Stocks End Modestly Lower, All Eyes On This Morning's Jobs Report

Market Moves You Need to See Stocks End Modestly Lower, All Eyes On This Morning's Jobs Report [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks End Modestly Lower, All Eyes On This Morning's Jobs Report [Stocks End Modestly Lower, All Eyes On This Morning's Jobs Report]Image: Bigstock Stocks closed modestly lower yesterday, but well off their lows of the day. The 10-year Treasury yield was modestly lower as well. Yesterday's Weekly Jobless Claims report showed new claims rose by 2,000 to 207,000, coming in under the consensus for 210,000. And the Challenger Job-Cut Report came in at 47,457, down from last month's elevated 75,151. But all eyes will be on this morning's Employment Situation Report. Last month's report showed more jobs were created than expected, but that job growth cooled from its record setting pace, while hourly wage growth rose less than expected. Robust job growth is wanted, but not rip-roaring job growth as that signals the increase in interest rates is not having as much of an effect at slowing the economy down (and thus inflation) as expected. Friday's Employment Situation Report is expected to show 160,000 new jobs were created in September (150K in the private sector and 10K in the public), with the unemployment rate ticking lower to 3.7% from 3.8%, and average hourly wages coming in unchanged from last month at 4.3%. An overly hot number could weigh on stocks today as that would suggest more rate hikes could be needed, while a more moderate number could be cheered. But a terribly low number could be sold as well as that would reignite recession fears. We shall see. That report will be released at 8:30 AM ET. With one more trading day to go, the Dow and the S&P are lower for the week, while the Nasdaq is slightly higher. But one good day could lift them all into the green for the week. 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