Afternoon Note
It’s the end of summer and the major indices are doing ok after the release of this morning’s jobs report, which saw a jump in the unemployment rate, partially driven by an increase in labor force participation. On the other hand, total jobs increased 2%y/y, being the lowest YoY increase since March 2021.
Key areas:
ISM Manufacturing for August rose to 47.6 from 46.4, surpassing the consensus of 47; however, new orders fell, and prices paid are back at the highest since April. Despite beating consensus, these results are very weak.
The energy sector is leading after WTI crude hit $85 a barrel for the first time this year. Traditional defense sectors continue to get hammered.
Market breadth is bullish with more highs than lows.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,819 |
2,654 |
Decliners |
1,028 |
1,413 |
New Highs |
105 |
92 |
New Lows |
27 |
74 |
Up Volume |
1.12 billion |
1.34 billion |
Down Volume |
400 million |
948.23 billion |
The markets are closed on Monday for the Labor Day holiday. Enjoy the long weekend.
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