Toward the end of trading Friday, the Dow traded down 1.09% to 29060.42 while the NASDAQ fell 0.72% to 9,503.11. The S&P also fell, dropping 0.69% to 3,322.81.
Leading and Lagging Sectors
In trading on Friday, material shares fell 1.7%.
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 43% to $1.49. 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 22% to $5.76 after the company reported upbeat Q2 results.
LightPath Technologies, Inc. (NASDAQ: LPTH) shares were also up, gaining 50% to $1.17 after reporting Q2 results.
Equities Trading DOWN
Zogenix, Inc. (NASDAQ: ZGNX) shares tumbled 36% to $33.66 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 59% to $0.8250 after the company priced its $9.6 million offering.
Myriad Genetics, Inc. (NASDAQ: MYGN) was down, falling 29% to $20.90 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 1% to $50.42, while gold traded up 0.3% to $1,575.40.
Silver traded down 0.6% Friday to $17.715, while copper fell 1.6% to $2.552.
European shares closed lower today. The eurozone’s STOXX 600 declined 0.27%, the Spanish Ibex Index fell 0.01%, while Italy’s FTSE MIB Index fell 0.05% Meanwhile, the German DAX dropped 0.45%, and the French CAC 40 fell 0.14% while UK shares fell 0.51%.
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 total number of active U.S. oil rigs rose by 1 to 676 rigs this week, Baker Hughes Inc reported.
Data on consumer credit for December will be released at 3:00 p.m. ET.