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Busy week next week highlighted by rate announcements and employment reports

RBA and RBNZ to announce rate decisions

It is busy week next week with rate announcements from the Reserve Bank of Australia and also the Reserve Bank of New Zealand. It is also employment week for both Canada and the US.  China is on holiday Monday to Thursday. Australia will be off on Monday.
Monday, October 4
  • OPEC+ meeting all day
  • Spain’s unemployment change,¬†3 AM ET/¬†0700 GMT
Tuesday, October 5
  • Reserve Bank of Australia rate decision,¬†11:30 PM ET Monday/0330 GMT.¬†¬†Rate expected to remain steady at 0.10%
  • US¬†ISM services PMI for September.¬†¬†Estimate 59.9 versus 61.7 last month.¬†¬†10 AM ET/1400 GMT
  • ECB’s Lagarde speaks,¬†11 AM ET/1500 GMT
  • FOMC Quarles speaks,¬†1:15 PM ET/1715 GMT
Wednesday, October 6
  • RBNZ¬†rate decision,¬†expected 0.25%¬†hike to¬†0.5% from 0.25%.¬†¬†9 PM ET/0100 GMT
  • ADP¬†nonfarm employment change,¬†estimate 455K versus 374K last month.¬†8:15 AM ET/1215 GMT
  • US crude oil inventories,¬†10:30 AM ET
Thursday, October 7
  • US¬†unemployment claims. Estimate 350K versus 362K last week.¬†¬†8:30 AM ET/1230 GMT
  • Canada Ivey PMI. Estimate 60.3 versus 66.0 last month. 10 AM ET/1400 GMT
  • BOC Macklem¬†schedule to speak.¬†¬†12 PM ET/1600¬†GMT
Friday, October 8
  • RBA¬†financial stability review,¬†8:30 PM ET/0030 GMT
  • Canada employment change.¬†¬†Estimate 61.2K vs¬†90.2 last month.¬†¬†8:30 AM ET/1230 GMT
  • Canada unemployment rate.¬†¬†Estimate 6.9% versus 7.1% last month
  • US nonfarm payroll. Estimate 490K versus 235K last month.¬†¬†8:30 AM ET/1230 GMT
  • US unemployment rate.¬†¬†Estimate 5.1% versus 5.2% last month. 8:30 AM ET/1230 GMT
  • US¬†average hourly earnings,¬†estimate 0.4% versus 0.6% last month.¬†¬†8:30 AM ET/1230 GMT

NASDAQ snaps a five day losing streak

Dow up over 700 points at the session highs

The major US indices close sharply higher on the first day of the new trading month/new trading quarter with the NASDAQ index snapping a five day losing streak.

Shares of Merck surged 8.6% on the back of a Covid drug that cuts hospitalizations by 50%. Transportation stocks like United airlines, Delta Airlines and Southwest Airlines are also higher on the back of that news. Energy was the best performing sector as oil prices move back to the upside.
  • NASDAQ up for the first time in six sessions
  • Dow S&P, NASDAQ still on track for weekly losses
  • Russell 2000 index up nearly 2%
  • All S&P sectors are higher after yesterday saw the same sectors all lower
The final numbers are showing
  • Dow industrial average rose 483.53 points or 1.43% at 34327.45
  • S&P rose 49.55 points or 1.15% at 4357.09
  • NASDAQ index rose 118.12 points or 0.82% at 14566.70
  • Russell 2000 rose 37.26 points or 1.69% at 2241.63
For the week,, the major indices all closed lower.
  • Dow Jones -3.0%
  • S&P index -3.84%
  • NASDAQ index -3.13%
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