Stock futures cut lower to start the week

Date:

Traders work on the floor of the New York Stock Exchange.

NYSE

Equity futures fell on Sunday night after closing near the flatline on Friday after investors dispelled concerns about a much weaker labor market report released on Friday.

The Dow Jones Industrial Average futures fell 6 points, or 0.02%. S & P 500 and Nasdaq 100 futures fell 0.18% and 0.27%, respectively.

In regular trading on Friday, the Dow fell 8.69 points to 34,746.25. The S & P 500 fell 0.2% to 4,391.34. The Nasdaq Composite fell 0.5% to 14,579.54.

The market initially responded to disappointing employment reports that lowered key averages, but investor concerns eased after digesting the data and realizing that things weren’t as dark as the data initially suggested. ..Ministry of Labor on Friday Economy added only 194,000 jobs in September Compared to Dow Jones’ estimated $ 500,000.

“The three-month moving average of non-farm payrolls is strong at 550,000,” said Joe Labolguna, chief American economist at Natixis CIB. “At this pace, employment will recoup pandemic-related losses by July next year. The employment market is recovering well and the Fed will begin tapering with a goal of completing it around June next month. Let’s do it. “

Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance, added that “very bad” employment reports were needed to upset the Fed’s plans to begin eliminating stimulus. I believe it’s bad to stop them. “

In addition, the unemployment rate itself fell to 4.8%, much lower than economists predicted.

This week, the big banks will start their third quarter earnings. JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup will report on Wednesday. Delta Air Lines and the Walgreens Boots Alliance are also on the deck.

Analysts predict that the S & P 500 will grow profits by 27.6% in the third quarter and index prices will rise by 15% over the next 12 months, according to FactSet. However, the financial sector is expected to see the least price increase as the upward difference between the bottom-up target price and the closing price on October 6 was the smallest.

There are no economic data scheduled for Monday.

Stock futures cut lower to start the week

Source link Stock futures cut lower to start the week

The post Stock futures cut lower to start the week appeared first on Eminetra.

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