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Afternoon Note

Struggling for Direction

By Charles Payne, CEO & Principal Analyst
10/8/2021 1:58 PM

Markets are “meh” on today’s jobs numbers as investors expect the Fed to be careful with its next move. The 10-year yield is inching higher as wage gains and the unemployment rate already met the Fed’s year-end projection.

Energy continues to outperform with crude oil topping $80, the first time since 2014. Oil is poised for its seventh straight weekly gain as demand rebounds while supply remains tight.

S&P 500 Index

 

-0.26%

Communication Services XLC

 

-0.10%

Consumer Discretionary XLY

 

-0.33%

Consumer Staples XLP

 

-0.04%

Energy XLE

+2.58%

 

Financials XLF

+0.44%

 

Health Care XLV

 

 -0.47%

Industrials XLI

 

-0.20% 

Materials XLB

 

-0.55%

Real Estate XLRE

 

-0.51%

Technology XLK

 

-0.28%

Utilities XLU

 

-0.34%

 

Stop Blaming Wages

Wages are soaring in Leisure & Hospitality, an industry still struggling to recover.  This is certainly crushing small restaurant owners in particular.

Markets are at the lows of the session. 

Have a great weekend. Stay safe.  


 

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