. Daily Index Analysis-Investors Await U.S. Job Report Impact on Dow Jones

Daily Index Analysis-Investors Await U.S. Job Report Impact on Dow Jones

Daily Index Analysis-Investors Await U.S. Job Report Impact on Dow Jones

06 Oct 2023

Introduction:

Asian indices face challenges: Hang Seng struggles with key indicators, while Shanghai Composite is impacted by inflation and iPhone restrictions. Dow Jones experiences minor fluctuations amid anticipation of September’s job growth data, expected to show a moderate deceleration. Technical indicators suggest a bearish sentiment. Sydney’s S&P/ASX 200 rises, Tokyo’s Nikkei 225 falls slightly, and Hang Seng surges. European markets, FTSE 100, DAX, and CAC, are on an upward trend. Investors await the crucial jobs report’s impact on interest rates. Tesla’s stock dips due to price cuts, and Exxon Mobil considers acquiring Pioneer Natural Resources.

Market In Focus Today – Dow Jones:

The Hang Seng Index is still looking for a bullish break

Wall Street’s main indexes exhibited subdued activity on Friday as investors held their breath for a pivotal jobs report, eagerly searching for any signals of a labor market slowdown, a critical factor influencing the trajectory of interest rates.

After a week filled with a deluge of mixed job-related reports, all eyes turned to the much-anticipated non-farm payrolls data, which was scheduled to be unveiled on Friday. Market experts predicted that the data would reveal a moderate deceleration in U.S. job growth for September, with an expected increase of 170,000 jobs, compared to the 187,000 jobs added in August.

In this cautious atmosphere, the Dow Jones Industrial Average (DJI) experienced a minor dip, falling by 9.98 points or 0.03%, resting at 33,119.57.

Technical Overview With Chart:

Moving Averages:

Exponential:

  • MA 5: 33244.20 | Negative Crossover | Bearish
  • MA 20: 33841.08 | Negative Crossover | Bearish
  • MA 50: 34190.32 | Negative Crossover | Bearish

Simple:

  • MA 5: 33238.60 | Negative Crossover | Bearish
  • MA 20: 34032.27 | Negative Crossover | Bearish
  • MA 50: 34552.62 | Negative Crossover | Bearish

RSI (Relative Strength Index): 28.26 | Sell Zone | Bearish

Stochastic Oscillator: 95.22 | Overbought Zone | Neutral

Resistance And Support Levels :

  • R1:33160.97 | R2: 33227.74
  • S1: 32944.85 | S2: 32878.08

Overall Sentiment: Bearish | Market Direction: Strong Sell

Trade Suggestion: Sell: 33119.57 | Take Profit: 32949.65 | Stop Loss: 33515.43

Elsewhere In The Indices Market

Sydney Soars, Tokyo Tumbles, Hong Kong Hustles

S&P/ASX 200 on the Rise, Nikkei 225 Falls, Hang Seng Surges The closing bell in Sydney rang with optimism as the S&P/ASX 200 index secured a 0.41% gain. Meanwhile, Tokyo’s Nikkei 225 experienced a slight dip of 0.07%. The real star of the show, however, was the Hang Seng Index, which added a robust 1.6%, equivalent to 272.11 points, concluding the trading week at an impressive 17,485.98.

FTSE 100, DAX, and CAC Ride the Upward Trend

Across the European continent, stock markets are on the rise, injecting a dose of enthusiasm into the trading community. Notable players such as the FTSE 100 in London, Germany’s DAX, and Paris’s CAC are all riding the coattails of this upward trend. The market’s pulse quickens in anticipation of the forthcoming release of the US non-farm payrolls data for September.

Investors Hold Their Breath for Crucial Jobs Report

Friday proved to be a nerve-wracking day for Wall Street as investors held their collective breath, anxiously awaiting a pivotal jobs report. This report is crucial in deciphering the labor market’s pulse, a key determinant in shaping the course of interest rates. The S&P 500, a benchmark for the broader market, exhibited mixed sentiments, posting three new 52-week highs and 39 new lows. The Nasdaq Composite, which tracks tech-heavy stocks, recorded 24 new highs and a staggering 330 new lows.

Corporate News:

In the premarket hours, Tesla (TSLA) made headlines by shedding 1.3% of its value. This dip came on the heels of the electric vehicle giant slashing prices for its Model 3 and Model Y vehicles in the United States. On a different note, Exxon Mobil found itself in the limelight, albeit for a different reason. According to sources, the largest U.S. oil producer is engaged in advanced talks to acquire Pioneer Natural Resources, resulting in a notable 1.5% drop in Exxon Mobil’s stock price. In contrast, Pioneer’s stock experienced a meteoric rise, surging by an impressive 10.4%.