US stock markets are on an upward trajectory as Friday's trading session unfolds, driven by noteworthy inflation and manufacturing figures unveiled earlier in the day. The futures for the Dow Jones Industrial Average rose by 0.54%, while S&P 500 and Nasdaq futures saw gains of 0.53% and 0.54%, respectively.
This marks a positive shift in market sentiment. Additionally, oil prices experienced an uptick, with Brent crude and West Texas Intermediate crude increasing by 1.80% and 1.95%, indicating a stable demand outlook. The unemployment rate for October remained steady at 4.1%, aligning with analyst predictions.
However, the non-farm payrolls data revealed a concerning addition of only 12,000 jobs in October, significantly lagging behind the Bloomberg forecast of 106,000. The US Bureau of Labor Statistics noted that certain industries' payrolls may have been influenced by Hurricanes Helene and Milton, but quantifying the overall impact on the monthly changes in national employment was unfortunately deemed impossible.
Additionally, the Bureau reported a decline in manufacturing employment by 46,000 in October, primarily due to reduced activity in transportation equipment manufacturing as a result of strike actions. Global markets reflected a mix of sentiment; Japan's Nikkei fell sharply by 2.63%, while Hong Kong's Hang Seng managed a 0.93% increase.
European indices also showed resilience, with the UK's FTSE 100 rising nearly 1%, and Germany's DAX and France's CAC recording gains of 0.61% and 0.78%, respectively. In the equity market, shares of Globalstar jumped by an impressive 43% following the announcement regarding an update to service agreements with Apple, aiming to expand their mobile satellite network.
Theriva Biologics saw its stock soar 40% after being named as one of the finalists for Merck's Advance Biotech Grant. Athira Pharma's shares climbed 34% after a previous decline, while Pro-Dex increased by 27% after announcing a profitability in fiscal Q1. Atlassian’s Rose 24% after exceeding earnings and revenue expectations.
Conversely, ESSA Pharma plunged 69% after discontinuing a trial for a prostate cancer treatment. Lexicon Pharmaceuticals' shares fell 40% after the FDA denied a new drug application for Zynquista due to safety concerns. Advent Technologies' stock dropped 20%, following a prior gain, while CIMG’s shares decreased by 17%, eroding recent gains.
Visionary Holdings’ shares also fell by 13%, adding to previous losses..