- Stocks rose on the back of a rally in companies that stand to benefit the most from an economic recovery, as well as positive results from Pfizer's COVID-19 pill study. Treasury 10-year yields have fallen below 1.5%.
- All major equity benchmarks set new highs, with the S&P 500 posting its fifth consecutive weekly gain, the longest streak since August 2020. Despite the fact that industrial and commodity stocks outpaced technology firms, the Nasdaq 100 rose for the tenth day in a row. Airlines, cruise lines, hotels, and small-cap stocks all increased their stock prices.
- The labour market in the United States returned to normalcy in October, with a larger-than-expected and broad-based payroll increase, indicating greater progress in filling millions of vacancies as the effects of the delta variant faded.
- After large upward revisions to the previous two months, nonfarm payrolls increased by 531,000. The unemployment rate fell to 4.6%, while labor-force participation remained stable. Earnings per hour rose in line with expectations, rising the most since February.