Friends
Today’s weekly jobless claims was disappointing to the bulls because it signals that the jobs market continues to remain stubbornly strong. I know that sounds goofy, but that was the narrative today. We’ll get a full look at the labor market tomorrow with the non-farm payroll number. Analysts are looking for about 170,000 new jobs to have been created in September. If it’s any hotter than that the bulls will not be happy. Strongly positive economic data could/would lead to more Fed tightening and the bulls have had about enough of all that.
As for today, stocks were able to erase most of the early losses and by the close the Dow Jones Industrial Average was down 9 points to finish the day at 33,119. The S&P 500 was down 5 points to close at 4,258. The Nasdaq Composite Index was down 16 points to close at 13,219. Gold was down $1 to trade at $1,834 per ounce, while oil was down $1.81 to trade at $82.41 per barrel WTI.
Buckle up, jobs day can be a volatile one for the markets. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
