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US shares blast ahead as non-farms smash estimates

Last updated: 15:21 05 Aug 2016 BST, First published: 08:21 05 Aug 2016 BST

Non-farm payrolls

OPEN

US shares started on the front foot as the non-farm payroll  numbers came in a lot better than expected.

The benchmark Dow Jones added 0.75% to stand at 18,490, while the S&P500 added 0.63% to 2,177.

The techheavy Nadaq added 1.01% to stand at 5,218.

On Nasdaq a noteable gainer was  Lantheus Holdings Inc (NASDAQ: LNTH) which gained over 38% to US$ 5.39 after yesterday reporting a second-quarter net income of $7.4 million, after reporting a loss in the same period a year earlier.

Bristol Myers Squib (NYSE:BMY) shed over 17% to 62.51p as one of its key immunotherapy drugs failed a phase III trial as a treatment for lung cancer.

Opdivo is already approved in a number areas but did not meet its primary endpoint as a treatment for non-small cell lung cancer.

The US created 255,000 jobs last month , roundly trumping estimates of 175,000. 180,000 expected.

It brings centre stage agin the debate about whether the Fed will raise rates this September, and consensus seems split on the matter, with the strong economic US outlook tempered by external and global factors, not least the pressure European markets are undergoing.

 


PREVIEW

US markets are set to open firmer ahead of the release of US jobs data for July.

Spread betting quotes point to the S&P 500 opening around four points up from last night's close of 2,164, though that could all change when the jobs numbers are released.

The market is expecting around 182,000 jobs to have been added last month, while the unemployment rate is tipped to fall to 4.8% from June's level of 4.9%.

When open outcry trading starts, eyes are likely to be on social media gaming firm Zynga Inc (NASDAQ:Zynga) after it issued a soft outlook for revenue for the third quarter in an announcement made after the close of trading last night.

Shares in the Farmville game market tumbled 6.7% to US$2.77 in pre-market trading.

It was much the same story for Hortonworks Inc (NASDAQ:HDP), only more so.

The software firm also lowered its revenue forecast, sending the shares tumbling by almost a third in screen-based trading this morning.

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