| | The major U.S. index futures are pointing to a higher on Friday, with stocks likely to extend the strong upward move seen over the past few sessions.
Early buying interest may be generated in reaction to a report from the Labor Department showing stronger than expected job growth in the month of October.
The Labor Department said non-farm payroll employment surged up by 250,000 jobs in October after rising by a downwardly revised 118,000 jobs in September.
Economists had expected an increase of about 190,000 jobs compared to the addition of 134,000 jobs originally reported for the previous month.
Traders may also react positively to a report from Bloomberg indicating President Donald Trump has asked key U.S. officials to begin drafting potential terms of a trade deal with China.
People familiar with the matter told Bloomberg the push for a possible trade deal was prompted by Trump?s phone call with Chinese President Xi Jinping on Thursday.
In a post on Twitter, Trump said he had a ?very good? conversation with Xi on trade, adding that the ?discussions are moving along nicely.?
The people told Bloomberg that Trump asked key cabinet secretaries to have their staff draw up a potential deal to signal a ceasefire in an escalating trade conflict.
Trump and Xi are expected to meet on the sidelines of a Group of 20 summit in Buenos Aires, Argentina, beginning November 30th.
After initially showing a lack of direction, stocks moved sharply higher over the course of the trading session on Thursday. With the gains on the day, the major averages extended the strong upward move seen over the two previous sessions.
The major averages ended the day just off their highs of the session. The Dow surged up 264.98 points or 1.1 percent to 25,380.74, the Nasdaq soared 128.16 points or 1.8 percent to 7,434.06 and the S&P 500 jumped 28.63 points or 1.1 percent to 2,740.37.
The continued strength on Wall Street came after President Donald Trump said he had a "very good" conversation with Chinese President Xi Jinping about trade.
"Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade," Trump said in a post on Twitter.
"Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina," he added. "Also had good discussion on North Korea!"
The tweet from Trump comes following recent reports the U.S. will impose tariffs on all remaining Chinese imports if the talks on the sidelines of the G20 summit fail to ease the trade war.
On the U.S. economic front, the Labor Department released a report showing a slight drop in first-time claims for U.S. unemployment benefits in the week ended October 27th.
The report said initial jobless claims edged down to 214,000, a decrease of 2,000 from the previous week's revised level of 216,000.
Economists had expected jobless claims to come in unchanged compared to the 215,000 originally reported for the previous week.
A separate report from the Labor Department showed a slowdown in the pace of labor productivity growth in the third quarter.
The Labor Department said labor productivity climbed by 2.2 percent in the third quarter after jumping by 3.0 percent in the second quarter. Economists had expected productivity to increase by about 2.0 percent.
Meanwhile, the report said unit labor costs surged up by 1.2 percent in the third quarter after slumping by 1.0 percent in the second quarter. The rebound in labor costs matched economist estimates.
The Institute for Supply Management also released a report showing a bigger than expected slowdown in the pace of growth in manufacturing activity in the month of October.
The ISM said its purchasing managers index dropped to 57.7 in October from 59.8 in September, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to edge down to 59.0.
With the much bigger than expected decrease, the manufacturing index fell to its lowest level since hitting 57.3 in April.
Biotechnology stocks moved sharply higher over the course of the trading session, driving the NYSE Arca Biotechnology Index up by 5 percent.
Celgene (CELG), Regeneron Pharmaceuticals (REGN), and Biogen (BIIB) turned in some of the biotech sector's best performances on the day.
Substantial strength was also visible among gold stocks, as reflected by the 4.8 percent spike by the NYSE Arca Gold Bugs Index. The rally among gold stocks came amid a sharp increase by the price of the precious metal.
Semiconductor stocks also saw significant, resulting in a 4.6 percent jump by the Philadelphia Semiconductor Index. The index continued to recover after ending Monday's trading at its lowest closing level in well over a year.
Computer hardware, chemical, housing, and retail stocks also moved notably higher, reflecting broad based buying interest on Wall Street.
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A closely watched report released by the Labor Department showed employment in the U.S. jumped by much more than anticipated in the month of October.
The Labor Department said non-farm payroll employment surged up by 250,000 jobs in October after rising by a downwardly revised 118,000 jobs in September.
Economists had expected an increase of about 190,000 jobs compared to the addition of 134,000 jobs originally reported for the previous month.
Meanwhile, the report said the unemployment rate in October was unchanged from the previous month at 3.7 percent, its lowest level since hitting 3.5 percent in December of 1969.
Average hourly employee earnings rose by $0.05 to $27.30 in October, reflecting a 3.1 percent increase compared to the same month a year ago.
With the value of imports rising by more than the value of exports, the Commerce Department released a separate report showing the U.S. trade deficit widened more than expected in the month of September.
The report said the trade deficit widened to $54.0 billion in September from a revised $53.3 billion in August. Economists had expected the trade deficit to widen to $53.6 billion.
At 10 am ET, the Commerce Department is scheduled to release its report on factory orders in the month of September. Factory orders are expected to rise by 0.5 percent in September after jumping by 2.3 percent in August.
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Shares of Arista Networks (ANET) are moving sharply higher in pre-market trading after the cloud networking company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Coffee chain Starbucks (SBUX) is also seeing significant pre-market strength after reporting third quarter earnings and revenues that beat expectations.
Shares of Symantec (SYMC) are also likely to move to the upside after the security software company reported better than expected fiscal second quarter results.
On the other hand, shares of Apple (AAPL) are likely to come under pressure after the tech giant reported fiscal fourth quarter results that exceeded estimates but forecast weaker than expected revenues for the current quarter.
Food company Kraft Heinz (KHC) may also see initial weakness after reporting third quarter earnings that came in below analyst estimates.
Shares of Synchrony Financial (SYF) are also likely to open lower after retail giant Walmart (WMT) sued the credit card issuer for breach of contract. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have joined a global relief rally on Friday after U.S. President Donald Trump and Chinese President Xi Jinping expressed optimism about resolving their bitter trade disputes ahead of a high-stakes meeting at the end of November.
Investors shrugged off Apple's disappointing results and looked ahead to the U.S. jobs report for October due later in the day for further direction.
While the U.K.?s FTSE 100 Index has climbed by 0.7 percent, the French CAC 40 Index and the German DAX Index are jumping by 1.3 percent and 1.5 percent, respectively.
Banks are trading sharply higher as investors await stress test results for the region's biggest lenders to be published later today by the European Central Bank.
ArcelorMittal has also jumped after it agreed to the binding offer from Liberty House Group for the acquisition of ArcelorMittal Dudelange (Luxembourg) and certain finishing lines at ArcelorMittal Liège (Belgium).
Enterprise software company Sage Group has also moved sharply higher percent in London. The company's board has appointed Steve Hare to the role of Chief Executive Officer with immediate effect.
Bookmaker chain Paddy Power Betfair has also advanced after its third quarter revenues rose 12 percent on a constant currency basis.
British Airways parent IAG has also advanced after projecting EBITDAR of about 7.2 billion euros average per annum for 2019-2023 compared to its forecast for 6.5 billion euros average per annum for 2018-2022.
In economic news, final data from IHS Markit showed that the euro area manufacturing sector expanded at the slowest pace in more than two years in October.
The manufacturing Purchasing Managers' Index for the eurozone fell to a 26-month low of 52.0 from 53.2 in September. The flash reading released on October 24th was 52.1.
Meanwhile, U.K. construction sector growth unexpectedly improved in October on a strong rebound in civil engineering, despite slower demand and business optimism at a 6-year low, survey data from IHS Markit showed.
The IHS Markit/CIPS UK construction PMI rose to 53.2 from 52.1 in September. Economists had expected a score of 52.
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Asian stocks posted strong gains on Friday after reports U.S. President Donald Trump has asked officials in his administration to start drafting a potential trade deal with Beijing.
Investors also looked ahead to the U.S. Labor Department's closely watched employment report for October due later in the day.
China?s Shanghai Composite Index surged up 556.01 points or 2.7 percent to 2,676.48 and Hong Kong's Hang Seng Index soared 1,070.35 points or 4.2 percent to 26,486.35 on easing trade tensions.
Japanese shares logged their biggest single-day gain since March as the easing of trade tensions helped lift shares of companies that have large exposure to China.
The Nikkei 225 Index jumped 556.01 points or 2.6 percent to 22,243.66, the highest closing level in nearly two weeks and marking the largest daily percentage gain since March. The Nikkei jumped 5 percent for the week, its best weekly gain since July 2016. The broader Topix Index closed 1.64 percent higher at 1,658.76.
Companies that benefit from Chinese demand led the surge, with Fanuc, Komatsu and Yaskawa Electric rallying 6-7 percent. Tech stocks such as Tokyo Electron and Advantest also soared 7-8 percent. Keyence Corp gained 11.3 percent after raising its annual dividend outlook.
Australian stocks recovered from an early slide to finish modestly higher, led by miners. The benchmark S&P/ASX 200 Index inched up 8.40 points or 0.1 percent to 5,849.20, while the broader All Ordinaries Index edged up 0.2 percent to 5,935.80.
Mining heavyweight BHP Billiton rallied 1.2 percent and rival Rio Tinto rose half a percent as base metal prices rebounded. Gold miners Newcrest and Evolution Mining climbed 2-3 percent after gold prices rose nearly 2 percent on Thursday.
Orica soared 6.4 percent after the explosive maker announced an increase in the final dividend from a year earlier.
Investment bank Macquarie Group jumped 9 percent after posting strong half-year results, while the big four banks fell between 0.6 percent and 1.2 percent.
Wesfarmers and Woolworths ended down less than half a percent after data showed retail sales in the country climbed 0.2 percent sequentially in September, falling below expectations for an increase of 0.3 percent. Infant formula maker Blackmores fell 2.2 percent.
A continued drop in oil prices caused energy stocks to suffer, with Santos, Woodside Petroleum, Oil Search and Origin Energy all falling over 1 percent.
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Crude oil futures are falling $0.27 to $63.42 a barrel after plunging $1.62 to $63.69 a barrel on Thursday. Meanwhile, after spiking $23.60 to $1,238.60 an ounce in the previous session, gold futures are sliding $4.40 to $1,234.20 an ounce.
On the currency front, the U.S. dollar is trading at 112.98 yen compared to the 112.72 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1426 compared to yesterday?s $1.1408.
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