Mid-Afternoon Market Update: Markets Shrug Off Strong Jobs Number; Focus On Ukraine

Related BZSUM Market Wrap For May 2: Markets Slip On Ukraine Tensions Despite Positive Jobs Data #PreMarket Primer: Friday, May 2: Nonfarm Payrolls Data Expected To Impress

Toward the end of trading Friday, the Dow traded down 0.21 percent to 16,524.05 while the NASDAQ gained 0.07 percent to 4,130.42. The S&P also fell, dropping 0.07 percent to 1,882.73.

Top Headline
Topping headlines Friday was the jobs report, where the unemployment rate dropped to 6.3 percent from 6.7 percent, crushing expectations, while Private Sector Payrolls and Manufacturing Payrolls beat as well. The news took markets up sharply before selling off on further turmoil in Ukraine.

Equities Trading UP
Constant Contact (NASDAQ: CTCT) was up on Friday's session, gaining 11.06 percent to $29.12 after the company's earnings report and guidance impressed the street.

Spirit AeroSystems (NYSE: SPR) was up as well, gaining 6.74 percent to $32.48 as the company beat strongly on its top and bottom lines before the market opening Friday.

Shares of Wynn Resorts (NASDAQ: WYNN) were up too, gaining 6.49 percent to $220.04 after the company beat on top and bottom lines, while pleasing the street in its first quarter conference call.

Equities Trading DOWN
Endocyte (NASDAQ: ECYT) lead the way on the downside Friday, plummeting 61.13 percent to $6.76 after the company received a recommendation to halt its Vintafolide trial.

ServiceSource (NASDAQ: SREV) shares were also down, falling 32.48 percent to $4.22 as the company missed on earnings and caught a downgrade from CLSA from Buy to Underperform.

The Mantowoc Company (NYSE: MTW) was down as well, dropping 10.13 percent to $29.01 after the company missed on both top and bottom lines in its first quarter report.

Commodities
In commodity news, oil traded up 0.35 percent to $99.77, while gold traded up 1.11 percent to $1,297.40.

Hot Communications Equipment Stocks To Buy Right Now

Silver traded up 2.30 percent Friday to $19.48, while copper rose 1.56 percent to $3.07.

Eurozone
European markets were moderately higher with the exception of France's CAC 40, which lost 0.37 percent.

The UK's FTSE was up 0.03 percent and the eurozone's STOXX600 gained 0.01 percent.

Italy's MIB was up 0.44 percent and the Spanish IBEX gained 0.13 percent.

Economics
Private sector payrolls came in at 273K, beating the expected 215K and the prior revised figure of 203K.

Manufacturing payrolls beat as well, coming in at 12.0K, above the consensus estimate of 8.0K and the prior figure of 7.0K. This lead the unemployment level to drop to 6.3 percent, well below the expected level of 6.6 percent and the prior report of 6.7 percent respectively.

Finally, factory orders came in up 1.1 percent, below the expected gain of 1.5 percent and the prior reading of 1.6 percent.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s Economics Intraday Update Markets

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  Most Popular Weekly Highlights: Apple's Groundbreaking Ear Buds, Xbox One Strategies And More Benzinga Weekly Preview: Earnings Season Continues, Albeit A Tad Slower Novavax's VP of R&D Says Production of MERS Vaccine is Analagous to Situation Described in NEJM Paper on H7n9 #PreMarket Prep Guest List For The Week of May 5, 2014 Shares of Sallie Mae Tank with Spin-off - Analyst Blog FuelCell Energy to Install 1.4 MW Fuel Cell Plant - Analyst Blog Related Articles (CTCT + BZSUM) Market Wrap For May 2: Markets Slip On Ukraine Tensions Despite Positive Jobs Data Mid-Afternoon Market Update: Markets Shrug Off Strong Jobs Number; Focus On Ukraine Zacks Rank #1 Additions for Friday - Tale of the Tape #PreMarket Primer: Friday, May 2: Nonfarm Payrolls Data Expected To Impress Market Wrap For May 1: Markets Mixed To Start The New Month