Stock Market Update Friday November 1, 2024

Stock Market Update Friday November 1, 2024 Stocks opened November on a positive note, with market participants largely disregarding a weaker-than-expected U.S. jobs report, which indicated that only 12,000 jobs were added in October. The limited employment growth was attributed to disruptions from recent hurricanes and the Boeing strike, which impacted multiple sectors. The unemployment rate held at 4.1%.  Equities experienced a moderate rebound following the preceding day's significant downturn, as the S&P 500 retraced a portion of its earlier gains to close up by 0.4%. However, the index remains down 2% for the week, highlighting the ongoing volatility in the market.

Away From Stocks: Treasuries faced significant selling pressure, as yields on long bonds surged 10 basis points to 4.57%. The 10-year note closed at 4.38%, markedly higher than the 3.74% recorded just a month prior. Meanwhile, WTI crude oil slipped below the $70 per barrel mark, and gold prices remained subdued at $2,733 per ounce. Bitcoin experienced a pullback, approaching the $69,000 threshold. The VIX index concluded the trading session just below 22, reflecting heightened market volatility.