U.S. stock markets kick November off with gains

NEW YORK, New York - Stocks in the United States rallied on Friday, kicking off November in style. A siofter-than-expected jobs report failed to deyer buying support.

Total nonfarm payroll employment was essentially unchanged in October with the addition of 12,000 jobs, while the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported Friday.

Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity. The full report appears at the end of this article.

U.S. Stocks Close Higher as Tech Gains Lead Market Rally

U.S. stock markets closed the week on a positive note Friday, with major indices marking gains led by the technology sector. Here's a breakdown of how key indexes performed:

The Standard and Poor's 500 rose by 23.35 points, or 0.41 percent, to close at 5,728.80, buoyed by strong performances in technology and consumer discretionary sectors. Trading volume for the S&P reached 2.683 billion shares, reflecting solid investor interest as earnings season progresses.

The Dow Jones Industrial Average climbed by 288.73 points Friday, an increase of 0.69 percent, finishing the day at 42,052.19. This gain in the Dow was bolstered by rallies in blue-chip stocks, with strength across industrials and healthcare contributing to the index's advance. Trading volume for the Dow was 522.315 million shares.

The NASDAQ Composite led the major indices, gaining 144.77 points, or 0.80 percent, to end at 18,239.92. The NASDAQ's rise was fueled by tech giants and growth stocks, as investors displayed optimism about the sector's potential for earnings growth. Volume on the NASDAQ was particularly robust, with 5.091 billion shares traded.

Overall, Friday's market activity underscored investor confidence as major indices posted gains. The tech-driven rally and strength in key sectors have set a positive tone for the week ahead, with eyes now turning to next week's Federal election, upcoming economic reports and further corporate earnings announcements.

U.S. Dollar Strengthens Against Major Currencies Amid Economic Uncertainty

The U.S. dollar saw gains against several major currencies on Friday, as market participants responded to ongoing economic concerns and central bank signals. Here's a look at the latest currency market movements:

The Euro dipped against the U.S. dollar, with the EUR/USD pair falling by 0.44 percent to 1.0835. This decline marks a continued weakening of the euro as economic data from the eurozone shows a slower-than-expected recovery.

Against the Japanese yen, the U..S dollar gained ground, with the USD/JPY pair advancing by 0.62 percent to close at 152.97.

In the North American market Friday, the U.S. dollar moved up against the Canadian dollar, with the USD/CAD pair rising by 0.18 percent to 1.3957. Rising oil prices have given some support to the Canadian dollar, though the greenback maintained its strength.

The British pound saw a modest rise against the dollar, with the GBP/USD pair increasing by 0.16 percent to 1.2918. The pound has shown resilience despite recent economic uncertainty in the UK, as the Bank of England weighs further rate decisions.

Meanwhile, the U.S. dollar gained 0.87 percent against the Swiss franc, with the USD/CHF pair plummeting to 0.8705. This uptick underscores the dollar's strength amid market volatility.

In the Oceanic region, the Australian dollar fell by 0.38 percent against the U.S. dollar, with the AUD/USD pair falling to 0.6556. Australia's dollar faced pressure from mixed economic signals and concerns over Chinese economic activity, impacting its performance against the greenback.

Lastly, the New Zealand dollar also declined, with the NZD/USD pair down 0.26 percent to 0.5959. The currency struggled as investor sentiment remained cautious in light of global economic challenges and trade outlooks.

The U.S. Dollar Index increased by 0.31 points, up 0.30 percent, to 104.29. Overall, the U.S. dollar's strength reflected investor demand for stability amid economic uncertainties, impacting various major currency pairs. Markets are expected to closely watch upcoming central bank announcements for further direction.

Global Stock Markets Close Higher Friday Amid Mixed Performances in Asian Markets

Global markets closed on a positive note Friday, with major UK and European indices showing gains while Asian markets saw mixed outcomes. Here's a look at how key indices around the world performed:

CANADA

In Canada, the S&P/TSX Composite Index saw a positive close, rising by 98.29 points, or 0.41 percent, to end at 24,255.16. Gains in energy and financial sectors helped lift the index, while the day's trading volume reached 208.676 million shares.

UNITED KINGDOM

In the United Kingdom, the FTSE 100 rose by 67.05 points, or 0.83 percent, ending at 8,177.15.

EUROPE

Over in Germany, the DAX PERFORMANCE-INDEX climbed by 177.43 points, up 0.93 percent, to close at 19,254.97.

France's CAC 40 followed suit, gaining 58.74 points, or 0.80 percent, to finish at 7,409.11.

The Euro Stoxx 50 index also performed well Friday, adding 50.12 points, or 1.04 percent, to settle at 4,877.75.

Meanwhile, the Euronext 100 increased by 14.17 points, representing a 0.98 percent gain, closing at 1,459.66.

Belgium's BEL 20 index surged by 53.92 points, or 1.28 percent, ending at 4,267.97.

ASIA

Asian markets showed a varied performance. In Hong Kong the Hang Seng Index rose by 189.10 points, or 0.93 percent, to reach 20,506.43.

Singapore's STI Index, however, fell slightly by 3.45 points, or 0.10 percent, closing at 3,555.43.

In mainland China, the SSE Composite Index dipped slightly by 7.81 points, or 0.24 percent, finishing at 3,272.01.

Japan's Nikkei 225 saw the largest decline among major indices on Friday, dropping by 1,027.58 points, or 2.63 percent, to close at 38,053.67.

In India, the S&P BSE SENSEX moved upward, adding 335.05 points, or 0.42 percent, to close at 79,724.12.

Indonesia's IDX Composite fell by 68.76 points, or 0.91 percent, closing at 7,505.26.

In Malaysia the FTSE Bursa Malaysia KLCI managed a modest gain, up 2.10 points, or 0.13 percent, ending at 1,603.98.

South Korea's KOSPI Composite Index declined by 13.79 points, or 0.54 percent, closing at 2,542.36.

In Taiwan the TSEC weighted index also saw a decline Friday, losing 40.35 points, or 0.18 percent, to settle at 22,780.08.

OCEANIA

In Australia, the S&P/ASX 200 declined by 41.20 points, or 0.50 percent, ending at 8,118.80, while the ALL ORDINARIES dropped by 42.40 points, down 0.50 percent, finishing at 8,379.70.

New Zealand's S&P/NZX 50 dropped by 79.62 points, or 0.63 percent, to finish at 12,559.28.

MIDDLE EAST

Most markets in the Middle East were closed on Friday and will reopen on Sunday.

AFRICA

In South Africa, the Top 40 USD Net TRI Index rose significantly by 73.80 points, or 1.57 percent, reaching 4,775.29.

In Europe, the MSCI EUROPE index gained 18.50 points, or 0.88 percent, to finish at 2,111.10.

The global markets on Friday demonstrated resilience, with European indices leading gains, while Asian markets faced a challenging session, especially Japan's Nikkei. The mixed results in Asia highlighted regional economic variances, while Europe and other markets benefited from investor optimism heading into the weekend.

Employment Situation Summary

THE EMPLOYMENT SITUATION (U.S. Bureau of Labor Statistics) 1 November 2024-- Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported Friday.

Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity. This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.

Hurricanes Helene and Milton - October data from the household and establishment surveys are the first collected since Hurricanes Helene and Milton struck the United States. These hurricanes caused severe damage in the southeast portion of the country. See the notes at the end of this news release for more information.

Household Survey Data - The unemployment rate was unchanged at 4.1 percent in October, and the number of unemployed people was little changed at 7.0 million. These measures are higher than a year earlier, when the jobless rate was 3.8 percent, and the number of unemployed people was 6.4 million.

Among the major worker groups, the unemployment rates for adult men (3.9 percent), adult women (3.6 percent), teenagers (13.8 percent), Whites (3.8 percent), Blacks (5.7 percent), Asians (3.9 percent), and Hispanics (5.1 percent) showed little or no change over the month. Among the unemployed, the number of permanent job losers edged up to 1.8 million in October. The number of people on temporary layoff changed little at 846,000. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.6 million in October. This measure is up from 1.3 million a year earlier. In October, the long-term unemployed accounted for 22.9 percent of all unemployed people.

Both the labor force participation rate, at 62.6 percent, and the employment-population ratio, at 60.0 percent, changed little in October. These measures have shown little change over the year. The number of people employed part time for economic reasons was little changed at 4.6 million in October. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. The number of people not in the labor force who currently want a job, at 5.7 million, was essentially unchanged in October. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.

Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.6 million, was little changed in October. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little at 379,000 in October.

Establishment Survey Data | Total nonfarm payroll employment was essentially unchanged in October (+12,000), following an average monthly gain of 194,000 over the prior 12 months. In October, employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity. Health care added 52,000 jobs in October, in line with the average monthly gain of 58,000 over the prior 12 months. Over the month, employment rose in ambulatory health care services (+36,000) and nursing and residential care facilities (+9,000).

Employment in government continued its upward trend in October (+40,000), similar to the average monthly gain of 43,000 over the prior 12 months. Over the month, employment continued to trend up in state government (+18,000). Within professional and business services, employment in temporary help services declined by 49,000 in October. Temporary help services employment has decreased by 577,000 since reaching a peak in March 2022. Manufacturing employment decreased by 46,000 in October, reflecting a decline of 44,000 in transportation equipment manufacturing that was largely due to strike activity. Employment in construction changed little in October (+8,000). The industry had added an average of 20,000 jobs per month over the prior 12 months. Over the month, nonresidential specialty trade contractors added 14,000 jobs. Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services.

In October, average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents, or 0.4 percent, to $35.46. Over the past 12 months, average hourly earnings have increased by 4.0 percent. In October, average hourly earnings of private-sector production and nonsupervisory employees rose by 12 cents, or 0.4 percent, to $30.48.

The average workweek for all employees on private nonfarm payrolls remained at 34.3 hours in October. In manufacturing, the average workweek was little changed at 39.9 hours, and overtime edged down by 0.1 hour to 2.8 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged down by 0.1 hour to 33.7 hours. The change in total nonfarm payroll employment for August was revised down by 81,000, from +159,000 to +78,000, and the change for September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

The Employment Situation for November is scheduled to be released on Friday, December 6, 2024, at 8:30 a.m. (ET).

Hurricanes Helene and Milton - Hurricane Helene made landfall on Florida's Gulf Coast on September 26, 2024, and then tracked north into several other states. This was before the October reference periods for both the household and establishment surveys. Hurricane Milton struck Florida on October 9, 2024, during the reference periods for both surveys.

Prior to the storm's landfall, there were large-scale evacuations of Florida residents. In October, the household survey was conducted largely according to standard procedures, and response rates were within normal ranges. The initial establishment survey collection rate for October was well below average. However, collection rates were similar in storm-affected areas and unaffected areas. A larger influence on the October collection rate for establishment data was the timing and length of the collection period. This period, which can range from 10 to 16 days, lasted 10 days in October and was completed several days before the end of the month. No changes were made to either the establishment or household survey estimation procedures for the October data. It is likely that payroll employment estimates in some industries were affected by the hurricanes; however, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates because the establishment survey is not designed to isolate effects from extreme weather events. There was no discernible effect on the national unemployment rate from the household survey.