The Dow Jones Industrial Average was on the rise today, while the S&P 500 hit a nine-day losing streak as investors eyed another round of earnings reports and key economic data. In October, the U.S. economy added 161,000 jobs, short of the 175,000 anticipated by economists. The U.S. unemployment rate sits at 4.9%.
Let's look at the final numbers on Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 17,888.35; -42.32; -0.24%
S&P 500: 2,085.20; -3.46; -0.17%
Nasdaq: 5,046.37; -12.04; -0.24%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
DJIA Today: Markets Dip as October Jobs Report Looms for Investors
The Dow Jones fell 42 points as the 2016 election looms next week. The markets are pricing in a Clinton victory, but they're also anticipating that Congress will remain split. Investors also weighed statements from members of the Federal Reserve after the central bank decided not to raise interest rates this week.
This morning, Atlanta Fed President Dennis Lockhart said that the central bank will raise interest rates gradually over the next two years. Meanwhile, Dallas Fed President Robert Kaplan argued that the case for a rate hike this year was strengthening. According to CME Group's FedWatch Tool, the odds of an interest rate hike in December sit at 71.5%.
Meanwhile, bookies in the United Kingdom are projecting that Donald Trump will win the election. Here's how much the election and the odds have changed in recent weeks.
The price of crude oil continued to decline on Friday. Crude oil had its largest weekly loss since January as investors continue to worry about the stability of the OPEC production deal. According to Reuters, Saudi Arabian oil ministers said they would increase production in order to drive down crude prices if Iran refused to cap its output levels. Bloomberg reports that the threat did not happen, but the rumor alone was enough to spook investors.
The WTI crude oil price today fell roughly 1.4%, while the Brent crude oil price dipped 1.6%.
Top Stock Market News Today, Nov. 4, 2016
- Shares of Starbucks Corp. (Nasdaq: SBUX) added 2.3% after the company topped Wall Street earnings expectations. The firm boosted its 2017 financial outlook and hiked its quarterly dividend to $0.25 per share.
- Shares of FireEye Inc. (Nasdaq: FEYE) surged 16% after the firm beat top and bottom line earnings estimates. The company reported a per-share loss of $0.18 on top of $186.4 million in revenue. The company has been engaged in a large cost-cutting program that included the layoffs of hundreds of employees.
- Today's biggest loser was GoPro Inc. (Nasdaq: GPRO). Shares fell 1.5% after the tech firm fell short of Wall Street revenue expectations. Here's why GoPro stock is sliding and our latest insight on where the price is heading next.
- Finally, Money Morning has been updating readers on Facebook Inc. (Nasdaq: FB) stock news in recent weeks. Whether it is the impact of the company's Q3 earnings report or the impact of the company's continued migration to mobile, we continue to provide insight on where the stock is now and where it's heading in the future. But the big story that few in the mainstream press have covered is the Facebook stock split date. Investors have a lot of questions about the Facebook stock split, which is why we've developed a guide for the event. Check it out, right here.
Monday's U.S. Economic Calendar (all times EDT)
- Gallup US Consumer Spending Measure at 8:30 a.m.
- Labor Market Conditions Index at 10 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- TD Ameritrade IMX at 12:30 p.m.
- Chicago Federal Reserve Bank President Charles Evans speaks at 2:45 p.m.
- Consumer Credit at 3 p.m.
- Treasury STRIPS at 3 p.m.