were up 1.46% to US$1,819.60 per ounce. Silver increased by 1.30% to US$24.223 per ounce, while copper rose 0.54% to US$4.3438.
Brent oil futures increased by 2.68% to US$82.70 per barrel and WTI crude was up 3.26% to US$81.38.
Bond Market
The 30-year Treasury bond yields was down 3.80% to 1.888, while the 10-year bond yields fell 4.54% to 1.455.
US Dollar Futures Index decreased by 0.15% to US$94.200.
