Mid-day: US gauges on pace for losing week, job openings high
By Joseph Toppe
17:11, 12 November 2021
US shares are moving higher mid-day on Friday, despite a weak job openings report and the major indices sinking lower for the week.
By intraday, the Dow Jones Industrial Average was up around 150 points, or 0.4%, while the S&P 500 was up about 0.6% and the Nasdaq Composite was trading stock 0.8% higher.
For the week, the major gauges are closing in on a losing week for the first time in over a month. Currently, the Dow is down about 0.6%, the S&P 500 is 0.4% lower, and the Nasdaq Composite is off around 0.8%.
Job openings stay at record levels
A record 10 million Americans were out of work in September as the US economy struggles to rebound from the Covid-19 pandemic.
The latest data compiled by the US Bureau of Labor Statistics shows there were 10.4 million open jobs on the last business day in September.
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Winners and losers
Shares of Johnson & Johnson are up 1.4% after the company announced it was splitting into separate publicly traded companies.
In the EV-auto sector, shares of Rivian Automotive are up 5.05% to give the start-up a market capitalisation around $111bn.
Shares of Tesla are down 3.46% as traders weigh in on Elon Musk’s sale of $5bn in stock earlier this week.
Shares of Lordstown Motors sank 10% Friday after the company reported a loss for the third quarter.
In assets, bond markets re-open, oil drops
The bond market reopened after a break for Veterans Day. The yield on benchmark 10-year Treasury notes rose to 1.564%, from 1.558% Wednesday.
In the energy sector, West Texas Intermediate crude for December delivery sank 60 cents, or 0.7% to $80.99 a barrel on the New York Mercantile Exchange, leaving the US benchmark on track for a 0.3% weekly fall.
January Brent crude, the global benchmark, was 51 cents lower, or 0.6% at $82.36 a barrel on ICE Futures Europe, headed for a 0.5% weekly decline.
Global markets: Mixed bag
The Stoxx Europe 600 was up 0.1%, while in Asia, Japan’s Nikkei 225 rose 1.1%, Hong Kong’s Hang Seng 0.3% and the Shanghai Composite added 0.2%. Canada's TSX Composite is up 0.66% mid-day Friday.
Read more: Record high US job openings continue in September
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