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Jobs Again, Consumer Sentiment, Health Honcho on the Hill: 3 Things to Watch

Published 2020-10-01, 03:54 p/m
Updated 2020-10-01, 04:14 p/m
© Reuters.

By Christiana Sciaudone

Investing.com  --  To stimulus or not to stimulus. That is the question the market keeps asking, and Washington can't seem to get its act together long enough to give a straight answer. 

 
The Dow Jones Industrial Average closed higher Thursday after gaining 35 points, while the NASDAQ Composite jumped 1.4% as U.S. lawmakers again delivered a slew of mixed messages on the prospects of a new federal stimulus package.  
 
In the meantime, airline employees are being furloughed, and energy stocks sank on plunging oil prices thanks to shrinking demand -- aka, coronavirus keeping us home. Tech did its job keep the market afloat. PepsiCo Inc (NASDAQ:PEP) helped, too, with strong earnings, but not as much as Bed Bath & Beyond Inc (NASDAQ:BBBY), which soared 32% as online sales breathed life into the moribund retailer.

Here are three things that may move markets tomorrow:

1. Jobs again

The unemployment rate out at 8:30AM ET (1230 GMT) is expected at 8.2% for September, compared to 8.4% for August. The figure peaked in May at 14.7%.

The widely watched nonfarm payrolls come at the same time. The forecast is for 850,000 for September, compared to 1.3 million for August. Nonfarm payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

2. Consumer sentiment

The University of Michigan Consumer Sentiment Index is forecast at 79 for September, versus 78.9 the previous month. The index rates the relative level of current and future economic conditions.

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3. Back to the Hill

The coronavirus brings us back to Capitol Hill, where Health and Human Services Secretary Alex Azar is slated to appear before a Congressional committee to testify on the virus situation as U.S. numbers bounce back up.

 

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