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By Jeffrey
Cane | Wednesday, September 1 Friday
on My Mind. Friday is again the
main event of the market week, with the August jobs report teed up, and
some economic data today helped focus investors' minds on
that. A report
from ADP showed that private employers added
fewer jobs than expected in August, as the Delta variant put a
damper on hiring. The weaker job growth seen in the ADP report helped
support a view that perhaps the economy is not recovering at a pace
that would require the Federal
Reserve to start unwinding its stimulus program
sooner and more urgently. If easy
money is going to be around for a bit longer, growth looks more
attractive, and tech benefited as a result today. The NYSE
FANG+ Index rose 1.3%. Earlier in the
session, it touched an all-time intraday high for the first time since July
13. The tech-heavy Nasdaq
Composite led the major market indexes higher with a
0.3% gain and its 33rd record close of the year. The S&P
500 edged
up 0.03%, with the real estate and utilities sectors again leading the way.
The Dow Jones Industrial Average ended down 0.1%. Second-quarter
earnings continue to be part of the story. PVH, the owner
of Calvin Klein, Tommy Hilfiger, Warner’s, and other apparel brands
reported results late yesterday that blew past estimates, and its stock
jumped more than 15% today. Kansas City
Southern advanced 3.8%, to
$291.44, after a regulator’s ruling derailed a competing bid from Canadian
National, leaving the U.S.
railroad, errr, on track to
complete a merger with Canadian Pacific for about $300 a share in
cash and stock. Solar
company Sunrun rose 6.2% after J.P. Morgan added the stock
to its analyst focus list and Wolfe
Research started coverage with an Outperform rating. AbbVie tumbled 7% after the U.S. Food
and Drug Administration asked drugmakers to add warnings of serious
side effects and death to the labels of medications known as JAK inhibitors,
which includes AbbVie’s Rinvoq rheumatoid arthritis drug. Investors
might have thought that with a new CEO, Wells
Fargo had
finally shaken the monkey of its fake-accounts scandal off its back -- at
least until yesterday, when Bloomberg
reported that the Office of the Comptroller of the Currency
and the Consumer Financial Protection have indicated to Wells Fargo that
“they’re still not satisfied with the bank’s progress in compensating victims
and shoring up controls.” Wells
Fargo shares tumbled 5.6% yesterday and fell another 4.9 %
today. OPEC and its
allies agreed
today to take gradual steps to increase production, and crude
oil futures settled 0.1% higher, at $68.59 a
barrel. Treasuries were steady, with the yield on the 10-year
note settling at 1.30%. Gold was slightly lower at $1,813 an
ounce. The U.S. dollar was weaker against other major
currencies for a second consecutive day. In late afternoon
trading Bitcoin was up 2.7%, at $48,279. |
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DJIA:
-0.14% to 35,312.53 The Hot
Stock: PVH Corp +15.1% Best Sector:
Real Estate +1.7% |
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