Prior Trading Day Summary:
Thursday was a fairly choppy day with a few spikes higher and some dips lower. By the close the SPX was down slightly on the day.
The S&P lost just 11 points to close at 6075. Volume was up 100 million shares from Wednesday, to 4.3 billion. Once again, for the fourth straight day, down volume outstripped advancing volume. 57% of all stocks were falling as well. Considering the trading action, a loss of 11 points is not much for concern.
The NASDAQ traded 7.4 billion shares, down from Wednesday’s 8.1 billion. 50% of al volume was rising while 49% was falling, This sideways trading resulted in a small loss of 34 points and a close at 19,700. Again, the dip was of no concern.
Stock Market Outlook: SPX Closing Chart For Thu Dec 5 2024
There is no closing chart available for Friday morning. The market today will be all about the jobs numbers due out at 8:30.
Stock Market Outlook for Fri Dec 6 2024
Some technical difficulties this evening after the markets closed meant some charts are unavailable for Friday. That is not of concern however as the day will be all about the November jobs report.
The outlook is for the economy to have generated 214,000 jobs. This would be in stark contrast to October’s non-farm payroll report which showed just 12,000 jobs created. This was a stunner when it came out at the start of October. Most investors and analysts believe the number will be adjusted higher today, when the November jobs report is released.
The bulls remain firmly in charge of the market advance. The jobs number today, even if a disappointment, may dip stocks, but a quick recovery is expected. Stocks are positioned to move higher in December. Today’s unemployment report may not affect that direction very much after the initial open today.
Potential Economic and Political Market Moving Events
Monday:
9:45 S&P final manufacturing PMI came in higher than estimated at 49.7
10:00 ISM manufacturing came in higher than estimated at 48.4%
10:00 Construction spending rose to 0.4% from 0.1% prior
Tuesday:
10:00 Job openings were above estimates at 7.7 million
Anytime – Auto sales beat estimated coming in at 16.5 million.
Wednesday:
8:15 ADP employment was a lot lower at 146,000 which many investors use as a reason for the Fed to cut rates in December
9:45 S&P final services PMI was lower than estimated, coming in at 56.1
10:00 ISM services was a lot lower than expected, coming in at 52.1
10:00 Factory orders were better than estimated coming in at 0.2%
2:00 Fed Beige Book
Thursday:
8:30 Weekly Initial Unemployment Insurance Claims is expected to rise to 215,000
8:30 Trade deficit is expected to rise to -74.8 billion from -$84.4 billion
Friday:
8:30 November Non Farm Payroll Report is estimated to rise to 214,000
8:30 Unemployment rate is estimated to stay unchanged at 4.2%
8:30 Hourly wages are estimated to have slipped to 0.3% from 0.4% prior
10:00 Consumer sentiment is estimate to have risen to 73.0 from 71.8 prior