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Market Update 10/09/23

Hashim Effendi

Markets gained between Oct. 3 and Oct. 9 due to positive economic data regarding the job market.

Markets closed lower on Tuesday due to pessimistic investor outlook on the Federal Reserve’s decision to keep interest rates at elevated levels. The Dow Jones Industrial Average lost 1.3%, the S&P 500 lost 1.4% and the Nasdaq composite lost 1.9%.

The Consumer Discretionary Select Sector, the Real Estate Select Sector and the Technology Select Sector declined 2.4%, 1.8% and 1.7%, respectively.

The Chicago Board Options Exchange Volatility Index is used as a gauge for investor fear surrounding the status of equity markets. By Tuesday’s close, the CBOE Volatility Index rose 12.3% to $19.78.

The three major indexes gained on Wednesday due to weak economic data regarding the job market. The Dow added 0.4%, the S&P 500 added 0.8% and the Nasdaq added 1.4%. 

The Consumer Discretionary Select Sector, the Technology Select Sector and the Materials Sector increased 2.0%, 1.3% and 1.2%, respectively. 

Automatic Data Processing announced that private payrolls increased 89,000 in September and that the jobs count grew by 180,000 in August. 

Markets gained on this news, as a loosened labor market may prevent the Fed from pursuing further rate hikes in 2023.

The CBOE Volatility Index lost 6.1% to $18.58.

Markets closed in the red on Thursday due to overall resilient economic data. The Dow fell 0.1%, the S&P 500 fell 0.1% and the technology-heavy Nasdaq lost 0.1%.

The Consumer Staples Select Sector, the Materials Select Sector and the Energy Select Sector declined 2.0%, 1.2% and 0.6%, respectively. 

The Department of Labor announced that jobless claims rose to 207,000 for the week ended Sept. 30.

The CBOE Volatility Index decreased 0.5% to $18.49. 

On Friday, the Bureau of Labor Statistics reported that hourly wage growth was a minimal 0.2% in September. The Dow added 0.9%, the S&P 500 added 1.2% and the Nasdaq added 1.6%.

The Technology Select Sector and the Communication Services Select Sector increased 1.9% and 1.8%, respectively. 

The CBOE Volatility Index declined 5.62% to a value of $17.45.

Markets gained on Monday following initial uncertainty stemming from the escalated conflict in the Middle East. Energy markets were widely affected as West Texas Intermediate crude oil and Brent futures rose 4.3% and 4.2%, respectively.

The Dow gained 0.6%, the Nasdaq gained 0.4% and the S&P 500 gained 0.6%. The Energy Select Sector and the Industrials Select Sector added 3.3% and 1.6%, respectively.

Investors should remain vigilant of upcoming job market data, namely the weekly jobless claims report, which is released every Thursday. Strong economic data stemming from the job market could prompt the Fed to keep interest rates elevated and consider a continuation in rate hikes.

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