US open: Stocks trade higher following hotter-than-expected NFP report
Wall Street stocks were in the green early on Friday as investors digested a hotter-than-expected non-farm payrolls report.
As of 1500 GMT, the Dow Jones Industrial Average was up 1.45% at 32,464.97, while the S&P 500 advanced 1.50% to 3,775.59 and the Nasdaq Composite came out the gate 1.34% firmer at 10,481.12.
The Dow opened 463.72 points higher on Friday, easily reversing losses recorded in the previous session following the Federal Reserve's 75 basis point rate hike.
Friday's primary focus was news that non-farm payrolls continued to grow more quickly than expected in October. According to the Department of Labor, in seasonally adjusted terms, non-farm payrolls increased by 261,000 during the month of October. Economists had pencilled-in a rise nearer 200,000.
The rate of unemployment, however, rose by two-tenths of a percentage point to 3.7%, ahead of consensus estimates for a print of 3.5%.
AvaTrade's Naeem Aslam said: "The US labour market is strong and the data was hot. However, the devil is in detail and that is the unemployment rate has ticked higher and this may keep a lid on the dollar rally.
"But for now, one thing is clear that is that the Fed has clear path to continue on its hawkish monetary policy stance and the path of the least resistance for the dollar index is to the upside."
In the corporate space, DraftKings was in the red despite posting a smaller-than-expected Q3 loss, DoorDash shares surged after revealing it had experienced record orders and better-than-expected revenues, and Starbucks reported better-than-expected profit and revenue for its latest quarter as sales hit a fresh record high.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Nike Inc. (NKE) $97.96 8.36%
Dow Chemical Co. (DOW) $49.48 6.43%
American Express Co. (AXP) $145.61 4.52%
Caterpillar Inc. (CAT) $229.09 4.48%
Visa Inc. (V) $200.46 2.93%
Intel Corp. (INTC) $28.14 2.74%
Cisco Systems Inc. (CSCO) $44.96 2.53%
International Business Machines Corporation (CDI) (IBM) $137.55 2.29%
Microsoft Corp. (MSFT) $219.15 2.29%
JP Morgan Chase & Co. (JPM) $130.00 2.20%
Dow Jones - Fallers
Salesforce.Com Inc. (CRM) $140.95 -3.68%
Dowdupont Inc. (DWDP) $0.00 0.00%
Honeywell International Inc. (HON) $0.00 0.00%
Apple Inc. (AAPL) $139.06 0.13%
Merck & Co. Inc. (MRK) $99.07 0.32%
Verizon Communications Inc. (VZ) $37.29 0.39%
Johnson & Johnson (JNJ) $171.46 0.43%
Unitedhealth Group Inc. (UNH) $546.28 0.49%
McDonald's Corp. (MCD) $274.50 0.57%
Amgen Inc. (AMGN) $267.79 0.72%
S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $35.53 12.60%
Estee Lauder Co. Inc. (EL) $216.22 11.58%
Expedia Group Inc. (EXPE) $96.43 10.04%
Starbucks Corp. (SBUX) $92.68 9.44%
Arista Networks Inc. (ANET) $132.91 8.72%
Dxc Technology Company (DXC) $27.90 8.52%
Nike Inc. (NKE) $97.96 8.36%
LyondellBasell Industries (LYB) $84.05 8.02%
Monster Beverage Corp (MNST) $98.01 7.60%
Microchip Technology Inc. (MCHP) $63.86 7.40%
S&P 500 - Fallers
Copart Inc. (CPRT) $57.89 -48.95%
Coterra Energy Inc. (CTRA) $28.79 -5.96%
Salesforce.Com Inc. (CRM) $140.95 -3.68%
Paypal Holdings Inc (PYPL) $74.44 -2.76%
Ball Corp (BALL) $49.91 -2.19%
Dominion Energy Inc. (D) $67.95 -1.85%
L3Harris Technologies Inc. (LHX) $231.50 -1.48%
Republic Services Inc. (RSG) $129.82 -1.48%
AvalonBay Communities Inc. (AVB) $167.76 -1.38%
Northrop Grumman Corp. (NOC) $519.00 -1.24%
Nasdaq 100 - Risers
Mercadolibre Inc. (MELI) $964.87 10.79%
JD.com, Inc. (JD) $44.51 10.06%
Expedia Group Inc. (EXPE) $96.43 10.04%
Starbucks Corp. (SBUX) $92.68 9.44%
Baidu Inc. (BIDU) $84.24 7.79%
Monster Beverage Corp (MNST) $98.01 7.60%
Microchip Technology Inc. (MCHP) $63.86 7.40%
Skyworks Solutions Inc. (SWKS) $88.43 7.40%
NetEase Inc. Ads (NTES) $62.97 6.45%
Micron Technology Inc. (MU) $56.67 5.97%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $1.84 -18.58%
Workday, Inc. (WDAY) $131.41 -6.28%
Paypal Holdings Inc (PYPL) $74.44 -2.76%
Biomarin Pharmaceutical Inc. (BMRN) $83.31 -1.85%
Regeneron Pharmaceuticals Inc. (REGN) $729.87 -1.19%
Vertex Pharmaceuticals Inc. (VRTX) $308.23 -0.99%
Netflix Inc. (NFLX) $267.64 -0.53%
Dish Network Corp. (DISH) $13.65 -0.51%
Synopsys Inc. (SNPS) $278.08 -0.43%
Intuit Inc. (INTU) $364.01 -0.27%