Friends
The ADP private sector payroll number came in just about as expected as 182,000 jobs were added in October. Consensus for the non-farm payroll number that comes out Friday is 190,000 new jobs as measured by the government. A good number could go a long way in helping the Fed come to the conclusion that liftoff is appropriate in December. And then again, as we have seen with the Fed, the goal posts could be moved once again.
As for stocks, November saw its first down day either because Janet Yellen mentioned in her congressional testimony that December is possible for liftoff, or despite the fact that she mentioned liftoff is possible in December. Yes, your guess is as good as mine. For the day, the Dow Jones Industrial Average was down 50 points to close at 17,867. The S&P 500 was down 7 points to finish the day at 2102. Gold was down $6 to trade at $1107 per ounce, while oil was down $1.44 to trade at $46.46 per barrel WTI.
Earnings reports continue to filter in, with mixed results, but all eyes will be on Friday’s jobs report. We’ll let you know how it all plays out.
Have a nice evening everyone.
