The Daily Briefing For October 6th: Jobs Friday.

Overnight Summary: The S&P 500 closed Thursday lower by -0.13% at 4258.19 from  Wednesday higher by 0.81% at 4263.75. The overnight high was hit at 4305.25 at 6:45 a.m. EDT while the low was hit at 4281.75 at 2:05 a.m. EDT. The range overnight was 25 points as of 7:30 a.m. EDT. The 10-day average of the overnight range is at 28.70 from 28 down from a peak of 31.50 on 8/15.  The average for May-September average was 20.96 from 21.10 in May through August and the September average was 19.87. Currently, the S&P 500 is higher by +7.75 points which is +0.18% at  7:35 a.m. EDT.

Earnings Out After The Close: 

• Beats:  of note.
• Flat: None of note.
• Misses: None of note.

Capital Raises:

• IPOs Priced or News:
• New SPACs launched/News:
• Secondaries Priced:
• Notes Priced of note:
• Common Stock filings/Notes:
• Direct Offering:
• Selling Shareholders of note:
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
• Debt/Credit Filing and Notes:
• Tender Offer: None of note.
• Convertible Offering & Notes Filed: None of note.

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

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• Exchange/Listing/Company Reorg and Personnel News:
• Buyback Announcements or News:
• Stock Splits or News:
• Dividends Announcements or News:
• Insider Sales Of Note: None of note.

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 +2, Dow Jones +23,  NASDAQ +13, and Russell 2000 +4.  (as of 7:57 a.m. EDT).  Asia is higher ex the  Nikkei while Europe is higher this morning. VIX Futures are at 19.60 from 17.92 yesterday.  Gold, Silver and Copper higher this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas higher as well. US 10-year Treasury sees yields at 4.749% from 4.723%  yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $27,701 today, higher by +0.78%.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  

• Daily Positive Sectors:  of note.
• Daily Negative Sectors:  of note.
• One Month Winners: Energy  of note.
• Three Month Winners: Energy, Communication Services of note.
• Six Month Winners: Communication Services, Energy, and Technology of note.
• Twelve Month Winners: Technology, Communication Services, and Energy of note.
• Year to Date Winners:  Communication Services, Technology, Consumer Cyclical of note.

(WSJ – edited by QPI)

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

• Tuesday Before the Open: None of note.

Earnings of Note This Morning:

• Beats: None of note.
• Flat: None of note.
• Misses: None of note.
• Still to Report: None of note.

Company Earnings Guidance:

• Positive Guidance: LW of note.
• Negative Guidance: LEVI of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

• Gap Up: None of note.
• Gap Down:  of note.

Insider Action: No stock sees Insider buying with dumb short selling.   sees Insider buying with smart short sellers.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• 5 Things Need To Know to Start Your Day. (Bloomberg)
• 5 Things to Know Before the Stock Market Opens. (CNBC)
• Bloomberg Lead Story: September Jobs Report May Be Last Good One Before Sharp Slowdown. (Bloomberg)
• Bloomberg Most Shared Story: Ozempic is Making People Buy Less Food, Walmart Says. (Bloomberg)
• Stock futures signal recovery before US Jobs Data: MarketWrap. (Bloomberg)
• Former President Trump endorses Rep Jim Jordan (R-OH) for House Speaker. (Bloomberg)
• Biden Administration expected to soon tighten chip tool restrictions against China. (Reuters)
• Grantham Mayo CEO Jeremy Grantham says no one should invest in the U.S. (Bloomberg)
• Tesla (TSLA) lowers the price on Model 3 and Y vehicles. (Reuters)
• NPR Morning Report Marketplace:  Streaming data transparency a vast and contested terrain for Hollywood creatives. (Podcast)
• NY Times The Daily:  A Republican examines his vote to oust House Speaker McCarthy. (Podcast)
• BBC Global News:   Russian airstrike kills at least 50 at a funeral in Ukraine. (Podcast) 
• Bloomberg: Can AI Beat The Market? Do We Want It To?  (Podcast)
• Wealthion:  As yields surge, how much pain is left for bonds, stocks? (Podcast)

Moving Average Update:

• Score settles down to 20%.

Geopolitical: 

• President’s Public Schedule:
  • The President delivers remarks on the September Jobs Report and National Manufacturing Day, 11:30 a.m. EDT
  • The President is joined by President Frank-Walter Steinmeier of Germany as he drops by the White House to commemorate German-American Day, 4:05 p.m. EDT

Economic:

• September Nonfarm Payrolls is due out at 8:30 a.m. EDT and is expected to fall to 158,000 from 187,000. The unemployment rate is expected to drop to 3.70% from 3.80%.
• Baker Hughes Rig Count 1:00 p.m. EDT
• August Consumer Credit is due out at 3:00 p.m. EDT and expected to rise to $12 billion from $10.4 billion.

Federal Reserve / Treasury Speakers:  

• Federal Reserve Board of Governors Christopher Waller 12:00 p.m. EDT

M&A Activity and News: None of note.

Meeting & Conferences of Note:

• Sellside Conferences: None of note.
  • • Previously posted and ongoing conferences:
      • Deutsche Bank dbAccess Virtual Copper CEO Conference 2023 (10/05/23-10/06/23)
• Top Shareholder Meetings: APO 
• Fireside Chat: None of note.
• Investor/Analyst Day/Calls:
• Update: None of note.
• R&D Day: None of note.
• Company Event: None of note.
• Industry Meetings:
  • AACR Special Conference In Cancer Research: Ovarian Cancer
  • Hypertrophic Cardiomyopathy Medical Society (HCMS) Scientific Sessions 2023
  • Heart Failure Society of America (HFSA) Annual Scientific Meeting 2023 (10/06/23-10/10/23)
  • European College of Neuropsychopharmacology (ECNP) Congress 2023 (10/07/23-10/10/23)
  • The Eye and The Chip World Research Congress on Artificial Vision 2023 (10/08/23-10/10/23) 
  • CHEST Annual Meeting (The American College of Chest Physicians) 2023 (10/08/23-10/11/23)
    • Previously posted and ongoing conferences:
      •  

Top Tier Sell-side Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Today’s Upgrades and Downgrades:

Previous Day’s Upgrades and Downgrades: