Stock Market Today: Stocks Slip From Highs, But Try To Recover Amid Jobs Report Miss; Banks Up | Stock News & Stock Market Analysis

The major market indexes edged lower in early morning trade Friday. According to the Labor Department, the U.S. economy lost 33,000 jobs in September, partly due to the impact of hurricanes Harvey and Irma. The figure came in well-below expectations for a 100,000-jobs gain. The unemployment rate fell to 4.2%, the lowest since early 2001.

XAutoplay: On | Off The tech-heavy Nasdaq fell 0.1%, on pace to snap an eight-day winning streak. Meanwhile, the S&P 500 and Dow Jones industrial average slipped 0.2% and 0.1%, respectively.

Among the Dow Jones Industrial components, financial component JPMorgan (JPM) trimmed gains to 0.3%. The top bank stock is still in buy range from a 95.32 flat-base buy point.

On the downside, Wal-Mart Stores (WMT) declined 0.7% as it forms a flat base with a 82.09 buy point. The 50-day line has proved to be formidable resistance so far. Look for the retailer to attempt to regain that line.

Global investment banks were on the move higher in the stock market today amid comments from Fed President Robert Kaplan that he is still open to a December rate hike despite Friday’s weak September jobs report. The CME FedWatch tool puts the chances of a rate hike in December around 90%. Leading financial Citigroup (C) turned lower, falling 0.1%, and is still extended from a 69.96 flat-base entry. Morgan Stanley (MS) moved up 0.8%, and is in the 5% buy range from a 48.59 cup-with-handle buy point.

FANG stock Amazon.com (AMZN) shrugged off the market’s early weakness to rise 0.4%. The e-commerce giant recaptured its 50-day line Thursday, and is moving further above it. It is forming the right side of a potential base.

Among companies reporting earnings, Costco (COST) reported its fiscal-Q4 results late Thursday, beating top- and bottom-line estimates. Yet, shares still dropped over 5%. The retailer had been building the right side of a potential base, but the decline puts the stock back down through its 200-day line.

Among leading growth stocks, Micron Technology (MU) fell 0.5%, looking to extend a losing streak to three trading sessions. Still, the memory-storage stock has had a big move in a short period of time since a Sept. 1 double-bottom breakout. Shares rose almost 25% from the 32.45 entry.

Within the IBD 50, China-based China Lodging Group (HTHT) surged over 4% to new highs early Friday. The stock is up almost 46% from a 88.18 flat-base buy point.

On the downside, Grubhub (GRUB) extended Thursday’s decline, falling another 1.4%. The stock gave up its 50-day line in above-average volume yesterday after an analyst downgrade.

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