Friends
It appears that the bloom is already off the rose of Monday and Tuesday’s stock market rally. Maybe the bulls will surprise us tomorrow after the release of the non-farm payroll number, but it would be kind of important that they at least hold on to gains for the week. In the meantime, even though stocks did take a peek above the breakeven line this morning it was mainly a down day for stocks in general.
By the close, the Dow Jones Industrial Average was down 346 points to finish the day at 29,926. The S&P 500 was down 38 points to close at 3,744. The Nasdaq Composite Index was down 75 points to close at 11,073. Gold was up $1 to trade at $1,722 per ounce, while oil was up $1.07 to trade at $ 88.83 per barrel WTI.
Estimates are for about 275,000 new jobs to have been created in September. The markets appear nervous that the number is going to be better than that and that would not be good for stocks. Remember, we are in the bad news is good news environment right now. A hot jobs number means the Fed keeps the pedal to the metal, and stock market bulls would like to see the Fed pause or at least slow rate hikes. Let’s see what the number is tomorrow and how the markets react to it. Stay tuned.
Have a nice evening everyone.
