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Markets are pulling back today as traders wait for December jobs data. Futures for the S&P 500 and Nasdaq 100 are both down -0.2%. Stocks Fall Before Jobs Data The numbers are expected to show +165,000 new jobs added in December, with unemployment steady at 4.
Tech stocks are lifting markets today. Nasdaq futures are up 0.96%, driven by excitement over Microsoft’s massive $80 billion AI spending plan. Treasury yields are climbing, hitting levels we haven’t seen since 2023, and the dollar is slipping for the second day in a row. Let’s
Markets are lower this morning. Nasdaq 100 futures are leading the drop, down -1.10%. Bitcoin is also losing steam, falling $15,000 from its December high, while Apple is on the verge of a historic $4 trillion market cap. Let’s break it down. Market Futures Markets are off
Zero-day-to-expire options (0DTE) are taking over the market. These contracts, which expire the same day they’re traded, now make up 50% of all S&P 500 options activity — a huge jump from just 17% in 2020, per WSJ. These options could cause extreme volatility for markets. Zero-day options
September’s retail sales rose 0.4%, beating expectations and improving on August’s unimpressive 0.1% gain. While consumer confidence continues to face headwinds like inflation, the numbers show people are still willing to spend.
On the labor side, initial jobless claims dropped by 19,000 to 241,000, showing that the labor market, much like those jobless claims charts, is staying flat... as usual. Despite recent hurricanes disrupting regional economies, the overall trend in claims hasn't budged much in two years.
Both data points tell the same story: steady consumer spending and an unmoved labor market. Not exactly fireworks, but stability beats volatility any day.
A Few Key Takeaways:
- Retail sales increased by 0.4% in September, up from the sluggish 0.1% in August
- Jobless claims dropped by 19,000 to 241,000
- Claims have remained flat for two years, signaling a steady labor market
- Growth sectors included clothing and restaurants, while electronics sales slumped
No big surprises here, but if you were expecting a meltdown, you’ll have to wait. Businesses should take this as a signal that, for now, the consumer engine is still running.