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Afternoon Note

Moderate Growth

By Charles Payne, CEO & Principal Analyst
9/6/2019 1:58 PM

Stocks are higher despite jobs missing consensus. But August numbers held up well, the U.S. added 130k jobs, average hourly earnings were stronger than forecast at 3.2% year-on-year, and labor force participation rate rose two-tenths to 63.2%.

However, investors were awaiting Fed President Jerome Powell’s speech in Zurich for signs about future monetary policy. He said the Fed isn’t forecasting a recession for the U.S. or the globe, affirming he sees moderate growth ahead for the U.S. economy. As with his Jackson Hole speech last week, Powell’s comments leaned a bit less dovish than some had hoped.

Nine of the 11 S&P 500 sectors are higher, with materials and consumer discretionary sectors leading the way.  The Communication Services and Utilities sectors are the laggards.

S&P 500 Index

+0.28%

 

Communication Services (XLC)

 

-0.12%

Consumer Discretionary (XLY)

+0.42%

 

Consumer Staples (XLP)

+0.38%

 

Energy (XLE)

+0.27%

 

Financials (XLF)

+0.27%

 

Health Care (XLV)

+0.33%

 

Industrials (XLI)

+0.38%

 

Materials (XLB)

+0.58%

 

Real Estate (XLRE)

+0.05%

 

Technology (XLK)

+0.09%

 

Utilities (XLU)

 

-0.18%

 
Oil prices rebounded after Baker Hughes reported a third straight decline in rig count. The number of active U.S. rigs drilling for oil declined by four to 738 this week. The WTI crude is up $0.46 to $56.69.

 

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