Stocks rebound, oil up again as market eyes higher jobless data

(Reflects U.S. market open, new top)

By Amanda Cooper, Lawrence White and Pete Schroeder

WASHINGTON/LONDON, Oct 6 (Reuters) - U.S. stocks looked set to mount a comeback after new economic data suggested a tightening labor market, while oil treaded water after announced big supply cuts from OPEC+.

U.S. stocks erased early losses to start the day in positive territory after the U.S. Labor Department reported more Americans filed new claims for jobless benefits than expected.

Initial claims came in at 219,000 for the week ended Oct. 1, exceeding economist expectations of 203,000 and feeding investor appetite for signs the Federal Reserve and other central banks may be finding success in slowing inflation with rate hikes.

The Dow Jones Industrial Average .DJI was up 0.12% in early trading, wihle the S&P 500 .SPX climbed 0.32% and the Nasdaq Composite .IXIC added 0.65%.

The MSCI world equity index .MIWD00000PUS , which tracks shares in 45 nations, was last up 0.24%.

The jobless data adds to the murky picture for investors, who are closely tracking economic reports for any signs the Fed is moving closer to being able to step away from aggressive interest rate increases.

Right now, a mixed picture is forming, after job openings figures suggested hiring is slowing, while measures of private-sector employment and service sector activity pointed to a stronger September than many had expected.

On Friday, the Labor Department will provide another big piece to the puzzle with its monthly jobs report.

"The job market is still solid but is softening," said Bill Adams, chief economist for Comerica Bank. "As the unemployment rate ticks higher, wage growth will likely slow, taming some of the inflationary pressure in the US economy."

For now, Fed officials are showing little sign of preparing to step back from rate hikes. San Francisco Federal Reserve President Mary Daly underscored the U.S. central bank's commitment to curbing inflation with more interest rate hikes, although she also said the Fed will not simply barrel ahead if the economy starts to crack.

Complicating the near-term outlook further is next week's data on U.S. consumer inflation, which is expected to have slowed for a third month in September to 8.1%, still its highest since the mid-1980s.

"We're in two environments right now and the market is trying to decide whether we are in an inflationary or recessionary one," Justin Onuekwusi, head of EMEA retail investments at Legal & General Investment Management, said.

U.S. non-farm payrolls data is due on Friday and analysts polled by Reuters expect 250,000 jobs were added last month. This would mark the smallest increase so far in 2022. The unemployment rate is expected to come in at 3.7%.

The dollar .DXY was up 0.55%% against a basket of major currencies on Thursday, after having risen 0.7% the day before, while U.S. Treasury yields were up four basis points at 3.7953%.


Just as investors appeared to get some respite from a relentless march higher in energy costs - not least in Europe, where consumers are facing a doubling in their utility bills from last year - crude oil prices have risen again in recent days.

The Organization of the Petroleum Exporting Countries and its partners, including Russia, have agreed to the deepest cut in production since the COVID-19 pandemic began, choking off supply to an already tight market.

Oil prices continued gaining on Thursday after three days of gains, but were still at their highest since mid-September. Brent crude LCOc1 was up 0.43% to $93.76 a barrel while U.S. crude CLc1 was up 0.44% to $88.15.

Asia stock markets Link
Asia-Pacific valuations Link

Additional reporting by Dhara Ranasinge in London and Stella
Qiu in Sydney; Editing by Emelia Sithole-Matarise, Bernadette
Baum and Andrew Heavens

Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Gumagamit kami ng cookies para mabigyan ka ng mahusay na karanasan sa aming website. Magbasa pa o palitan ang iyong cookie settings.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.