My top 10 things to watch Friday, Oct. 4 1. Stocks jumped after a much stronger-than-expected September jobs report. Bond yields also rose in response, with the 10-year reaching its highest levels since early August. The early stock gains, if they hold, would cut into weekly losses. The Nasdaq has been the biggest loser through Thursday, down more than 1%. 2. The U.S. added 254,000 jobs in September, soaring past the Dow Jones estimate of 150,000 and accelerating from an upwardly revised 159,000 in August. The unemployment rate dropped to 4.1%, a level last seen in June. Needless to say, this is not a recessionary number at all. The market is now pricing in 87% odds of a traditional 25 basis point cut at the Fed’s November meeting, up from around 68% Thursday, according to the CME FedWatch tool . 3. Oil prices rose modestly early Friday and were up more than 8% in the past five sessions as traders fret over escalating Mideast tensions. If Israel responds to Iran’s missile attack by taking out Iranian oil infrastructure, that would be almost 4 million barrels a day made up by Saudi Arabia and the U.S., but it would be eliminating oil that largely goes to China. 4. The three-day port strike ended with a tentative labor deal Thursday and a contract extension for time to negotiate details and hash out automation terms. Good news because Club name Costco ran out of lots of categories. 5. Rivian shares dropped 8% after the EV maker lower its production target — down from 57,000 units to between 47,000 and 49,000 — is due to a “production disruption.” 6. JPMorgan trimmed its Constellation Brands price target but kept its buy-equivalent rating after Thursday’s mixed financials. CEO Bill Newlands will be on “Mad Money” later. I’m not happy with the Club stock but on the fence until the interview. 7. Citi included Club name Meta Platforms among its top picks. The analysts like Meta for its strong engagement across platforms and the company’s innovations in digital advertising. 8. UBS cut its Humana price target to $250 per share from $380. The move came after a brutal four session selloff over a drop in Medicare Advantage quality ratings. The company will probably lose its appeal. 9. Wedbush cut its Domino’s Pizza target to $470 per share from $510 and removed the stock from best ideas list. The analysts cited pressures from the value push from the likes of McDonald’s and others. 10. JPMorgan opened a positive catalyst on Abercrombie & Fitch , which did miss the last quarter. It could be interesting but teen fashion is so hard to game. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
My top 10 things to watch Friday, Oct. 4
1. Stocks jumped after a much stronger-than-expected September jobs report. Bond yields also rose in response, with the 10-year reaching its highest levels since early August. The early stock gains, if they hold, would cut into weekly losses. The Nasdaq has been the biggest loser through Thursday, down more than 1%.
2. The U.S. added 254,000 jobs in September, soaring past the Dow Jones estimate of 150,000 and accelerating from an upwardly revised 159,000 in August. The unemployment rate dropped to 4.1%, a level last seen in June. Needless to say, this is not a recessionary number at all. The market is now pricing in 87% odds of a traditional 25 basis point cut at the Fed’s November meeting, up from around 68% Thursday, according to the CME FedWatch tool.
3. Oil prices rose modestly early Friday and were up more than 8% in the past five sessions as traders fret over escalating Mideast tensions. If Israel responds to Iran’s missile attack by taking out Iranian oil infrastructure, that would be almost 4 million barrels a day made up by Saudi Arabia and the U.S., but it would be eliminating oil that largely goes to China.
