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    Market Minute

    October 6, 2017

    U.S. stocks added to recent highs yesterday, helped by upbeat reads on domestic business spending and jobless claims. The Dow Jones Industrial Average increased 0.5% to 22,775, the S&P 500 Index advanced 0.6% to 2,552, and the Nasdaq Composite rallied 0.8% to 6,585. Treasuries were lower, as the yields on the 2-year and 10-year notes, as well as the 30-year bond rose two basis points to 1.49%, 2.35% and 2.89%, respectively.

    Asian markets closed higher overnight, European markets were mixed in early trade, and U.S. stock index futures suggested a lower start. The highlight of this week’s economic calendar is today, with the government’s employment situation report. Nonfarm payrolls are expected to grow by 80,000 in September after gaining 156,000 in August. Excluding government hiring, private sector payrolls are forecast to increase 72,000 after expanding by 165,000 in the previous month. The unemployment rate is expected to remain at 4.4%, while average hourly earnings are anticipated to rise 0.3% month-over-month and remain at a 2.5% year-over-year growth rate. Wholesale inventories and consumer credit are other reports due out today. There are no major earnings announcements.

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