Market Commentary
The stock market is spinning its wheels as investors continue to grapple with the message from this morning’s jobs reports.
That said, political observers are calling it 'solid' but the report might have a muted impact on the election, as higher-end jobs did well but manufacturing and mining continue to struggle. Two wildcards include the surge in construction jobs and also higher wages, which are now improving well ahead of the rate of inflation.
On the stock market front, observers are calling the report 'Goldilocks.' Nonetheless, the number, while missing the consensus estimate, was enough to keep a December rate hike on the table and I think the Street is grudgingly coming to acceptance.
Meanwhile, the market continues to grapple for leadership. Tech stocks have been hot, led by semiconductors and cloud stocks, but their coattails are limited. Finding value is very difficult at this point and that means buying stocks that are down and hoping bad news isn’t as bad as it could have been. Case in point is the stock of the day, Gap Stores, which posted better than expected numbers but not the stuff of legends.
The materials sector is selling off, down more than 2% with industrials not far behind off 1.6%. Utilities caught a little bounce early but are flat at midday. NYSE decliners (75%) lead the way on 82% down volume. The NASDAQ is in similar shape. However, the total volume is on the light side.
The tight trading range continues to keep money on the sidelines so watch for these key parameters for signs on whether to become more aggressive or raising cash.
Monday is Columbus Day which is a bank holiday but not an NYSE holiday.
Comments |
ICE Officials Tell TRUMP Illegals Are Being Allowed to Vote – That’s Why They They Won’t Deport Them. AND With Democrats voting more than once (VALIDATED) Just when will someone say TREASON is being committed, IF this is true? Barry Gold on 10/7/2016 1:39:03 PM |
Tweet |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|