Bad News Was Good News Friday — for Stocks, Not Bonds
Payrolls missed every estimate, raising bets for an October FOMC hold, and the Nasdaq-100 powered to a record high. But Treasury yields reversed an early drop.
Retreating Yields Lift Stocks and Broaden Market Gains
Treasury yields reversed from two-decade highs, helping stocks recover morning losses as gains broaden beyond Tech, but higher oil prices remained a headwind.
S&P Manufacturing PMI Eases From Flash Read, but Still Best Since May 2022
Final September PMI was revised down to 55.9 from 57.0 flash, but it’s still the 14th month of expansion as new orders were second strongest since 2022 and employment jumped to a 5-year high.
ISM Sees Manufacturing Remaining Robust, Pushing Up Input Prices
ISM Manufacturing Index indicates expansion for ninth month — longest since 2022 — but prices paid jump 6.8 points to the highest since May.
Initial Jobless Claims Remain Near 57-Year Lows; Continuing Claims a 3-Year Low
Initial unemployment claims held below 200,000 for a third straight week (only ninth week since 1969), while continuing claims dropped to their lowest since March 2023.
Micron Delivers Robust Demand Picture: 8 Key Items Shaping the Stock Market Thursday
Treasury yields move up, oil rises, Nike earnings, and other headlines moving the market this morning.
Cool Inflation Print Overshadowed by Rising Yields as Stocks Stumble Into Quarter-End
A cooler-than-expected core PCE lifted stocks early, but a rebound in yields and a sharp final-hour selloff left the Nasdaq as the lone gainer on the day and month.
Core Inflation Moderates While Real Spending Jumps
Core and headline PCE prices cut by annual benchmark revision. Spending jumps even as real incomes turned negative, pulling the saving rate to the least since Nov. 2022.
Putting Capital to Work Following Wednesday’s Economic Data
We’re making small buys on four holdings, and watching these other two closely.
Consumer Confidence Plummets to 12-Year Low
The Conference Board’s consumer confidence index falls to the lowest since April 2014, breaking the pandemic low, as the labor market differential drops to its weakest since early 2021.