Enough, dow dipping 22 points, s p rising 0. 04 , nasdaq advancing 0. 24 , lets face some facts here. We are fraught with expectations that may or may not pan out on the side of the bulls this week. First lets just deal with what i call the setup. For weeks now weve seen group after group move up. You know that. The health cares, the barnks, te insurers, the Home Builders, the industrials, the techies, so much others. Look, it has been quite a bull market. But last week, last week stalled out, and there are myriad stocks that look like theyre topping or cant get much further without some sort of good news happening, which is certainly possible. But worse, i see contradictions. I see historic moves that are based on false preconceptions 0er an atmosphere that maybe lets call it a tad too bullish for my taste. Lets start with my biggest worry, the feds meeting on wednesday. Now, last week i said bring them on. Bring on the rate hikes. We need them. We need the fed to stop talking about g
Those new worries for the fed on the labor front. September nonfarm payrolls weaker, rising by 142,000 in august. Revised sharply lower to show 136,000 added. The rates stay steady at 5. 1. Average Hourly Earnings come in flat, but we were looking for something in the 0. 2 0. 3 range. Maybe the most biggest disappointment of the year so far. Coupled with the august revision lower. The 2015 average goes to 198,000 jobs created per month. Thats a sharp slowdown. Last year we were averaging 260,000 jobs. Its more than that. If you take the three month average, youre down 267. Which begs the question, whether we like it or not, where are we in the Business Cycle . Regardless of what fed is doing. The whole discussion as to whether rates this low and the fed Balance Sheet this big are able to stimulate the labor market like they think it does. Clearly there are diminishing returns here. The Market Reaction has not been good. Dow futures down 161 points. The treasury note yield slipped below
People and wounded several others at a Community College in oregon. The suspect was shot and killed after being confronted by police. President obama speaking out late yesterday saying that thoughts and prayers are not enough. This is a Political Choice that we make. To allow this to happen every few months in america. We collectively are answerable to those families who lose their loved ones because of our inaction. We will have a live report from oregon in just a bit. Business stories that were watching this morning, credit monitoring from experian disclosing a massive data breach. The information included names, addresses, birth dates, Social Security numbers, drivers license numbers and passport numbers. And in Washington News we have a warning from the treasury secretary. Jack lew says the government will hit its legal debt limit and be unable to borrow more money around november 5th. In a letter to congressional leaders lew is calling on lawmakers to take action to raise the limi
Global commodities crush. And tracking the big storm. Hurricane Joaquin Phoenix may miss the east coast. Were not out of the roads yet. Stocks wiping out the big losses there this morning. The dow was down as much as 258 points earlier. Now its up by 44. The s p by 5. Lets get more. Whats behind the turnaround, bob . Initially, the trades cant decide if bad news is good news again. I want to show you what happened. Take a look at the s p 500. We dropped more than 20 points on the future. We gapped down at the open for the s p 500. I think europeans look to the u. S. For growth help, they initially thought that this might be good news. It wasnt. They, too, also sold. But then, things turned around. If you put up the s p intraday, we had a series of strong rallies about 10 15 or so. Every ten or 15 mine out minu, spikes. You cant see the volume here. The dollar is notably weaker. Thats a big help to global multinationals. E emerson, dover. Inger solrand. Were seeing the Building Products
Wind . They hired families at explore wages superior wages. America tonights michael okwu on whos trying to stay the air out of it. Thanks for joining us, im joie chen. Theres nothing like lower gas prices to make us forget at least for a bit of the need to form new and cleaner forms of energy. Its still a problem you might be surprised that one of the big players in alternative Energy Sources is also the home of big oil. Yes, texas where america tonights michael okwu found winds of change try to take the air out of the new player in the energy business. Reporter youve probably heard the saying, everythings big inner texas. Big trucks, big hats and big oil. You might not know that texas is also home to this big wind. The bottom line is when people think about texas they dont think about wind energy. Right, and weve been the leader since basically 2006. This county put us over spain and over california and made texas a leader and made the u. S. A world leader. Reporter texas accounts fo