Stock Market Today : Stocks Rise After September Jobs Report
Friday s stock market saw a positive response following a stronger-than-expected jobs report, with the U.S. adding 254,000 new jobs in September, surpassing economists estimates. The unemployment rate also decreased to 4.1%. Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, views this as a solid backdrop for stock ownership, as the Federal Reserve has ceased rate hikes and is considering a quarter-percentage point rate cut at its November meeting. However, single-stock performances varied. Rivian Automotive (RIVN) saw a decline of 3.2% due to lower-than-expected third-quarter deliveries and a reduced full-year production outlook. Tesla (TSLA) stock rose by 3.9% ahead of its anticipated robotaxi event, but Bernstein analyst Toni Sacconaghi Jr. expressed concerns about Tesla s progress in comparison to Waymo and Cruise, which are already operating robotaxis in the U.S. Spirit Airlines (SAVE) stock dropped by 24.6% after reports suggested the low-cost carrier may file for Chapter 11 bankruptcy. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all saw gains, with the Dow rising 0.8%, the S&P 500 gaining 0.9%, and the Nasdaq Composite increasing by 1.2%. The economic calendar remains active, with the upcoming release of the September Consumer Price Index (CPI) and the start of the third-quarter earnings season, featuring several major banks.
Source: kiplinger.comPublished on 2024-10-04
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