Jobs data to be released today
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US Markets Stocks are down overnight in anticipation of the September jobs report that will be released today. The report, which is expected to show whether recent rate hikes have impacted the job market, could influence future rate decisions. - All sectors of the S&P 500, aside from energy, were down on Thursday. The energy sector gained 1.8% on the day and is on track to finish the week up nearly 15%.
- Economists are projecting that the unemployment rate will be at around 3.7% with 275,000 jobs added last month.
- The current 10 Year U.S. Treasury yield is set at 3.82640%
| Dow Jones | 29,926.94 | -1.15% | | S&P 500 | 3,744.52 | -1.02% | | Nasdaq | 11,073.31 | -0.68% | | Russell 2000 | 1,752.51 | -0.58% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Stocks To Watch As we enter earnings season, I will try to spotlight more stocks throughout the week so that those trading more actively can have some ideas for trades based on earnings. - AMD was down 3.9% overnight after the company warned that its third-quarter results would be worse than expected. AMD issued the warning in a pre-earings announcement, which is relatively rare and only done when companies are in damage control and don't want to surprise their investors with a negative earnings call. AMD estimates that its Q3 earnings will show a revenue of $5.6B, which is $1.2B less than the estimate issued in an earlier earnings call.
- Exxon is currently on track for its best trading week in 48 years. The stock rose 3% yesterday, is up overnight, and has so far gained 17% this week.
- Levi Strauss is down 6.5% overnight as the company missed its revenue projections for Q3. However, Levi posted larger margins than expected. A stronger USD allowed the company to save on production costs, but its overseas revenue decreased.
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Canadian Markets Tiff Macklem, the governor of the Bank of Canada, said in a speech on Thursday that the economy is still in excess demand and that the underlying inflationary pressures continue. - While the U.S. Federal Reserve has been less hawkish recently, Macklem confirmed the bank of Canada intends to remain aggressive with its interest rate hikes.
- Canada's current benchmark on the two-yield bond yield is up to its highest point since the Great Recession.
- In the past seven months, the bank of Canada has raised rates by 3 percentage points, and analysts predict another percentage point increase by the end of 2022.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks continued their downward trajectory amid increased volatility in the markets. - The Stoxx 600 fell 0.5% after gaining nearly 1% earlier in the day.
- Almost every industry finished the day in the red, with losses led by utility stocks, which dropped 1.9%.
- Technology, automotive, and travel stocks posted gains, bucking the trend.
| Euro STOXX 50 | 3,433.45 | -0.41% | | UK (FTSE 100) | 6,997.27 | -0.78% | | Germany (DAX) | 12,470.78 | -0.37% | | France (CAC 40) | 5,936.42 | -0.82% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Asia were down early on Friday morning after a negative trading day on Thursday. - Markets in mainland China remain closed for the holidays.
- Samsung was down after announcing a 31.7% decline in operating profit.
- Stocks in Asia are being negatively impacted by the uncertainty surrounding the U.S. Federal Reserve's future monetary policy.
| S&P Asia 50 | 4,041.35 | -0.42% | | Japan (Nikkei 225) | 27,074.19 | -0.87% | | South Korea (KOSPI) | 2,223.90 | -0.62% | | China (Hang Seng) | 18,012.15 | -0.42% | | India (SENSEX) | 58,222.10 | 0.27% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices were up slightly, continuing the upward movement from earlier this week. Current prices represent a three-week high. - Brent crude gained 1.1% while U.S. West Texas Intermediate rose 0.8% on Thursday.
- Brent crude was up on Friday morning in Asian trading, indicating that there is likely to be another increase to close the week.
- The Biden Administration said it plans to work with Congress to counteract the OPEC+ decision to cut oil output in a bid to boost oil prices.
| Oil (NYSEARCA:OIL) | 31.68 | 1.80% | | Gold (NYSEARCA:GLD) | 159.63 | -0.11% | | Silver (NYSEARCA:SLV) | 19.04 | 0.26% | | Corn (NYSEARCA:CORN) | 27.09 | -0.84% | | Lumber (NASDAQ:WOOD) | 67.51 | -1.66% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar surged ahead of the jobs report due later today, which could influence future rate decisions. - The Euro was down after preliminary data showed that Germany will likely enter a recession early next year due to the current energy crisis.
- The British Pound sank as investors responded negatively to a speech from Prime Minister Liz Truss.
- The Australian Dollar fell 1% after rising earlier this week following an interest rate hike of 25 basis points.
| UK(GBP) | £0.90 | 2.75% | | Europe (EURO) | €1.02 | 2.00% | | Canada (Canadian Dollar) | $1.37 | 1.77% | | Japan (Yen) | ¥145.01 | 0.85% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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