BY THE NUMBERS
U.S. stock futures bounced around Friday after the government's much weaker than expected September employment data. The 10-year Treasury yield dropped following the jobs data, trading around 1.56%. The jobs report, which will be key as the Federal Reserve decides whether to slow its massive Covid-era bond-buying program, showed just 194,000 nonfarm payrolls were created in September. The consensus estimate had called for 500,000 additions. (CNBC)
The headline number was hurt by a 123,000 decline in government payrolls. However, private payrolls increased by 317,000. ADP's look at private sector jobs trends, released Wednesday, showed a brisk pace of hiring last month despite concerns about elevated Covid cases. The nation's unemployment rate fell to 4.8% last month, according to the Labor Department, compared to expectations for 5.1%. August's jobs growth was revised sharply higher by 131,000 positions to 366,000. (CNBC)
The market's focus Thursday shifted from rising bond yields to the debt ceiling deal out of Washington. The Dow, the S&P 500 and the Nasdaq all rose about 1%, logging three straight winning days and putting the three stock benchmarks on track for a winning first full trading week of October. (CNBC)
U.S. oil prices, as measured by West Texas Intermediate crude, on Friday morning inched closer to $80 per barrel. The last time WTI was that high was Nov. 3, 2014. As of Thursday's settling price, U.S. oil futures were up about 3.2% this week on doubts the U.S. government would release crude from its strategic reserves in the near term. (CNBC)
Natural gas prices, while lower Friday, have repeatedly hit record highs as Europe and Asia compete for available liquefied natural gas. Europe has been buying on worries it may not have enough LNG in storage for the winter. Asia has been purchasing to meet insatiable demand. (Reuters)
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IN THE NEWS TODAY
The Senate approved Thursday night a compromise bill that allows for a short-term, $480 billion increase in the nation's debt ceiling before the Oct. 18 deadline. That sum, the Treasury Department estimates, would last until Dec. 3. The legislation now moves to the House, where Speaker Nancy Pelosi, D-Calif., is expected to take it up in the coming days. (CNBC)
Average daily Covid cases in the U.S. fell below 100,000 on Thursday as the pandemic shows further signs of easing with more than 56% of the population fully immunized against the virus, a starkly different trend than the record-setting surge the country was heading toward last fall. (CNBC)
Vaxart (VXRT) surged 8.5% in the premarket on upbeat test results involving its oral Covid vaccine candidate. The biopharmaceutical company said the vaccine may reduce airborne transmission of the virus and induce a robust immune response. (Zack's)
* Most of big companies 'totally support' Biden vaccine mandate: CNBC survey
President Job Biden will restore two sprawling national monuments in Utah that have been at the center of a long-running public lands dispute, and a separate marine conservation area in New England that recently has been used for commercial fishing. Environmental protections at all three monuments had been stripped by former President Donald Trump. (AP)
Sen. Cynthia Lummis, R-Wyo., bought bitcoin worth between $50,001 to $100,000 on Aug.16, according to a filing on Thursday. The purchase was disclosed outside of the 45-day reporting deadline set by The Stop Trading on Congressional Knowledge Act. A spokesperson at Lummis' office told CNBC that the delay in disclosing was due to "a filing error." (CNBC)
Tesla (TSLA) is officially moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk announced at the company's 2021 annual shareholder meeting. In April 2020, on a Tesla earnings call, Musk lashed out at California government officials on Covid health orders. Last year, Musk personally relocated to the Austin area from Los Angeles where he had lived for two decades. (CNBC)
* Musk endorses a carbon tax, downplays concerns about methane (CNBC)
The 2021 Nobel Peace Prize has been awarded to journalists Maria Ressa and Dmitry Muratov. The Nobel committee praised Ressa and Muratov for "their courageous fight for freedom of expression in the Philippines and Russia." Both Ressa and Muratov have faced attempts by their respective governments to silence their publications. (CNBC)
STOCKS TO WATCH
Allogene Therapeutics (ALLO) tumbled 38% in the premarket after the FDA placed a hold on the company's cancer drug trials due to a chromosomal abnormality in a single patient. The hold will be in place until an investigation is completed.
Quidel (QDEL) rallied 6% in premarket trading after the maker of rapid diagnostic tests reported more than $500 million in quarterly revenue, well above analyst projections. Growth was primarily driven by Covid-19 related revenue.
Momentive Global (MNTV), owner of SurveyMonkey, is exploring a potential sale, according to people familiar with the matter who spoke to Bloomberg. The talks are in an early stage and Momentive could decide to remain independent. The stock surged 10.9% in premarket action.
Accolade (ACCD) reported a quarterly loss of 97 cents per share, much wider than estimates. The provider of health care benefit solutions did see revenue top estimates. Accolade's guidance indicates a similar trend for the current quarter, projecting a slightly wider-than-expected loss and better-than-anticipated revenue. Accolade shares slumped nearly 8% in the premarket.
Sotheby's on Friday will open advanced bidding to auction off Michael Jordan's first pair of sneakers worn as a pro: the red and white Nike Air Ships. The sneakers are the earliest regular season pair of Jordans to come to the market, and they're expected to be the most valuable sneakers ever offered at auction.