Markets managed a swift comeback from Thursday's steep Big Tech selloff, but all three major indexes still saw weekly losses. The first day of November ushered in triple-digit gains for both the blue-chip benchmark and Nasdaq, with the former climbing over 500 points at its session highs. The unemployment rate holding at 4.1% overshadowed the lower-than-expected nonfarm payrolls report. All eyes are now shifting to the U.S. Presidential Election on Tuesday, Nov. 5.
Continue reading for more on today's market, including:
- How the QQQ fared during Big Tech earnings week.
- Blue-chip retailer set to extend record-breaking run.
- Plus, oil stocks making a run; shorts circle e-tailer; and FAANG eyeing record highs.
5 Things to Know Today
- The Internal Revenue Service (IRS) showed an increase in 401K retirement plan contributions, hiking the annual cap to $23,500 from $23,000. (CNBC)
- Supreme Court seats are also up for grabs this election cycle, which could impact issues like abortion rights. (Reuters)
- Oil stocks making major post-earnings moves.
- Shorts are piling on this struggling retail giant.
- Record high within reach for Amazon.com stock.
Gold, Oil Settle With Weekly Losses
Tensions in the Middle East rose amid rumors that Iran is planning another airstrike on Israel, sending crude higher on the day. December-dated West Texas Intermediate (WTI) crude rose 29 cents, or 0.4%, to settle at $73.10 per barrel for the session. For the week, black gold fell 3.4%.
Today's jobs data combined with a rise in U.S. Treasury yields and greenback sent gold futures inching lower this afternoon. Gold for December delivery shed $4.40, or 0.2%, at $2,745 an ounce. The safe-haven asset finished the week off 0.4%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
