US Dow, S&P500 ends at records after strong jobs report

The US stocks were mostly higher on Friday, 06 August 2021, with the Dow and the S&P500 indexes closing at new records, as investors risk sentiments encouraged by better than expected jobs data.

At the close of trade, the Dow Jones Industrial Average index added 144.26 points, or 0.41%, to 35,208.51. The S&P 500 index rose 7.42 points, or 0.17%, to finish at a new all-time high of 4,436.52. The tech-heavy Nasdaq Composite Index was down 59.36 points, or 0.4%, to 14,835.76. For the week, the Dow rose 0.7%, the S&P 500 rose 0.9%, and Nasdaq rose 1.1%.

Total 5 of 11 S&P 500 sectors inclined, with financials (up 2%) sector was top performer, followed by materials (up 1.47%), energy (up 0.9%), and industrials (up 0.42%), while consumer discretionary (down 0.73%) sector was worst performer followed by real estate (down 0.23%) sector..

Total volume turnover on U.S. exchanges was 7.77 billion shares, down from previous session volume of 8.08 billion shares. In the NYSE exchange, 1973 issues advanced, 1319 issues declined, and 170 issues closed unchanged. In the NASDAQ, 2259 issues advanced, 2103 issues declined, and 202 issues unchanged.

Top five advancing stocks were Sphere 3D Corp (up 41.3%), Westport Fuel Systems Inc (up 28.4%), SCWorx Corp (up 26.3%), BeyondSpring Inc (up 23.8%), and Aurinia Pharmaceuticals Inc (up 23.1%), while bottom five declining stocks included Dicerna Pharmaceuticals Inc (down 28.1%), Quotient Technology Inc (down 25%), icad Inc (down 23.6%), Y-mAbs Therapeutics Inc (down 21.6%), and Spectrum Pharmaceuticals Inc (down 21.5%).

Bank shares led the gains post-jobs report as rates shot higher, increasing the companies' profitability prospects. Industrials, retailers and energy stocks also gained as the jobs report soothed concerns about the economic comeback. On the flip side, tech shares declined as the jump in rates caused investors to take profits in the names and move back into stocks that could benefit more from faster economic growth.

ECONOMIC NEWS: The Labor Department released a report showing non-farm payroll employment spiked by 943,000 jobs in July after surging by an upwardly revised 938,000 jobs in June. Reflecting the strong job growth, the unemployment rate slid to 5.4% in July from 5.9% in June, falling to its lowest level since March of 2020.

Among Indian ADR, Tata Motors added 0.05% to $20.11, WNS Holdings added 1.72% to $82.40, HDFC Bank added 0.26% to $73.96, Dr Reddys Labs added 0.39% to $64.37, and INFOSYS rose 1.02% to $22.81. Wipro fell 1.05% to $8.48 and ICICI Bank fell 1.3% to $19.02. Vedanta ended steady at $16.85.

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