Strike Over, Jobs Hot as Soft Landing in Sight | Moovin Stonks

Kevin Travers joined discussion · Oct 4 22:34

Strike Over, Jobs Hot as Soft Landing in Sight | Moovin Stonks

Good morning, traders. Happy Friday, October 4th. The new jobs numbers came in hot- 254k new payrolls in September, compared to estimates of 147k. That and the lower BLS Unemployment rate sent the market back into a climb with nine out of 11 sectors of the S&P 500 in the green.

It has been a volitile week, my name is Kevin Travers; here stonks and stories you have to know about on Wall Street Today.

$ZIM Integrated Shipping (ZIM.US)$ fell 12% Friday after Longshoremen across the U.S. suspended their strike until January 15, after port operators agreed to raise pay by more than 60% for the following six years. Shipping stocks like ZIM fell after the striking higher shipping costs no longer seemed like a sure thing.

$Amentum Holdings (AMTM.US)$ , a newly listed stock of the S&P 500, was again one of the index's most volitile, climbing 7% Friday. After its Sept. 24 listing, the stock has flown up and down, and climbed 25% on Monday, as hedge funds and indexes buy into the stock.

$Spirit Airlines (SAVE.US)$ sank a dramatic 28% Friday morning after reporters late Thursday the firm was in talks for a potential bankruptcy. According to the Wall Street Journal, the firm is considering a Chapter 11 filing during restructuring conversations.

Within industries tracked by moomoo, airlines were taking flight after competitor Spirit fell from cruising altitude. $Frontier Group (ULCC.US)$ soared 21%, $JetBlue Airways (JBLU.US)$ flew 15%, and $American Airlines (AAL.US)$ climbed 7%.

$Crude Oil Futures(FEB5) (CLmain.US)$ continued to climb, up about 8% in the past week following Iran attacks on Israel. The retaliatory attack has not yet come.

$XAU/USD (XAUUSD.CFD)$ traded down early on Friday, moving sharply lower as the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed. jumped 3% and 2% higher following the jobs report.

Investors and economists watched the Job report as an indication that the Fed's "soft landing" was underway, and that rate cuts two weeks ago were right on time. Compared to weaker labor reports over the summer, 250k new jobs is back on target.

$Bitcoin (BTC.CC)$ climbed to $61k.

Just past 10:34 am ET the $S&P 500 Index (.SPX.US)$ climbed 0.11%, the $Dow Jones Industrial Average (.DJI.US)$climbed 0.02%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.32%.

In macro, all eyes were on the September labor report.

Fed's Goolsbee, speaking Friday on Bloomberg TV said if we get more jobs reports like this, the FOMC is confident the country is reaching "full employment." he said it was yet another piece of great news for the economy, but as a part of a larger trend, he begged caution. Fed policymakers are planning on large rate cuts in the coming 18 months, he said, and he warned the should lean toward more restrictive as they turn the valve.

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Yesterday, users were excited for a market that would not give up, and were trying to invest while facing high volitility.

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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