Stock Market Today: Dow Opens Lower After Jobs Report; Tesla, Exxon, More Premarket Movers; Oil Facing Big Weekly Loss; Bitcoin Price Falls - Barron's

Stock Market Today: Dow Turns Higher After Jobs Report; Tesla, Exxon, More Premarket Movers; Oil Facing Big Weekly Loss; Bitcoin Price Falls

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Last Updated:
Oct. 6, 2023 at 11:39 AM EDT

What to Watch Today

Stocks recover from earlier losses following a stronger-than-expected September jobs report.

The U.S. economy created 336,000 jobs in September, the Labor Department reported on Friday, marking a major surprise jump from August and underscoring continued strength in the labor market despite rising interest rates.

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10 min ago

AES Stock Is the S&P 500’s Worst Performer. Why It Was Downgraded.

UBS analyst Gregg Orrill downgrades shares of AES to Neutral from Buy, citing the effect of higher interest rates on new business at the utility.
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Updated 35 min ago

Stocks reversed earlier losses in morning trading Friday, following a strong September jobs report.

The Dow Jones Industrial Average was up 45 points, or 0.1%, while the S&P 500 rose 0.1%, and the Nasdaq Composite gained 0.4%. All three indexes moved sharply lower immediately following the data release.

The U.S. economy created 336,000 jobs in September, the Labor Department reported on Friday, far above the revised 227,000 jobs recorded in August.

Economists had expected the U.S. economy added 163,000 jobs last month. The unemployment rate remained unchanged from a month prior at 3.8%.

“The Fed will see the jobs report confirming their view that a soft landing is more likely than a serious downturn, and that inflationary pressures are subsiding although the pace of improvement is uncertain,” wrote Bill Adams, chief economist for Comerica Bank.

Updated 1 hour ago

Pioneer Natural, Exxon, AES, Tesla, Rivian, Levi Strauss, and More

A report says Exxon Mobil is close to acquiring Pioneer Natural Resources in a deal that could be worth about $60 billion, shares of utility AES are downgraded, and Tesla is cutting prices of its Model 3 and Model Y vehicles in the U.S.

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Updated 1 hour ago

Stocks were falling Friday after September payrolls flew past estimates.

The Dow Jones Industrial Average fell 126 points, or 0.4%, while the S&P 500 slid 0.5%, and the Nasdaq Composite dropped 0.6%. All three indexes were pointing higher ahead of the data.

The U.S. economy created 336,000 jobs in September, the Labor Department reported on Friday, far above the revised 227,000 jobs recorded in August.

Economists had expected the U.S. economy added 163,000 jobs last month. The unemployment rate remained unchanged from a month prior at 3.8%.

“The huge upside surprise in the monthly jobs report blew any ideas about a cooling labor market out of the water,” wrote Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.

“Regardless of whether another hike occurs, investors are facing the prospect of a hawkish Fed and high interest rates for the foreseeable future.”

1 hour ago

Tesla Cuts U.S. Prices Again. The Stock Is Falling as EV War Rages.

The net cost of a Model 3 sedan for a U.S. buyer who qualifies for the federal tax credit is down about 33% year to date. The net cost for a Model Y buyer is down 39%. Those are huge discounts.

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The dollar snaps back from three consecutive losing sessions as September payrolls rise by 336,000, up from August's upward revised 227,000 and nearly twice as many as expected in a Wall Street Journal poll with economists.

The data add to expectations of another Fed rate increase, although a slowdown in wage growth fuels hopes of a soft landing.

The WSJ Dollar Index rises 0.5% after being around flat before the data. The dollar strengthens 0.9% versus the aussie and around 0.7% versus the yen and the pound and 0.6% versus the euro.

A stronger-than-expected September jobs report seems to suggest the Federal Reserve has more work to do.

Fed futures have penciled in a 24% chance of a rate hike at the November meeting, up from a 20.1% chance the day prior, according to the CME FedWatch Tool. The odds of at least one more rate hike by the December meeting jumped to more than 46%, up from 33% a day ago.

“Friday's jobs report suggests that the labor [market] remains very strong and cements the case for an additional Fed rate hike this year, and it also likely delays the pace of eventual rate cuts,” wrote Robert Schein, chief investment officer at Blanke Schein Wealth Management. “Investors will need to get used to the higher for longer narrative on interest rates given the strength of the economy.”

Futures on the Dow, S&P 500, and Nasdaq were all in the red following the jobs report.

Updated 2 hours ago

Watch This Resistance Level

Bitcoin falls Friday after a much stronger-than-expected U.S. monthly jobs report.

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2 hours ago

Treasury yields were pushing higher after a stronger-than-expected September jobs report as equities took a tumble.

The 10-year yield rose to 4.860% Friday, on pace for its highest closing yield since July 25, 2007, according to Dow Jones Market Data.

“The speed of the ongoing sell-off at the long end of the U.S. Treasury bond market is alarming and will likely be concerning to the public, investors, and particularly to the Fed and fiscal policymakers,” wrote William Blair analyst Richard de Chazal.

“However, the impact on the economy and the response from policymakers will also naturally depend on the components driving the rise in yield,” he continued.

3 hours ago

A Surprise Jump From August

Economists had forecast the economy added 163,000 jobs in September.

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