Monday October 3, 2022: $142.45 +$4.25 +3.08%
Oct 3, 2022 1:32:59 GMT -8
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Post by Dave on Oct 3, 2022 1:32:59 GMT -8
Good morning. We start this month with a red per-market at -1.08% at this moment.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
U.S. equity markets tumbled on the last trading day of September in a broad-based decline after the Commerce Department’s latest PCE Price Index report showed the Federal Reserve’s preferred gauge of inflation accelerated more than expected in August. The S&P 500, Nasdaq, and Dow all dropped over 1.5%. In a statement on Friday, Fed Vice Chair Lael Brainard said the central bank remains committed to tightening monetary policy to curb inflation, and warned against “pulling back prematurely.” The three major averages closed out the week, month, and quarter lower. For the month, the Dow fell 8.8%, the S&P lost 9.3% and the Nasdaq was 10.5% lower.
The U.S. labor market could take the spotlight next week, with the release of the Labor Department’s nonfarm payrolls report for September, its August Job Openings and Labor Turnover Survey (JOLTS), and ADP’s private-sector payrolls report. The reports could show how well the labor market has held up against the Fed’s more hawkish monetary policy moves. Purchasing Managers’ Index (PMI) survey readings from S&P Global and the Institute for Supply Management (ISM) will offer updates on the recent performance of the U.S. manufacturing sector. As earnings season approaches, we can also expect key earnings reports from denim maker Levi Strauss and beverage giant Constellation Brands.
Events Calendar:
Monday, October 3
S&P Global Manufacturing PMI - Final Reading (Sep)
ISM Manufacturing PMI (Sep)
ISM Manufacturing Employment Change (Sep)
Construction Spending (Aug)
Tuesday, October 4
Acuity Brands (AYI) and Novagold Resources (NG) report earnings
JOLTS Labor Market Survey Report (Aug)
Factory Orders (Aug)
Wednesday, October 5
Lamb Weston Holdings (LW) and RPM International (RPM) report earnings
ADP Private Sector Payrolls (Sep)
U.S. Balance of Trade (Aug)
S&P Global Services PMI - Final Reading (Sep)
ISM Non-Manufacturing PMI (Sep)
Thursday, October 6
Constellation Brands (STZ), McCormick & Company (MKC), and Levi Strauss (LEVI) report earnings
Friday, October 7
Nonfarm Payrolls (Sep)
Wholesale Inventories (Aug)
Job Market Moves
On Tuesday, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS) report for August. It’s projected to show job openings scaling back to 11.1 million in August from nearly 11.2 million in July, and down from an all-time high of close to 11.9 million openings in March. The report will also detail the number of hires, quits, and separations.
Payroll provider ADP’s National Employment Report tracking growth in private-sector payrolls for September will follow on Wednesday, and could offer a preview of what to expect from the Labor Department's more detailed jobs report on Friday.
Economists expect the Labor Department’s nonfarm payrolls report to show the U.S. economy added 250,000 jobs in September, down from 315,000 jobs in August as the pace of hiring slows. The unemployment rate is anticipated to remain unchanged at 3.7%, amid what remains a tight labor market. The U.S. jobs market has demonstrated resilience in recent months, despite rising worries Fed tightening could tip the economy into a recession. As of July, the labor market has recovered all job losses incurred during the onset of the COVID-19 pandemic.
PMI Survey Readings
On Monday, S&P Global will release the final September reading of its Manufacturing PMI survey, tracking business activity and executive confidence within the goods-producing sector. The index reading rose slightly to 51.8 in September from 51.5 in August. The current reading is down significantly from a pandemic-era high of 63.4 in August of 2021, with any reading below 50 signaling deteriorating business conditions. Supply chain bottlenecks, along with flagging consumer demand as prices rise have caused a broad slowdown in the manufacturing sector this year.
The U.S. labor market could take the spotlight next week, with the release of the Labor Department’s nonfarm payrolls report for September, its August Job Openings and Labor Turnover Survey (JOLTS), and ADP’s private-sector payrolls report. The reports could show how well the labor market has held up against the Fed’s more hawkish monetary policy moves. Purchasing Managers’ Index (PMI) survey readings from S&P Global and the Institute for Supply Management (ISM) will offer updates on the recent performance of the U.S. manufacturing sector. As earnings season approaches, we can also expect key earnings reports from denim maker Levi Strauss and beverage giant Constellation Brands.
Events Calendar:
Monday, October 3
S&P Global Manufacturing PMI - Final Reading (Sep)
ISM Manufacturing PMI (Sep)
ISM Manufacturing Employment Change (Sep)
Construction Spending (Aug)
Tuesday, October 4
Acuity Brands (AYI) and Novagold Resources (NG) report earnings
JOLTS Labor Market Survey Report (Aug)
Factory Orders (Aug)
Wednesday, October 5
Lamb Weston Holdings (LW) and RPM International (RPM) report earnings
ADP Private Sector Payrolls (Sep)
U.S. Balance of Trade (Aug)
S&P Global Services PMI - Final Reading (Sep)
ISM Non-Manufacturing PMI (Sep)
Thursday, October 6
Constellation Brands (STZ), McCormick & Company (MKC), and Levi Strauss (LEVI) report earnings
Friday, October 7
Nonfarm Payrolls (Sep)
Wholesale Inventories (Aug)
Job Market Moves
On Tuesday, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS) report for August. It’s projected to show job openings scaling back to 11.1 million in August from nearly 11.2 million in July, and down from an all-time high of close to 11.9 million openings in March. The report will also detail the number of hires, quits, and separations.
Payroll provider ADP’s National Employment Report tracking growth in private-sector payrolls for September will follow on Wednesday, and could offer a preview of what to expect from the Labor Department's more detailed jobs report on Friday.
Economists expect the Labor Department’s nonfarm payrolls report to show the U.S. economy added 250,000 jobs in September, down from 315,000 jobs in August as the pace of hiring slows. The unemployment rate is anticipated to remain unchanged at 3.7%, amid what remains a tight labor market. The U.S. jobs market has demonstrated resilience in recent months, despite rising worries Fed tightening could tip the economy into a recession. As of July, the labor market has recovered all job losses incurred during the onset of the COVID-19 pandemic.
PMI Survey Readings
On Monday, S&P Global will release the final September reading of its Manufacturing PMI survey, tracking business activity and executive confidence within the goods-producing sector. The index reading rose slightly to 51.8 in September from 51.5 in August. The current reading is down significantly from a pandemic-era high of 63.4 in August of 2021, with any reading below 50 signaling deteriorating business conditions. Supply chain bottlenecks, along with flagging consumer demand as prices rise have caused a broad slowdown in the manufacturing sector this year.