Back to top

View the PFP Archive

Market Moves You Need to See
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Stocks End Mixed As The Market Hits Pause Ahead Of This Week's Jobs Numbers

The big three indexes closed mixed yesterday with the Dow and the S&P moderately lower, while the Nasdaq finished moderately higher. But Monday's outsized gains in the small-cap Russell 2000 and the mid-cap S&P 400 were undone yesterday as they were down -1.38% and -1.34% respectively.

Yesterday's PMI Composite report came in at 50.7, unchanged from last month. The Services Index came in at 50.8, which was in line with the consensus, and up vs. last month's 50.6.

The ISM Services Index rose to 52.7 vs. last month's 51.8 and views for 52.4.

The Job Openings and Labor Turnover Survey report (or JOLTS for short) showed 8.733 million job openings for October vs. 9.350M for September and estimates for 9.4M.

Today we'll get MBA Mortgage Applications, the International Trade in Goods and Services report, and the Productivity and Costs report.

We'll also get another look at the labor market with the ADP Employment Report. They are forecasting 123,000 new private payroll jobs were created last month in November. This is often looked at as a precursor to the official Employment Situation report that follows two days later (on Friday) by the Bureau of Labor Statistics (BLS). Although, it should be known that the ADP report has a spotty track record of predicting what the BLS report will say. Nonetheless, today's ADP report will be looked at closely.

But Friday's Employment report by the BLS is the report everyone is waiting for. At the moment, the consensus is calling for 180,000 new jobs in November (150,000 in the private sector and 30,000 in the public).

We'll see what today's ADP report says first.

After Friday's jobs report, then the main event is next week's FOMC announcement on 12/13.

Even though the Fed has said it's 'premature' to talk about cutting rates at this time, they previously estimated that they would cut by -50 basis points next year, while the market is pricing in -125 basis points.

So all eyes will be on the Fed next week.

In the meantime, the Q4 rally is intact (last couple of days notwithstanding).

And the seasonal trends suggest there's still more to go in the remaining 3½ weeks left in the year.

So make sure you're taking full advantage of it.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research


Ultimate Access is Only $1.

Capitalize on today's market by seeing all the private trades hidden from the public on These trades are produced by the coveted system that's more than doubled the S&P 500 since 1988 with a whopping average gain of +24.0% per year.

Starting today, for one month, you can follow these exclusive portfolios in real time from value to income . . . from best stocks under $10 to insider trades to companies that are about to report earnings (we've predicted positive surprises with more than 82% accuracy).

Total cost $1, and not a cent of further obligation.

See the Stocks Now »

Most Popular Articles from

Image: Bigstock

Top 5 Non-Tech Nasdaq Composite Winners With More Upside Left

We have narrowed our search to five non-tech stocks that have provided more than 40% returns year to date with more potential for growth. Read More »

Image: Bigstock

AT&T (T) Picks Ericsson for Network Revamp: Ominous for Nokia?

In a radical move that could redefine the sector dynamics, AT&T has inked a five-year contract with Ericsson to modernize its network infrastructure. Read More »

Image: Bigstock

5 Top-Ranked Stocks Pushing S&P 500 to 2023 Peak

Each of these stocks has a Zacks Rank #1 (Strong Buy) or 2 (Buy) and a Momentum Score of A or B. Read More »

Image: Bigstock

2 Insurance Stocks Poised for New 52-Highs in December

After hitting 52-week highs last week, both stocks look poised to keep rising through 2023. Read More »

High-Quality ETFs for Long-Term Investors

As solid stocks tend to perform well during periods of economic downturns, high-quality ETFs have attracted a lot of cash this year. Read More »


Your Exclusive Access to Today's Top ETFs

Use Zacks ETF Rank to help you select the very best ETFs for your portfolio. This quantitative ratings system takes into account asset class forecasts as well as several ETF-specific factors. All to give you a comprehensive account of a fund's potential before you invest your money.

See Today's Top-Ranked ETFs »

Image: Bigstock

Bull of the Day: The Progressive Corp. (PGR)

Progressive snapped a streak of negative surprises in its latest release, exceeding the Zacks Consensus EPS Estimate by more than 20%. Read More »

New Zacks Strong Buys for December 6th

Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »


Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on

Download our Zacks App for Apple iOS
Download our Zacks App for Android

Visit Success Stories to hear how Zacks research, tools and portfolios help our members outperform the market.