<FONT COLOR=BLUE>MARKET SNAPSHOT--(8:45 UPDATE)Techs look to extend gains
Payrolls up 137K, jobless rate at 3.9%
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 8:45 AM ET Nov 3, 2000
NEW YORK (CBS.MW) - The tech sector is looking to extend gains on Friday, but the overall market is set to open on the steady side as investors ponder the morning's jobs data, which offered a somewhat mixed picture of the labor market.
December S&P 500 futures added 3.00 points, or 0.2 percent, and were trading approximately 0.30 point below fair value, according to HL Camp & Co. Nasdaq futures added 23.50 points, or 0.8 percent.
Within the jobs numbers, non-farm payrolls figures rose by a less-than-expected 137,000 versus the expected 183,000 gain. The unemployment rate remained steady at 3.9 percent versus the expected climb to 4 percent while average hourly earnings rose 0.4 percent, slightly higher than the 0.3 percent increase forecast by economists. View Economic Preview, economic calendar and forecasts and historical economic data.
In pre-market dealings, Qualcomm climbed $5.50 to $68.31 in Instinet. Late Thursday, the company said it made 25 cents a share in the fourth quarter, beating the First Call estimate by a penny. Revenue, at $635 million, was at the low end of expectations. .
In the government arena, prices lost ground after the release of the employment report as investors zeroed in on the lower-than-expected unemployment report and higher-than-expected hourly earnings, which both point to continued tightness in the labor market.
The 10-year Treasury note fell 5/32 to yield ($TNX) 5.75 percent while the 30-year government bond erased 9/32 to yield ($TYX) 5.81 percent.
Cornering the foreign exchange market, dollar/yen fell 1.1 percent to 107.04 while euro/dollar rallied 1.9 percent to 0.8734 -- its highest level since early October -- as the European Central Bank intervened to support its fledgling currency early Friday. The ECB said it remains concerned about the global and domestic repercussions of the exchange rate of the euro. See related story. |
