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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Friday following the release of the closely watched monthly jobs report.
The futures held on to earlier gains after the Labor Department released a report showing stronger than expected job growth in the month of November.
Positive sentiment may also be generated by news that both the House and the Senate passed a stopgap spending bill to avoid a government shutdown.
The legislation extends government funding until December 22nd, giving lawmakers time to negotiate a longer-term spending bill.
Stocks saw moderate strength during trading on Thursday following the lackluster performance seen in the previous session. Despite the upward move, the major averages remained below their recent record highs.
The major averages ended the day in positive territory but off their highs of the session. The Dow rose 70.57 points or 0.3 percent to 24,211.48, the Nasdaq advanced 36.47 points or 0.5 percent to 6,812.84 and the S&P 500 climbed 7.71 points or 0.3 percent to 2,636.98.
The strength on Wall Street may have reflected optimism about lawmakers passing a short-term spending bill to avoid a government shutdown.
Meanwhile, traders continued to express some uncertainty about the details of the final Republican tax reform bill.
The Senate voted 51 to 47 on Wednesday in favor of a motion to go to a conference committee with the House. The vote came down strictly along party lines.
Senate and House lawmakers will need to reach an agreement addressing significant differences between their two bills.
In economic news, the Labor Department released a report unexpectedly showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended December 2nd.
The report said initial jobless claims edged down to 236,000, a decrease of 2,000 from the previous week's unrevised level of 238,000. The drop surprised economists, who had expected jobless claims to inch up to 240,000.
Late in the trading day, the Federal Reserve released a separate report showing consumer credit jumped by $20.5 billion in October compared to economist estimates for an increase of $17.5 billion.
Biotechnology stocks moved significantly higher over the course of the trading session, resulting in a 1.7 percent gain by the NYSE Arca Biotechnology Index. The advance by the index came after it closed lower for three consecutive sessions.
Within the biotech sector, Sage Therapeutics (SAGE) is posting a substantial gain after its Phase 2 study of SAGE-217 showed a statistically significant mean reduction in the Hamilton Rating Scale for Depression.
Considerable strength was also visible among electronic storage stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Disk Drive Index. Micron Technology (MU) led the sector higher.
Transportation stocks also turned in a strong performance on the day, with the Dow Jones Transportation Average climbing by 1.3 percent.
Internet, housing, brokerage and semiconductor stocks also moved notably higher on the day, while tobacco stocks moved to the downside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Employment in the U.S. increased by more than anticipated in the month of November, according to a report released by the Labor Department.
The report said non-farm payroll employment jumped by 228,000 jobs in November after surging up by a revised 244,000 in October.
Economists had expected employment to climb by 200,000 jobs compared to the addition of 261,000 jobs originally reported for the previous month.
The Labor Department also said the unemployment rate came in at 4.1 percent in November, unchanged from October and in line with economist estimates.
Meanwhile, average hourly employee earnings were up by 2.5 percent year-over-year in November, reflecting an acceleration from 2.4 percent in October but below estimates for 2.7 percent growth.
At 10 am ET, the University of Michigan is scheduled to release its preliminary report on consumer sentiment in the month of December. The consumer sentiment index is expected to inch up to 99.9 in December after dipping to 98.5 in November.
The Commerce Department is also due to release its report on wholesale inventories in the month of October at 10 am ET. Wholesale inventories are expected to edge down by 0.1 percent.
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| | Stocks in Focus |
Shares of Sigma Designs (SIGM) are moving sharply higher in pre-market trading after the company agreed to be acquired by Silicon Laboratories (SLAB) for $282 million in cash.
Information technology company Science Applications International (SAIC) may also move to the upside after reporting third quarter results that beat analyst estimates on both the top and bottom lines.
Shares of United Continental (UAL) are also seeing pre-market strength after the airline?s board authorized a new $3 billion share repurchase program.
On the other hand, shares of American Outdoor Brands (AOBC) are likely to come under pressure after the firearms maker reported better than expected fiscal second quarter results but slashed its full-year guidance.
Fiber optic component supplier Finisar (FNSR) may also move to the downside after reporting fiscal second quarter earnings that came in below analyst estimates. |
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| | Europe |
European stocks have moved mostly higher on Friday after the U.S. Congress passed a stopgap spending bill and the U.K. and the European Union had a breakthrough in Brexit negotiations.
European Commission President Jean-Claude Juncker confirmed that enough progress had been made in Brexit talks to proceed to the second phase of negotiations.
While the French CAC 40 Index has risen by 0.3 percent, the U.K.?s FTSE 100 Index is up by 0.8 percent and the German DAX Index is up by 1 percent.
Banks led the surge after global financial regulators agreed on the new banking regulations in Frankfurt. Commerzbank, Deutsche Bank, BNP Paribas, Societe Generale, Banco Santander and UniCredit have jumped 2-4 percent.
Berkeley shares have also moved sharply higher after British homebuilder raised its profit guidance for the next five years after reporting a 36 percent increase in pre-tax profits in the six months to October 31st.
Meanwhile, troubled furniture retailer Steinhoff has tumbled in Frankfurt to extend declines after Moody's downgraded the issuer ratings of the company.
Mining stocks are subdued after sharp losses in the previous session on concerns that Chinese banks may not have enough capital to weather potential losses.
In economic news, German exports unexpectedly declined 0.4 percent in October, matching the drop seen in September, data from Destatis revealed.
French industrial production grew for the second straight month in October, defying economists' forecast for a slight decline, while U.K. industrial activity improved sharply in October.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed broadly higher for the second straight day on Friday as Chinese trade data beat expectations and the U.S. Congress passed a stopgap spending bill to keep the government funded until December 22nd. Media reports also suggested that Britain and Ireland were close to a Brexit deal.
Chinese shares ended on a positive note after data from the General Administration of Customs showed the country's exports grew at a faster than expected pace in November.
Chinese exports advanced 12.3 percent year-over-year in dollar terms, well above the 5.9 percent increase economists had forecast. Imports surged up 17.7 percent in November from a year ago, faster than the expected growth of 13.0 percent.
The benchmark Shanghai Composite Index gained 18.11 points or 0.6 percent to close at 3,290.17, while Hong Kong's Hang Seng Index jumped 336.66 points or 1.2 percent to 28,639.85.
Japanese shares led regional gains as the yen weakened and data showed Japan's GDP grew an annual 2.5 percent in the July-September quarter, revised up from a preliminary estimate of 1.4 percent growth.
Another report showed that Japan posted a current account surplus of 2.176 trillion yen in October, up 40.7 percent from last year.
The Nikkei 225 Index finished 313 points or 1.4 percent higher at 22,811.08, and the broader Topix index closed 1 percent higher at 1,803.73.
Property developers, trading houses, automakers and technology shares led the gainers. Japan Display jumped as much as 8.4 percent on a Nikkei report that Apple may use liquid crystal technology on one of its models expected next year.
Australian shares finished modestly higher, led by financial and energy shares, helped by encouraging home loans data and a firm lead from Wall Street overnight.
The benchmark S&P/ASX 200 Index rose 16.65 points or 0.3 percent to 5,994.37, while the broader All Ordinaries Index ended up 16.60 points or 0.3 percent at 6,077.40.
Banks Commonwealth, NAB and Westpac rose between half a percent and 0.8 percent. Insurance Australia Group edged up 0.3 percent after the insurer struck deals with a trio of European reinsurers to share its premiums.
Energy stocks closed broadly higher in tandem with oil prices, while mining heavyweights BHP Billiton and Rio Tinto ended modestly lower.
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| | Commodities |
Crude oil futures are jumping $0.92 to $57.61 a barrel after climbing $0.73 to $56.69 a barrel on Thursday. Meanwhile, after slumping $13 to $1,253.10 an ounce in the previous session, gold futures are sliding $6.80 to $1,246.30 an ounce.
On the currency front, the U.S. dollar is trading at 113.38 yen compared to the 113.09 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1754 compared to yesterday?s $1.1773.
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