After a strong two-day rally to start October, the SPDR S&P 500 ETF Trust SPY gave up some of its gains the following Friday a mixed US jobs report.
The Labor Department reported that the US economy added 263,000 jobs last month, beating economists’ average estimate of 250,000 jobs. The US unemployment rate fell to 3.5%, paving the way for the Federal Reserve to hike further aggressively Interest charges to fight inflation.
For a course change on Thursday, Tesla Inc TSLA chairman Elon Musk said in a court records which he intends to acquire Twitter Inc TWTR at his original offer price of $54.20 per share and wants Twitter to drop its lawsuit against him.
Twitter shares surged 22% on the news, and Musk now has until Oct. 28 to complete the $44 billion deal he initially tried to back out of and avoid a lawsuit.
On Wednesday, the organization of petroleum exporting countries and allies including Russia, collectively known as OPEC+, announced they would cut oil production by 2 million barrels per day, pushing WTI crude oil prices up more than 3% to over $91 a barrel on Friday. OPEC’s biggest supply cut since 2020 will reduce oil supply in an already tight global energy market.
cannabis stocks Tilray Inc TLRY and Curaleaf Holdings Inc KURLF Each up more than 30% on Thursday after the President Joe Biden problematic an apology for all federal crimes related to simple marijuana possession.
Biden also called on the Secretary of Health and Human Services to review how marijuana is classified as a controlled substance under federal law and potentially open the door to a reclassification or complete removal from the controlled substance list.
Tilray burnout: Tilray gave up a large chunk of Thursday’s gains and traded lower on Friday after the company reported that its net loss for the fiscal first quarter nearly doubled year-over-year.
The reporting season for the third quarter begins next week with the quarterly reports from the major banks MorganStanley MRS, Spring…
