Stock Futures Hit By Surprising Jobs Report – Schaeffers Research (blog)

Dow Jones Industrial Average (DJIA) futures are signaling a lower open for stocks, as traders digest the nonfarm payrolls report for September. The Labor Department’s data revealed a loss of 33,000 jobs for the month, due to the effects of Hurricanes Harvey and Irma, versus expectations of an increase of 90,000. It marked the first monthly jobs contraction since 2010. However, the unemployment rate fell to 4.2%, and hourly wages ticked higher. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also set to open lower, and though stocks are still set to close the week in positive territory, a pullback today would snap all three benchmarks’ impressive win streaks.

Continue reading for more on today’s market, including:

stock futures 2 oct 6


5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 818,779 call contracts traded on Thursday, compared to 563,503 put contracts. The single-session equity put/call ratio jumped to 0.69, and the 21-day moving average edged up to 0.63.
  2. Costco Wholesale Corporation (NASDAQ:COST) stock is down more than 4% before the open, despite the company’s better-than-expected fiscal fourth-quarter earnings report. Investors are eyeing notably lower gross margins for the period, while also considering the company’s newly introduced delivery services. The pending price action could be bad news for COST options traders.
  3. Tech stock Synchronoss Technologies, Inc. (NASDAQ:SNCR), on the other hand, is soaring in pre-market trading, gaining 25.3%, thanks to news the company has resumed transaction talks with Siris Capital. Takeover talks have surrounded the stock throughout 2017, though the shares have fallen 72% year-to-date, gapping lower last month after Siris abandoned its bid for Synchronoss.
  4. Yum China Holdings Inc (NYSE:YUMC) stock is also up in pre-market action, gaining 2.1%, thanks to upbeat earnings. Yum China also announced the departure of CEO Micky Pant. The anticipated move could put the shares within striking distance of their 52-week high of $42.12 from June after settling yesterday at $39.97.
  5. Speeches from Atlanta Fed President Raphael Bostic, New York Fed President William Dudley, and Dallas Fed President Robert Kaplan could also draw attention. While no notable quarterly results are due today, a number of big bank results will mark the start of third-quarter earnings season next week.

stock news october 6

Overseas Trading

Asian stocks rose today ahead of the U.S. jobs report, though volume remained low with markets in China and South Korea shuttered for holiday. In Japan, a cooling yen helped send the Nikkei up 0.3%, with the index hitting a 26-month peak in intraday action. Hong Kong’s Hang Seng also closed up 0.3%, after tapping its highest level in 10 years.

European stocks are mixed, as traders digest the jobs data in the U.S. and keep a cautious eye trained on Spain. Specifically, bank stocks after financial firms Banco Sabadell and CaixaBank SA announced plans to move their headquarters out of newly independent Catalonia. At last check, the French CAC 40 was down 0.2%, while London’s FTSE 100 and Germany’s DAX were both up 0.1% — the latter getting a lift from a larger-than-expected rise in August manufacturing activity.

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