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Dow Jones Falls 150 Points; US Economy Adds 353,000 Jobs In January Dow Jones Falls 150 Points; US Economy Adds 353,000 Jobs In January

The opening bell saw U.S. stocks trading in a mixed manner on Friday. The Dow Jones index nosedived around 150 points amid this complex trading situation.

As the market commenced its operations on Friday, the Dow plunged 0.39% to 38,370.46. Simultaneously, the NASDAQ experienced an upswing of 0.56% to 15,447.53, and the S&P 500 also edged upward, attaining a 0.18% increase to reach 4,914.99.

Leading and Lagging Sectors

Communication services shares witnessed an uplifting surge of 2.9% on Friday, contrastingly, real estate shares took a steep downturn, falling by 2% during this period of volatile trading.

Top Headline

The U.S. non-farm payrolls unveiled an increased addition of 353,000 jobs in January. This figure, which represents substantial growth from the upwardly revised figure of 333,000 for December, significantly surpassed the anticipated number of 180,000 new jobs. Moreover, the unemployment rate remained steady at 3.7%, surprisingly below the anticipated 3.8%.

Equities Trading UP

Intelligent Bio Solutions Inc. INBS experienced a meteoric rise of 90%, reaching $4.57 in trading price. The company disclosed preliminary second-quarter revenue of $0.76 million. Meanwhile, the shares of Minim, Inc. MINM showed resilience, surging by 45% to $7.30, following a prior 22% ascent on Thursday. Also, Remark Holdings, Inc. MARK saw a 27% climb to $0.6499. In contrast:

Equities Trading DOWN

Tragically, Cingulate Inc. CING encountered a dismal plunge of 44% down to $1.87 following Cingulate’s announcement on the pricing of a $7.5 million public offering of 3.750 million shares at $2.00 per share. Similarly, shares of MedAvail Holdings, Inc. MDVL and GRI Bio, Inc. GRI experienced a 44% and 25% downturn, reaching $1.75 and $1.46 respectively, post the announcement of a public offering.

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Commodities

The commodity market reported a 0.5% decline in oil trading, which was recorded at $73.45, while gold witnessed a 1% decrease, reaching $2,051.00. Simultaneously, silver experienced a 2.2% decline to $22.725, and copper dropped by 0.7% to $3.8275.

Euro zone

In solidarity with the momentum in the U.S. market, European shares posted a positive gain on this momentous Friday. The eurozone’s STOXX 600 perceived a 0.5% increase, with London’s FTSE 100 gaining 0.4% and Spain’s IBEX 35 Index rising 0.7%. Simultaneously, the German DAX, French CAC 40, and Italy’s FTSE MIB Index observed a 0.7%, 0.4%, and 0.5% upward surge, respectively. In light of this, industrial production in France observed a 1.1% month-over-month increase in December, following a prior 0.5% gain, while the number of foreign tourist arrivals in Spain skyrocketed by 26.2% year-over-year to 5.2 million in December.

Asia Pacific Markets

Asian markets depicted a mixed picture on Friday, with Japan’s Nikkei 225 surging by 0.41%, Hong Kong’s Hang Seng Index suffering a decline of 0.21%, and China’s Shanghai Composite Index enduring a substantial 1.46% fall. Conversely, India’s S&P BSE Sensex saw a positive movement, climbing by 0.61%. Furthermore, the Australian final demand producer price index observed a 0.9% quarter-over-quarter rise in the fourth quarter, in comparison to the 1.8% increase recorded in the third quarter.

Economics

The U.S. economy displayed robustness as non-farm payrolls leaped to 353,000 new jobs in January, surpassing the upwardly revised figure of 333,000 for December. Astonishingly, the unemployment rate remained stationary at 3.7%, trumping the anticipated rate of 3.8%. Additionally, average hourly earnings recorded a 0.6% growth, significantly surpassing the previous 0.4% and exceeding the predicted 0.3% gain.