Hey there, readers! It's time for your daily dose of stocks and technology news. Let's dive right in!
The jobs report on Friday showed a cooling in the labor market, which is actually good news for the economy. Employers added 150,000 jobs in October, half as many as the previous month. Wage growth slowed down, and the unemployment rate rose to 3.9%. This means that the chances of a rate hike in December are below 5%. As a result, both bonds and stocks rallied, with the tech-heavy Nasdaq Composite rising 1.4% and the S&P 500 gaining 0.9%. The Dow Jones Industrial Average also ended the day up 0.7%.
One of the best performers in the S&P 500 on Friday was Insulet, a maker of insulin pumps. Their shares soared 16% after beating Wall Street's revenue expectations. Another big gainer was Paramount Global, which rose 15% after reporting that its streaming business lost less money in the third quarter.
Now, let's talk about Apple. The company's fiscal fourth-quarter results indicate that its newest iPhones aren't off to a raging start. iPhone revenue for the quarter rose 3% year over year, in line with analysts' forecasts. However, concerns were mounting over the new iPhone cycle and longer-term issues like the health of the China market and the company's relationship with Google.
That's all for today, folks! Stay tuned for more updates on stocks and technology. Have a great day!
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