Stock market today: US indexes drop as investors prepare for wave of jobs data this week
US stocks edged lower on Monday as investors prepare for a wave of employment data this week.
Job openings data on Tuesday, the ADP employment report on Wednesday, initial jobless claims on Thursday, and the September jobs report on Friday are on the docket this week for investors to parse through.
Economists expect about 145,000 jobs added to the economy in September, with the unemployment rate staying flat at 4.2%.
With the Fed shifting its focus from inflation to the jobs market, the employment data could have a sizable impact on the future path of interest rate cuts.
Here’s where US indexes stood at 9:55 a.m. on Monday:
- S&P 500: 5,732.41, down 0.1%
- Dow Jones Industrial Average: 42,105.75, down 0.5% (208 points)
- Nasdaq composite: 18,162.27, up 0.2%
Overseas, investors saw extreme price moves in Asian stock markets on Monday.
The CSI 300 soared 8.5% on Monday in its best day since 2008, after the China government announced various stimulus measures aimed at revitalizing its economy. That’s in addition to a 16% surge in the index last week.
On the flip side, Japan’s stock market, as measured by the Nikkei 225, tumbled about 5% on Monday as investors reacted to its ruling party choosing Shigeru Ishiba as the country’s next Prime Minister.
Here’s what else is going on:
- DirecTV and Dish Network are combining to form a massive pay-TV provider.
- A dockworker strike at shipping ports across the East Coast could occur on Tuesday, leading to potential supply chain disruptions.
- Trump Media stock is down 70% since going public. One expert warns its $3 billion valuation is too rich.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil was down 0.29% to $67.98 a barrel. Brent crude, the international benchmark, was lower by 0.21% to $71.39 a barrel.
- Gold was down 0.27% to $2,661.30 an ounce.
- The 10-year Treasury yield was higher by 1 basis point at 3.764%.
- Bitcoin was lower by 2.47% to $63,991.
