Today was all about the data.First the scoreboard:
Dow: 13,596.93, +18.97, +0.14%
S&P 500: 1,460.26, -0.79, -0.05%
NASDAQ: 3,175.96, -6.6, -0.21%
And now the top stories:
- The first big data point from the U.S. this morning was initial jobless claims out at 8:30 a.m. ET. Initial jobless claims fell to 382K this week, but were higher than expectations of a drop to 375K. Last week’s number was revised up to 385K.
- After the initial claims report Deutsche Bank’s Joseph LaVorgna wrote, “Claims are now in the upper band of their range for the year (352k to 392k). These data indicate that the labour market (and broader economy) continue to struggle to gain momentum. Our preliminary read on September employment is +110k with no change to the unemployment rate at 8.1%.”
- Michael Gapen at Barclays wrote: “Overall, the jobless claims data suggest that little change in labour market conditions has taken place over the previous month. Taking a longer view, the 13-week change in the four-week moving average for both continuing claims and initial claims indicates little momentum in either direction. For the September employment report, scheduled for release on Friday, October 5, we look for headline payrolls to expand by 100k and for private payrolls to rise by 110k.”
- Manufacturing in the U.S. slowed in September with the Markit Flash PMI reading declining to 51.5, from 51.9 in August. New export orders however fell the most since October 2011.
- Up next was the Philly Fed survey for September, which showed that manufacturing in the mid-Atlantic region jumped to its highest level in five months. The key reading of business activity in the manufacturing report climbed to -1.9, better than expectations of a reading of -4.5.
- After Asian markets took a beating in overnight trading, European markets also closed in the red. U.S. markets had recovered most of their losses by noon, but were heading lower in the final minutes of trading. However the Dow which was down 75 points at its lowest, closed up nearly 20 points.
- The Financial Times reported that the troika (consisting of the IMF, the ECB, and the EU) is considering a new debt relief program for Greece. The debt restructuring plan is expected to impact the European countries that contribute to the region’s bailout funds, but not the ECB and IMF. ECB member gives a brilliant explanation of the European crisis and what is being done about it >
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