Stock Market Today: October 2nd - 6th, 2023

Good afternoon StonkForumers! Happy Friday to all of you and welcome to the final trading day of the week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little over 2 hours into the US cash market open.

GLTA on this Friday, October the 6th, 2023!

 

Morning Lineup - 10/6/23 - Jobs Strong, Wages Less So
Fri, Oct 6, 2023

Futures are modestly higher this morning as markets are just digesting the September non-farm payrolls report. Michael Jordan claimed he had nothing left to prove when he announced his retirement on this day in 1993, but he ultimately realized he did and was back on the court in March 1995. The stock market may have felt it had nothing left to prove when it was at its highs last July, but just over two months later it now has plenty to prove, and bulls are starting to get impatient.

The September payrolls report just hit the tape, and the headline reading came in much better than expected as total payrolls increased 336K versus forecasts for an increase of 170K. While the headline number was much better than expected, the Unemployment Rate was unchanged at 3.8%, which was higher than the 3.7% forecast. Likewise, average hourly earnings were also slightly weaker than expected. The initial reaction in futures has been a sharp sell-off in stocks and bonds as the headline number topped forecasts, but underneath the surface, the report wasn’t as hot as it looked. Job creation is rising, but the cost of incremental workers hasn’t been accelerating.

In terms of market reactions to recent Non-Farm Payrolls reports the fact that the market is swinging widely shouldn’t come as a surprise. On the last 12 report days, the S&P 500’s average daily move on Non-Farm Payroll report days has been 1.1% (up or down. That’s up sharply from a year ago and near the high end of its post-financial crisis range.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Friday, October 6th, 2023.

 

here is the quick sneak peek at next week's notable ERs per EW. have a great weekend guys!

 

also, don't look now but earnings season is just 'round the corner. here's the sneak peek at what's to come over the next couple of weeks.

(sidenote: these are only showing the "confirmed release dates" as of now).