Wall Street Strategies
Hello! Sign in or Register

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



Communication Services (XLC)



Consumer Discretionary (XLY)



Consumer Staples (XLP)



Energy (XLE)



Financials (XLF)



Health Care (XLV)



Industrials (XLI)



Materials (XLB)



Real Estate (XLRE)



Technology (XLK)



Utilities (XLU)



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.


Add Your Comment

Submitted comments are subject to moderation before posting.

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.