Benzinga | Jul 2, 2021 10:28AM EDT

Mid-Morning Market Update: Markets Edge Higher; US Economy Adds 850,000 Jobs In June

Following the market opening Friday, the Dow traded up 0.10% to 34,667.85 while the NASDAQ rose 0.40% to 14,580.23. The S&P also rose, gaining 0.30% to 4,332.94.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,680,520 cases with around 605,030 deaths. India confirmed a total of at least 30,458,250 cases and 400,310 deaths, while Brazil reported over 18,622,300 COVID-19 cases with 520,090 deaths. In total, there were at least 182,685,990 cases of COVID-19 worldwide with more than 3,956,750 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares jumped by 0.9% on Friday. Meanwhile, top gainers in the sector included Marin Software Incorporated (NASDAQ:MRIN), up 35%, and Cerence Inc. (NASDAQ:CRNC), up 15%.

In trading on Friday, energy shares fell 1%.

Top Headline

The US economy added 850,000 jobs in June, recording the strongest job growth in ten months. The US unemployment rate rose to 5.9% in June.



Equities Trading UP

Eco Wave Power Global AB (NASDAQ:WAVE) shares shot up 134% to $25.42. A 13G filing from Alpha Capital showed an 8.7% stake in company.

Shares of Alector, Inc. (NASDAQ:ALEC) got a boost, shooting 78% to $40.06. Alector and GlaxoSmithKline have announced a global collaboration for the development and commercialization of two monoclonal antibodies designed to elevate progranulin (PGRN) levels.

Staffing 360 Solutions, Inc. (NASDAQ:STAF) shares were also up, gaining 50% to $5.55. Staffing 360 Solutions recently announced a reverse stock split to maintain NASDAQ listing.

Check out these big movers of the day

Equities Trading DOWN

Iterum Therapeutics plc (NASDAQ:ITRM) shares tumbled 33% to $1.5450 despite the company received a letter from the FDA regarding the sulopenem etzadroxil/probenecid marketing application review for uncomplicated urinary tract infections. The agency has identified deficiencies that preclude the discussion of labeling and post-marketing requirements/commitments at this time..

Shares of Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) were down 25% to $63.51 after the company voluntarily paused the AROENaC1001 Phase 1/2 study evaluating ARO-ENaC for cystic fibrosis.

Alterity Therapeutics Limited (NASDAQ:ATHE) was down, falling 20% to $1.7050. Alterity Therapeutics Australia filing showed a proposed offering of 322,857,900 shares.

Commodities

In commodity news, oil traded down 0.1% to $75.13, while gold traded up 0.6% to $1,787.50.

Silver traded up 0.7% Friday to $26.29 while copper rose 0.8% to $4.2690.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 climbed 0.3%, the Spanish Ibex Index fell 0.2% and the German DAX 30 gained 0.4%. Meanwhile, the London's FTSE 100 rose 0.2%, French CAC 40 gained 0.1% and Italy's FTSE MIB gained 0.2%.

French government budget deficit rose slightly to EUR 118.8 billion in January-May, from EUR 117.9 billion in the year-ago period. Spain's unemployment declined by 166,911 from a month ago to 3.61 million in June.

Economics

The US economy added 850,000 jobs in June, recording the strongest job growth in ten months. The US unemployment rate rose to 5.9% in June.

The trade deficit increased to $71.2 billion in May from a revised $69.1 billion in the previous month.

US factory orders rose 1.7% in May following a revised 0.1% decline in the prior month.

The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Check out the full economic calendar here