NYSE is well over 80% upside right now on the jobs data. Briefing.com data:
briefing.com
Market Snapshot
| Dow | 34000.71 | +161.63 | (0.48%) | | Nasdaq | 13410.78 | +116.60 | (0.88%) | | SP 500 | 4352.82 | +35.04 | (0.81%) | | 10-yr Note | +33/32 | 4.524 |
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| | NYSE | Adv 2414 | Dec 340 | Vol 149 mln | | Nasdaq | Adv 3302 | Dec 683 | Vol 1.0 bln |
Industry Watch
| Strong: Real Estate, Materials, Utilities, Consumer Discretionary, Financials, Industrials |
| | Weak: Energy |
Moving the Market
-- Continued slide in long-term rates
-- Decline in Apple (AAPL) following its earnings report and weak revenue growth outlook for fiscal Q1
-- Digesting the weaker-than-expected jobs reports and ISM Non-Manufacturing Index
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Stocks climb after jobs report
03-Nov-23 10:05 ET
Dow +161.63 at 34000.71, Nasdaq +116.60 at 13410.78, S&P +35.04 at 4352.82
[BRIEFING.COM] The major indices continue to climb after the weaker-than-expected October jobs report sent Treasury yields sharply lower. The 10-yr note yield is down another 17 basis points today to 4.50%.
A loss in Apple (AAPL 174.93, -2.66, -1.5%), in response to its weak fiscal Q1 revenue outlook, has weighed somewhat on the broader market. Just about everything else is trading higher, though. The Invesco S&P 500 Equal Weight ETF (RSP) is up 1.8%.
Only one of the S&P 500 sectors trades down -- energy (-0.5%) -- while the real estate (+2.9%) and materials (+1.6%) sectors lead the pack.
The S&P Global US Services PMI rose to 50.6 in the final October reading from 50.1.
The ISM Non-Manufacturing Index fell to 51.8% in October (Briefing.com consensus 53.0%) from 53.6% in September.
Stocks futures rallied as yields fell in response to the October jobs report
03-Nov-23 09:22 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +22.00. Nasdaq futures vs fair value: +39.00. The S&P 500 futures are up 22 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 39 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 180 point and are trading 0.5% above fair value.
The October employment report was a soothing one for the market, checking the boxes of slower payroll growth, rising unemployment, and slower average hourly earnings growth.
It seems silly to cheer weakening activity in the labor market, but the key takeaway from this report is that it resonates as a "soft landing report" that will keep the Fed from raising the fed funds rate again.
Treasury yields took a sharp turn lower in response. The 10-yr note yield, which was at 4.63% just before 8:30 ET, is down 18 basis points from yesterday to 4.49%. The 2-yr note yield, which was at 4.97% before the data, is down 13 basis points from yesterday at 4.85%.
October Jobs report
03-Nov-23 08:33 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +18.00. Nasdaq futures vs fair value: +59.00. The S&P 500 futures are up 15 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 59 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 109 point and are trading roughly in line with fair value.
Nonfarm payrolls rose 150,000 in October (Briefing.com consensus 175,000) following a revised increase of 297,000 in September (from 336,000). Nonfarm private payrolls rose 99,000 in October (Briefing.com consensus 143,000) following a revised increase of 246,000 in September (from 263,000).
Average hourly earnings rose 0.2% in October (Briefing.com consensus 0.3%) following a revised 0.3% increase in September (from 0.2%).
The unemployment rate rose to 3.9% in October (Briefing.com consensus 3.8%) from 3.8%.
The average workweek fell to 34.3 (Briefing.com consensus 34.3) from 34.4. |
