Following the market opening Friday, the Dow traded down 0.65% to 29189.16 while the NASDAQ fell 0.59% to 9516.79. The S&P also fell, dropping 0.57% to 3,326.60.
Leading and Lagging Sectors
In trading on Friday, material shares fell 0.9%.
The Bureau of Labor Statistics released employment data for the month of January, and the jobs report came in above economists’ expectations.
The nonfarm payroll number came in at +225,000, well above consensus economist expectations of +158,000.
The unemployment rate increased 0.1% to 3.6%, but the labor participation rate also increased 0.2% to 63.4%, its highest level since 2013. The so-called “real” unemployment rate, which factors in those out of the workforce and those who are underemployed, increased 0.2% to 6.9%.
Equities Trading UP
Assertio Therapeutics, Inc. (NASDAQ: ASRT) shares shot up 50% to $1.5575. Assertio Therapeutics said it has entered into a definitive agreement with Collegium Pharmaceutical to sell its Nucynta franchise products for $375 million in cash at closing, less royalties received by it in 2020.
Shares of Telenav, Inc. (NASDAQ: TNAV) got a boost, shooting 31% to $6.23 after the company reported upbeat Q2 results.
Bill.com Holdings, Inc. (NYSE: BILL) shares were also up, gaining 20% to $58.00 after the company reported better-than-expected Q2 results.
Equities Trading DOWN
Zogenix, Inc. (NASDAQ: ZGNX) shares tumbled 30% to $36.87 after the company reported mixed topline results for a Phase 3 study, dubbed Study 1601, evaluating its lead investigational therapy Fintepla in Lennox-Gastaut Syndrome, or LGS, a severe treatment-resistant childhood-onset epilepsy. The company announced a secondary endpoint in its Phase 3 trial of FINTEPLA did not reach statistical significance. Ladenburg Thalmann downgraded the stock from Buy to Neutral and lowered its price target from $60 to $35 per share.
Shares of Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX) were down 55% to $0.8953 after the company priced its $9.6 million offering.
Myriad Genetics, Inc. (NASDAQ: MYGN) was down, falling 30% to $20.43 after the company reported worse-than-expected Q2 EPS and sales results. The company also reported the President and CEO, Mark Capone, resigned.
In commodity news, oil traded down 0.8% to $50.55, while gold traded down 0.1% to $1,569.70.
Silver traded down 0.6% Friday to $17.72, while copper fell 1.2% to $2.561.
European shares were lower today. The eurozone’s STOXX 600 declined 0.4%, the Spanish Ibex Index fell 0.2%, while Italy’s FTSE MIB Index fell 0.1% Meanwhile, the German DAX dropped 0.6%, and the French CAC 40 fell 0.3% while UK shares fell 0.7%.
The nonfarm payroll number came in at +225,000, well above consensus economist expectations of +158,000. The unemployment rate increased 0.1% to 3.6%.
US wholesale inventories declined 0.2% in December, versus a 0.1% increase in November.
The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
Data on consumer credit for December will be released at 3:00 p.m. ET.