New figures from the Department of Labor showed that the unemployment rate in the United States slipped one percentage point to 6.9% in October. The US economy added 638,000 jobs during the month, with private sector payrolls increasing by 906,000. This was better than analysts expected.”This should clearly affect the size of any additional stimulus packages that we do,” McConnell told reporters in Kentucky on Friday. Senate Republicans have come up with a $ 500 billion relief plan.
The Trump administration is also against a bigger stimulus. White House economic adviser Larry Kudlow also said the jobs report was a reason to oppose a larger coronavirus relief program.
House Democrats had pushed for a $ 2.4 trillion package ahead of the election. Negotiations between Speaker of the House of Commons Nancy Pelosi and Treasury Secretary Steven Mnuchin have repeatedly failed.
Nasdaq, décrochage S&P 500
The tech-heavy Nasdaq was recovering. It was up 0.1% in afternoon trading. It stays comfortably off its 50-day moving average. Meanwhile, the S&P 500’s advance halted, although the index was slightly higher.
Snapshot of the US Stock Market Today
|Index||symbol||Price||Loss of profit||% Change|
|S&P 500||(0S and P5)||3511,71||+1,26||+0.04|
Last updated: 13:28 ET 06/11/2020
Volume was higher, up about 3.9% on the NYSE from same time Thursday. Trading was significantly higher on the Nasdaq, up about 19%. CAN SLIM investors prefer higher volume on a bullish day.
Small caps underperformed major indexes, with the Russell 2000 falling 0.6%.
It was a mixed day for the sectors, with health, technology and the most efficient materials. It was helping the tech industry that chip stocks continue to rally.
The innovator IBD 50 ETF (FFTY) managed to achieve a meager gain of 0.2%. The IBD 50 was mixed. Big winners included enter (FUTU), which increased by 4.5%, and Alibaba (BABA), up 3.2%.
Dow Jones Slips
The Dow Jones Industrial Average fell 0.2% as the campaign rally came to a halt. He had fought after October which turned out to be his worst month since March.
Johnson & Johnson (JNJ) was Dow’s top performer with a 2% gain. It was followed by Honeywell International (HON) and Visa (V).
Meanwhile, American Express (AXP) and Chevron (CLC) were the worst performers as they each lost 1.5%.
Nvidia Stock bursts
Nvidia stock entered the buy zone after spending a buy point of 574.04 from a mug base with handle. The stock’s line of relative strength has also hit a new high.
The grading stock formed a basis for the third stage. So far the volume is below average, although there is still time for a power surge during the session. The stock has a perfect composite rating of 99.
Taser Maker Axon (AAXN) also staged a breakout as it hit a record Friday. It crossed a point of purchase of 113.10 from a cup base with handle. The bodycam and tasers company gained ground after the company posted a surprise increase in profits amid a surge in bookings from federal law enforcement.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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