Morning Commentary
It wasn’t a manic session, which is often the case the day after the Federal Open Market Committee (FOMC) meeting. This means investors are taking Powell in stride (delayed rate cuts) or reading between the lines; the Fed could swing into action (hasten rate cuts) with a negative employment surprise.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,190 |
2,989 |
Decliners |
603 |
1,267 |
New Highs |
80 |
78 |
New Lows |
25 |
101 |
Up Volume |
3.31 billion |
3.51 billion |
Down Volume |
1.02 billion |
1.33 billion |
The ‘generals’ reported for duty.
Big Tech is Back
Technology (TLK) was the best-performing sector, and semiconductors performed best within the industry.
The VanEck Vectors (semiconductors) ETF (SMH) still needs to improve, including improving its Relative Strength Index (RSI) and the Rate of Change (ROC) and closing above the 50-day moving average.
Big Apple
Apple (AAPL) posted results that fractally beat the Street on every level but could hardly be called impressive.
The stock popped more than 6.0% in after-hours trading.
Management announced the most significant buyback in history:
$110,000,000,000!
Jobs Day
Most of the data points to slow job growth, including job postings on Indeed.com.
But Goldman Sachs (GS) is looking for 265,000 against the consensus of 250,000. The government will continue to be the wild card.
Today’s Session
The jobs number came in way below expectations at 175,000.
Meanwhile, the Unemployment rate rose to 3.9%, while the consensus was for it to remain flat at 3.8%. Average hourly earnings were up 0.2% from the prior period.
Bond yields are down on the news, and the markets are rocking.
Comments |
Maybe the jobs report is finally catching up with some form of reality. Still highly questionable, based on the past revisions vs. the expectation est. broadcasted. Charles, I too wish they would place a little more emphasis in the media around the revisions, instead of focusing only on the initial read which are always wrong. At times they might be close based on how they model the numbers at the time, but when the addition data is presented and off by 10's of Ks... Something, somewhere is not being properly accounted for. Terry Dowler on 5/3/2024 9:50:26 AM |
Tweet |
10/17/2024 1:26 PM | Tech Boost |
10/17/2024 10:03 AM | HERE’S A SONG THAT WE’RE SINGING… |
10/16/2024 1:31 PM | Small Cap Outperforms |
10/16/2024 9:55 AM | CHIPS FALL |
10/15/2024 3:48 PM | The MoneyShow Orlando, October 17-19, 2024 |
10/15/2024 1:32 PM | ASML Weighs on Chip Stocks |
10/15/2024 9:51 AM | TECH NOT READY TO FADE |
10/14/2024 1:32 PM | Entering Earnings Season |
10/14/2024 9:52 AM | STARTING THE WEEK ON A NEW HIGH |
10/11/2024 1:55 PM | New Highs |
10/11/2024 9:53 AM | DOESN’T FEEL LIKE A RAGING BULL |
10/10/2024 1:41 PM | Anti-Climactic Day |
10/10/2024 9:31 AM | MELT UP WITHOUT HEAT |
10/9/2024 1:18 PM | An Apprehensive Market |
10/9/2024 9:57 AM | EMBRACE THE BEAUTIFUL |
10/8/2024 1:07 PM | NVDIA Saves the Day |
10/8/2024 9:51 AM | THE RAFT IN THE STORM |
10/7/2024 1:18 PM | Uncertainty |
10/7/2024 9:48 AM | NOT REAL? WHO CARES? |
10/4/2024 1:14 PM | Jobs Data Pushing Stocks Higher |
10/4/2024 9:58 AM | JOBS DAY (AGAIN) |
10/3/2024 12:47 PM | Oil Surges |
10/3/2024 9:38 AM | WAITING |
10/2/2024 1:23 PM | Holding the Pattern |
10/2/2024 9:34 AM | REIGN OF TERROR |
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