Traders Market Weekly: Bonds, Bank Earnings and CPI Ahead

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    Discover Financial Services (DFS 89.97, +3.35, +3.9%): disclosed Friday night that FDIC issued the previously disclosed consent order which addresses shortcomings in Discover Bank’s compliance management system for consumer protection laws and related matters


    S&P 500 futures are down 4 points and are trading 0.1% below fair value.
    Nasdaq 100 futures are up 6 points and are trading 0.1% above fair value.
    Dow Jones Industrial Average futures are down 50 points and are trading 0.1% below fair value.

    Rising Treasury yields are still hanging over the market.

    The 2-yr note yield is up six basis points to 5.06% and the 10-yr note yield is up six basis points to 4.63%.

    Congress passed a bill to extend government funding through November 17, avoiding a government shutdown
    Federal student loan payments resumed on October 1.

    In related federal news, Rep. Matt Gaetz (R-FL) says he will bring a motion to remove House Speaker Kevin McCarthy from speakership this week as punishment for working with Democrats on government funding, according to CNN.


    The 2-yr note yield is up seven basis points to 5.11%
    Rhe 10-yr note yield is up seven basis points to 4.64%.

    The U.S. Dollar Index is up 0.4% to 106.61.

    Oil prices are also elevated, up 0.3% to $91.02/bbl.


    Dow -18.17 at 33489.29, Nasdaq +132.59 at 13351.92, S&P +8.60 at 4296.65

    Upside moves have been powered by mega caps.

    Vanguard Mega Cap Growth ETF (MGK) is up 1.3%.
    Apple (AAPL 174.07, +2.89, +1.7%),
    Microsoft (MSFT 321.07, +5.32, +1.7%), (AMZN 130.29, +3.15, +2.5%),
    NVIDIA (NVDA 451.53, +16.59, +3.8%)

    The gain in NVDA is also helping to drive a 1.1% gain in the PHLX Semiconductor Index.


    The September ISM Manufacturing PMI 49.0% (consensus 47.8%), up from 47.6% in August.

    The dividing line between expansion and contraction is 50.0%, so the September reading denotes an ongoing contraction in the manufacturing sector, but at a slower pace than the prior month. September marked the 11th straight month the PMI reading has been below 50.0%.

    The key takeaway from the report is the understanding that the pace of contraction in the manufacturing sector slowed in September, which is something that will be construed as an economy tracking more for a soft landing at this juncture than a hard landing.


    Total construction spending increased 0.5% month-over-month in August (consensus 0.5%) after increasing an upwardly revised 0.9% (from 0.7%) in July. Total private construction was up 0.5% month-over-month while total public construction increased 0.6% month-over-month. On a year-over-year basis, total construction spending was up 7.4%.

    The key takeaway from the report is that there was balanced strength in August between private and public construction spending that gave a boost to total construction spending, which was up nicely year-over-year, leaving it well out of any hard-landing zone.


    U.S. Treasuries hover near their lows after adding to their initial losses.

    2-yr: +7 bps to 5.11%
    3-yr: +9 bps to 4.88%
    5-yr: +9 bps to 4.70%
    10-yr: +8 bps to 4.65%
    30-yr: +5 bps to 4.77%


    Ethereum futures ETF debut not matching the hype

    VanEck ethereum future ETF launch along with others
    #EFUT Volume 17.4K shares, or $290,000.

    Bloomberg said total volume of all the new crypto futures ETFs debuting today less than $2 million.


    Dow 33,433.35 -74.15 -0.22%
    S&P 500 4,288.39 0.34 0.01%
    Nasdaq 13,307.77 88.45 0.67%
    VIX 17.61 0.09 0.51%
    Gold 1,843.90 -22.20 -1.19%
    Oil 88.63 -2.16 -2.38%


    Adeia Inc. (ADEA) up 2.4%

    Samsung (SSNLF) enters into long-term agreement, renewing its license to Adeia’s media IP portfolio for its mobile devices and related offerings; files federal breach-of-contract lawsuit against Shaw Cablesystems and Shaw Satellite.


    Jabil (JBL) announces restructuring plan relating to sale of Mobility segment; includes headcount reductions and capacity realignment, expects $200 mln in cash expenses

    $JBL up 0.1%


    ODDITY Tech Ltd. (ODD) raises its Q3 outlook, reflecting robust performance from its IL MAKIAGE and SpoiledChild brands

    $ODD up 13.1%


    Sculptor Capital (SCU) up over +5% after Boaz Weinstein raises bid for the company as Rithm (RITM) contemplates higher offer, according to Bloomberg

    $SCU up 5.5%


    Takeda (TAK) Provides Update on EXKIVITY (mobocertinib)…
    TAK down 3.8%


    Visa (V) announces new $100 mln generative AI ventures initiative.
    $V up 0.1%

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