Market Moves You Need to See Stocks End Lower As More Jobs Data Awaits
[Kevin Matras - EVP - Photo]
Profit from the Pros By Kevin Matras
Executive Vice President Stocks End Lower As More Jobs Data Awaits [Stocks End Lower As More Jobs Data Awaits]Image: Bigstock Stocks closed modestly lower yesterday, giving up earlier intraday gains, as the market awaits more jobs data. Yesterday's ADP Employment report came in weaker than expected at 103,000 private payroll jobs in November vs. the consensus for 123,000. The report was cheered in the morning, but soon came off their highs before turning lower. A 100K+ jobs report is not a bad report. And missing by 20,000 is not that much. Lately, economic reports coming in on the slightly weaker side have been viewed as a positive for the market as it underscores the idea that the Fed does not need to raise rates any further. And their 'higher for longer' stance may not need to be as long either. Today we'll get more jobs data with the Challenger Job-Cut Report, and the Weekly Jobless Claims. But the jobs report everybody is really waiting on is Friday's Employment Situation report. At the moment, the consensus is calling for 180,000 jobs being created in November (150K in the private sector and 30K in the public), while the unemployment rate stays the same at 3.9%. That comes out at 8:30 AM ET tomorrow. In other news, yesterday's MBA Mortgage Applications rose by 2.8% w/w as Treasury yields and mortgage rates fell. Purchases were down -0.3%, but refi's were up a sharp 13.9%. The International Trade in Goods and Services report showed the trade deficit expanding to -$64.3 billion vs. last month's -$61.2B and views for -$64.1B. The Productivity and Costs report showed nonfarm productivity up 5.2% (annual rate) vs. last month's 4.7% and estimates for 4.8%. Conversely, unit labor costs were down -1.2%. In addition to the two jobs reports out this morning, we'll also get Wholesale Inventories, and Consumer Credit. But again, the main event this week will be Friday's Employment report. With 2 days left, the indexes are currently lower for the week. But not by much. And one good report could easily put stocks back on the plus side and vying for new YTD highs. A few modest down days have not done anything to mess up the current Q4 rally. And with the seasonal trends in the markets favor, it looks like there's more upside to go. See you tomorrow, [Kevin Matras - Signature] Kevin Matras
Executive Vice President, Zacks Investment Research [Look Inside All Zacks Private Portfolios. Only $1.]( Through good markets and bad, one unique stock-picking method has more than doubled the market's average gain with an incredible +24.0% per year. A $10,000 investment in 1988 could have grown to $21.7 million today. By closely tracking the most influential force impacting stock prices, the Zacks Rank has arguably become the most powerful predictive tool in the investing world. Starting today, we'll open the vault for one month so you can see all our real-time buys and sells. Total cost $1, and not a cent of further obligation. Special opportunity ends at midnight Sunday, December 10. [See Stocks Now »]( Most Popular Articles from Zacks.com [4 Stocks to Buy on Solid Jump in Services Sector Activity]( The U.S. services sector, which has witnessed a slowdown lately owing to the ongoing inflationary pressures, is now showing signs of recovery. [Read More »]( [Q4 Earnings: What Can Investors Expect?]( Earnings estimates for Q4 have been steadily coming down since the quarter got underway, with the negative revisions trend fairly broad-based. [Read More »]( [Uncertainty on the Rise in 2024: 3 Stocks Investors Should Buy]( These select stocks should perform well regardless of the kind of economic landscape. [Read More »]( [Online Learning Company Gains Traction as Universities Jump Aboard]( This online course provider has soared to a 52-week high and is one of 2023's biggest winners. [Read More »]( [Magnificent Seven ETFs: A Review of 2023 & What Lies Ahead]( The Magnificent Seven stocks had a great 2023 and played a key role in pushing the S&P 500 and the Nasdaq higher. [Read More »]( [What's Today's Top Rated Mutual Fund?]( Use the Zacks Mutual Fund Rank, a quantitative ratings system designed to help you find the best funds to beat the market. See which ones to buy, which to sell and track your favorite mutual fund family. [Get started now »]( [Bull of the Day: Zoom Video Comms (ZM)]( With its versatile platform, the work-from-home trend, and the favorable valuation, ZM should be higher in six to twelve months. [Read More »]( [New Zacks Strong Buys for December 7th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( More Zacks Resources Mobile App
Download our app for convenient on-the-go access to even moreâdaily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Zacks Members' Success Stories
Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms of Service". [www.zacks.com/terms_of_service]( Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through October 2, 2023. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit [( for information about the performance numbers displayed above. Zacks Emails
If you would prefer to not receive future profit-producing emails from [Zacks.com]( the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please [click here]( and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research
10 S. Riverside Plaza, Suite 1600
Chicago, IL 60606