Dow Jones Today, Futures Shudder As Hiring Stalls In September; Quidel, Moderna

Stock futures dipped back into narrowly mixed trade Friday, after September payrolls data showed a steep drop in hiring during the month. IBD 50 stock Callon Petroleum (CPE) moved closer to a buy point. Bitcoin upshifted to near $55,000. Meanwhile, Home Depot (HD) weighed on the Dow Jones today, trading lower after an analyst downgrade.

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Dow Jones futures ceded early gains and dropped 0.1%. S&P 500 futures held just above fair value. Nasdaq 100 futures gained strength, trading 0.3% higher on the stock market today.

Vaccine-maker Moderna (MRNA) led the Nasdaq 100 with a 1% gain, as it aims to stem a steep two-week slide. Baidu (BIDU) and Facebook (FB) were also near the top of the list. Fastenal (FAST) slumped 2.6% to the bottom of the index, after Wells Fargo downgraded the stock to underweight.

Tesla (TSLA) reversed early losses and gained 0.3% after the company’s annual shareholder meeting Thursday night. The company said it would announce third-quarter results on Oct. 20. Tesla stock remains in a buy range above a 764.55 buy point.

Quidel (QDEL) kicked up more than 6% to lead the S&P 500. Chief Executive Douglas Bryant said late yesterday the company had produced and shipped the largest number of SARS tests in the company’s history during the third quarter, and it is on track this year to meet its target capacity of 70 million rapid antigen tests per month.

Quidel also announced preliminary third-quarter revenue that prompted a price target hike from JPMorgan to 80 from 70.

Heavy truck maker Oshkosh (OSK) fell 4%, to the bottom of the S&P 500, after warning that component shortages would affect its fourth-quarter results.

Dow Jones Today: Home Depot Downgraded

Apple (AAPL) jumped 0.3%, to the top of the Dow Jones today. moving to extend its rebound to a fourth session.

Home Depot dragged on the early action, down 0.7% after Loop Capital downgraded the stock to hold, from buy. The note also cut the brokerage’s price target on Home Depot stock to 325, from 370.

Home Depot scored a 2.2% gain on Thursday, moving to just below a 338.65 buy point in what IBD MarketSmith analysis identifies on a daily chart as a flat base. The pullback below that buy point stopped short of triggering the automatic sell rule.

Hiring Tanks In September; Debt Ceiling Raised

The Labor Department reported total nonfarm payrolls increased by 194,000 in September, down 17% from August and far below economist projections for 475,000 new jobs. That marks a second month of sharp deceleration. However, the unemployment rate declined 0.4%, to 4.8% for the month.

Markets received an early lift, after the Senate voted Thursday night to raise the debt limit into early December, with Democrats agreeing to Senate Minority Leader Mitch McConnell’s offer for a short-term debt hike. To head off a government default, the House must approve the measure before President Joe Biden signs it.

Overseas Markets

China’s markets closed out the week on a positive note. Hong Kong’s Hang Seng Index gained 0.6%, leaving the week 1.1% higher after Tuesday’s drop to a 12-month low. The Shanghai Composite rallied 0.7% to end its holiday-shortened week with a 0.7% advance.

In Japan,…