• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

S&P 500 ends lower after U.S. September jobs miss

October 9, 2021 by David Barret Leave a Comment

October 8, 2021

By Noel Randewich and Devik Jain

(Reuters) – The S&P 500 ended lower on Friday after data showed weaker jobs growth than expected in September, yet investors still expected the Federal Reserve to begin tapering asset purchases this year.

Wall Street’s three main indexes were mixed for much of the session before losing ground toward the end. All three indexes posted weekly gains.

Comcast Corp tumbled after Wells Fargo cut its price target on the media company, while Charter Communications Inc fell after Wells Fargo downgraded that cable operator to “underweight” from “overweight”.

Both companies were among the biggest drags on the S&P 500 and Nasdaq.

Real estate and utilities were the poorest performers among 11 S&P 500 sector indexes, down 1.1% and 0.7%, respectively.

The S&P 500 energy sector index jumped 3.1%, with oil up more than 4% on the week as a global energy crunch has boosted prices to their highest since 2014.

Chevron and Exxon Mobil rallied more than 2% and were among the companies giving the S&P 500 the greatest lift.

The Labor Department’s nonfarm payrolls report showed the U.S. economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The unemployment rate fell to 4.8% from 5.2% in August and average hourly earnings rose 0.6%, which was more than expected.

“I think that the Federal Reserve made it very clear that they don’t need a blockbuster jobs report to taper in November,” said Kathy Lien, Managing Director at BK Asset Management in New York. “I think the Fed remains on track.”

Futures on the federal funds rate priced in a quarter-point tightening by the Federal Reserve by November or December next year.

The Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&P 500 lost 0.19% to 4,391.35.

The Nasdaq Composite dropped 0.51% to 14,579.54.

For the week, the S&P 500 rose 0.8%, the Dow added 1.2% and the Nasdaq gained 0.1%.

Third-quarter reporting season kicks off next week, with JPMorgan Chase and other big banks among the first to post results. Investors are focused on global supply chain problems and labor shortages.

Analysts see Q3 U.S. earnings growth of 30%: https://ift.tt/2WUacl5

Analysts on average expect S&P 500 earnings per share for the quarter to be up almost 30%, according to Refinitiv.

“I think it’s going to be a dicey earnings season,” warned Liz Young, head of investment strategy at SoFi in New York. “If supply-chain issues are driving up costs, a company with strong pricing power can pass through those rising costs. But you can’t pass through a labor shortage if you can’t find workers to hire.”

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored decliners.

The S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 86 new highs and 113 new lows.

Volume on U.S. exchanges was 9.2 billion shares, compared with the 11 billion average over the last 20 trading days.

(Additional reporting by Devik Jain, Susan Mathew, Bansari Mayur Kamdar and Anisha Sircar, Editing by Maju Samuel and David Gregorio)

Source Link S&P 500 ends lower after U.S. September jobs miss

David Barret
David Barret

Related posts:

  1. Guns, drugs, jobs. In these Venezuelan towns, Colombian rebels call the shots
  2. ADM launches flavour production facility in China to meet growing demand
  3. Commerzbank to appoint new board members from Erste and Roland Berger – Handelsblatt
  4. Which form of venture debt should your startup go for?

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • What Is Kakeya’s Needle Problem, And Why Do We Want To Solve It?
  • “I Wasn’t Prepared For The Sheer Number Of Them”: Cave Of Mummified Never-Before-Seen Eyeless Invertebrates Amazes Scientists
  • Asteroid Day At 10: How The World Is More Prepared Than Ever To Face Celestial Threats
  • What Happened When A New Zealand Man Fell Butt-First Onto A Powerful Air Hose
  • Ancient DNA Confirms Women’s Unexpected Status In One Of The Oldest Known Neolithic Settlements
  • Earth’s Weather Satellites Catch Cloud Changes… On Venus
  • Scientists Find Common Factors In People Who Have “Out-Of-Body” Experiences
  • Shocking Photos Reveal Extent Of Overfishing’s Impact On “Shrinking” Cod
  • Direct Fusion Drive Could Take Us To Sedna During Its Closest Approach In 11,000 Years
  • Earth’s Energy Imbalance Is More Than Double What It Should Be – And We Don’t Know Why
  • We May Have Misjudged A Fundamental Fact About The Cambrian Explosion
  • The Shoebill Is A Bird So Bizarre That Some People Don’t Even Believe It’s Real
  • Colossal’s “Dire Wolves” Are Now 6 Months Old – And They’ve Doubled In Size
  • How To Fake A Fossil: Find Out More In Issue 36 Of CURIOUS – Out Now
  • Is It True Earth Used To Take 420 Days To Orbit The Sun?
  • One Of The Ocean’s “Most Valuable Habitats” Grows The Only Flowers Known To Bloom In Seawater
  • World’s Largest Digital Camera Snaps 2,104 New Asteroids In 10 Hours, Mice With 2 Dads Father Their Own Offspring, And Much More This Week
  • Simplest Explanation For “Anomalous” Signals Coming From Underneath Antarctica Ruled Out
  • “Lizard Shampoo” And Pagan Texts Suggest “Dark Age” Medicine Wasn’t So Dark After All
  • Japanese Macaques May Mourn Their Dead – As Long As They’re Not Maggot-Infested
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version