Stocks were essentially unchanged last week as geopolitical tensions added some volatility to an otherwise quiet trading week. The Dow Jones Industrial Average was flat (+0.09 percent), while the Standard & Poor’s 500 Index ticked up 0.22 percent. The Nasdaq Composite also was flat (+0.10 percent). The MSCI EAFE Index, which tracks developed overseas stock markets, was a bit more unsettled by the geopolitical events, dropping 3.74 percent.1,2 Stocks Flat, Oil SpikesStocks posted modest gains on Monday, encouraged by upbeat comments in a speech by Fed Chair Jerome Powell. However, the modest gains pushed the S&P 500 and Dow to fresh records.3 As Middle East tensions escalated on the first day of October, stocks fell, bond yields rose, and oil prices rose as the news unfolded.4 On Wednesday, all three averages were flat. An ADP report showed higher-than-expected private sector job growth—a metric investors focus on. Oil prices continued to rise as investors watched the developments in the Middle East.5,6 Then, on Friday, stocks rallied after the Labor Department’s September jobs report topped expectations.7 |
Jobs Out FrontThe Labor Department’s jobs report gave investors some much-welcomed insights into the jobs market. At its September meeting, the Fed indicated it was watching the jobs market as closely as inflation, so updates on the jobs market are now considered as important as inflation reports.8 The report showed employers added 254,000 jobs, about 100,000 more than economists expected. It also showed that unemployment ticked down to 4.1 percent last month.9 This Week: Key Economic DataMonday: Fed Officials Neel Kashkari, Raphael Bostic, and Alberto Musalem speak. Consumer Credit. Tuesday: International Trade in Goods & Services. Fed Officials Raphael Bostic and Susan Collins speak. Wednesday: FOMC Minutes. EIA Petroleum Status Report. Fed Officials Raphael Bostic, Lori Logan, Austan Goolsbee, Thomas Barkin, Susan Collins and Mary Daly speak. Thursday: Consumer Price Index. Weekly Jobless Claims. Fed Balance Sheet. Fed Official John Williams speaks. Friday: Producer Price Index. Consumer Sentiment. Fed Officials Austan Goolsbee, Lori Logan, and Michelle Bowman speak. Source: Investors Business Daily – Econoday economic calendar; October 4, 2024 This Week: Companies Reporting EarningsTuesday: PepsiCo, Inc. (PEP) Thursday: Infosys / American Noble Gas Inc. (INFY), Delta Air Lines, Inc. (DAL) Friday: JPMorgan Chase & Co. (JPM), Wells Fargo & Company (WFC), The Progressive Corporation (PGR), BlackRock, Inc. (BLK), The Bank of New York Mellon Corporation (BK) Source: Zacks, October 4, 2024 |
“You can’t judge right from looking at what’s wrong.” – Bo Diddley |
Protect Your Financial Safety in Case of a Natural DisasterNo matter where you live, you should be aware of possible natural disasters in your area and plan accordingly by considering the following tax tips:
Tip adapted from IRS10 |
The Scale Isn’t Everything: More-Comprehensive Ways to Measure Your HealthPut the scale away for a little while and try these techniques to focus on your overall health rather than just a number:
These are just a few ways to check in with yourself on your fitness and wellness journey without the scale. Tip adapted from Daily Burn11 |
I have rough skin and sometimes more than two eyes, but I can be tasty when prepared plainly and simply. Just what am I? Last week’s riddle: What invention permits you to peer through any wall? |
Hot springs, Dallol, Danakil Depression, Afar Region Ethiopia, Africa |
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Footnotes and Sources1. The Wall Street Journal, October 4, 2024 2. Investing.com, October 4, 2024 3. CNBC.com, September 30, 2024 4. The Wall Street Journal, October 1, 2024 5. The Wall Street Journal, October 2, 2024 6. The Financial Times, October 3, 2024 7. The Wall Street Journal, October 4, 2024 8. The Wall Street Journal, October 2, 2024 9. The Wall Street Journal, October 4, 2024 10. IRS.gov, July 24, 2024 11. Daily Burn, July 24, 2024 |