Wall Street Today | Surprisingly Strong Hiring Sends Bond Yields Higher
MACRO
Surprisingly Strong Hiring Sends Bond Yields Higher
Surging U.S. job growth shattered investors’ expectations in the latest sign of accelerating economic momentum, stoking a brisk bond market selloff and sending longer-term borrowing rates to new 16-year highs.
Employers added 336,000 jobs in September, the strongest gain since January and up sharply from the prior month’s upwardly revised 227,000 gain, the Labor Department said Friday. Job growth was also stronger in July than previously estimated.
The report suggests the economy gained strength through the summer, fueled partly by brisk consumer spending. The jump in hiring keeps the door open to another Federal Reserve interest-rate increase this year.
SECTORS
Oil Heads for Worst Weekly Loss Since March as Rate Fears Flare
Oil headed for its biggest weekly drop since March as the possibility of higher interest rates roils financial markets, overshadowing the tight physical setup for crude that caused prices to skyrocket in the third quarter. West Texas Intermediate traded around $82 a barrel, tumbling about 9% this week. The commodity is now at its lowest since August, having erased the gains from the extension of production cuts by Saudi Arabia and Russia.
Growing angst about further rate increases and a longer period of hawkish monetary policy has provided the backdrop for oil’s recent selloff
UAW Says 'Strike is Working' as GM Makes Concessions on EV Battery Workers
The United Auto Workers said General Motors made concessions in talks, agreeing to put EV battery plant workers under the union's "master agreement" in response to union threats to strike at one of its biggest money-making assembly plants.
The UAW has ratcheted activity against different automakers each week in its first coordinated strike against General Motors $General Motors(GM.US$ and Chrysler parent $Stellantis NV(STLA.US$, now entering its fourth week.
"Our strike is working but we’re not there yet," said President Shawn Fain.
COMPANIES
Exxon Near $60 Billion Deal to Buy Shale Driller Pioneer Natural Resources
$Pioneer Natural Resources(PXD.US$ soared following a report in The Wall Street Journal that Exxon Mobil is closing in on a deal to buy the Texan shale driller for about $60 billion. $Exxon Mobil(XOM.US$ declined on the news.
Coca-Cola and PepsiCo’s Stocks Fall After Walmart Says Weight-Loss Drugs Have Customers Cutting Back on Calories
$Coca-Cola(KO.US$ was up 0.9% while shares of $PepsiCo(PEP.US$ dipped 0.2% after $Walmart(WMT.US$ U.S. chief executive said the new class of weight-loss drugs like Ozempic and Wegovy were causing customers to buy fewer groceries and cut back on those that are high in calories.
Levi Stock Falls on Cautious Outlook
$Levi Strauss & Co.(LEVI.US$ dropped after the retailer late Thursday cut its outlook for the full year and its executives noted a “continued softness in the wholesale channel, primarily in the U.S.”
Tesla Cuts Prices of Model 3, Model Y Vehicles in U.S.
$Tesla(TSLA.US$ slipped after the automobile maker cut the price of its Model 3 cars from $40,240 to $38,990 and dropped the cost of its Model Y electric vehicles from $50,990 to $45,990 in the U.S.
Philips Share Dice as FDA Calls for More Testing on Recalled Devices
$Royal Philips(PHG.US$ shares dropped after the U.S. Food and Drug Administration called for more testing of its recalled sleep and respiratory devices, following concerns about foam used in millions of recalled products.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
37KFollowers
26Following
38KVisitors
Follow
Chak : Is there a live TV? Where are you? Who is this message is alive o’clock 2 o’clock in the afternoon so that today the stock market reverse at 1 o’clock to Omar 2 o’clock so we can make some profit