Market awaits Jobs number

Index & Sector performance DATE

The Market:

Today’s action started off higher after the ECB lowered rates and took added measures to try and stimulate the economy but the gains were short lived peaking about an hour after the open and faced selling pressure the remainder of the session.  It was not surprising to see follow-through to the downside after yesterday’s Bearish Engulfing candles but so far the downside has been contained.

In individual sectors, the Transports (IYT) led gaining 0.72% while the Retail (XRT) was a close second finishing up 0.59% on the day and after spending a majority of the year down is now up 1.46% year-to-date.  The noteworthy loser on the session was clearly Energy (XLE) which finished sharply lower down 1.35% on the session.  Helping fuel the sell off in energy was the ruling of a Federal Judge stating BP (BP) acted with “gross negligence” resulting in the biggest oil spill in U.S. history.  The judge also allocated blame to Transocean (RIG) and Halliburton (HAL) but BP took the brunt with the weighting 67% BP, 30% RIG and 3% HAL.  BP is appealing the judgement.

As you can see below, today was a big data day and there is further Fed speak after the close.  Traders will be watching the Non-Farm Jobs number (226K est) tomorrow especially after ADP came in below expectations.

Economic Calendar week of 9/1/14

Reporting EPS 9/5/14 Pre-Market:

No confirmed reports for 9/5/14 pre-market.

Analyst Comments:

Upgrades 9/4/14

Downgrades 9/4/14

Initiations 9/4/14

Price Target Changes 9/4/14