Hey there, readers! It's time for the latest stock market report. Let's dive in!
The jobs report on Friday showed a cooling in the labor market. In this economy, that counts as good news. Employers added 150,000 jobs in October, half as many as they did a month before. Meanwhile, wage growth slowed and the unemployment rate rose to 3.9%. This counted as yet another piece of evidence that the Fed is done raising rates this year, with the futures market now indicating that the chance of a rate hike in December is below 5%, down from about 20% on Thursday.
Both bonds and stocks rallied, with the yield on U.S. 10-year Treasurys falling to 4.557%, the lowest settle since September. The tech-heavy Nasdaq Composite rose 1.4%, while the S&P 500 gained 0.9%. The Dow Jones Industrial Average ended the day up 0.7%, or 222 points. All three indexes are up more than 5% over last week.
Among the best performers in the S&P 500 on Friday was Insulet, a maker of insulin pumps, whose shares had fallen more than 50% year to date on concerns that diabetes drugs such as Ozempic would sap demand. The company's 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.
That's it for today's market update. Stay tuned for more exciting news!
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