Markets remain cautious ahead of key jobs data

Stocks settled lower on Thursday as investors remain cautious ahead of key jobs data on Friday that could determine the next move for interest rates.

The Dow Jones Industrial Average closed down 10 points, or 0.03 per cent. The S&P 500 and Nasdaq Composite closed down 0.1 per cent.

The broader market index and the 30-stock Dow are on pace for a losing week. The Dow is down 1.1 per cent week to date, and turned negative for the year during Tuesday’s selloff. The S&P 500 is lower by 0.7 per cent for the week, while the Nasdaq is about flat.

Consumer staples names led the market into negative territory with shares of beverage company Molson Coors down more than 6 per cent, followed by Clorox and PepsiCo, which declined more than 5 per cent each.

Weekly initial jobless claims came in at 207,000 for the week ending Sep 30, up just 2,000 from the prior week’s numbers. The market expected a number closer to 210,000. It disappointed some investors hoping the weekly data would start to signal a labor market breakdown and end the run in rates that’s hurting stocks.

The 10-year Treasury yield initially ticked up after the jobless claims report before settling lower at 4.716 per cent.

Parking technology provider Metropolis Technologies Inc on Thursday agreed to buy SP Plus Corp, which provides parking facility management services, for $1.5 billion, including debt. Shareholders of SP Plus will receive $54 per share, representing a premium of 52.5 per cent over the stock's closing price on Wednesday. The offer price values SP Plus at $1.06 billion. Shares of SP Plus closed up 45 per cent at $51.50 a share

Oil prices continued to fall as concerns about slowing global growth continue to weigh on sentiment.

European natural gas prices slumped following a brief rebound earlier this week, as unusual October warmth and lackluster demand outweigh concerns about supply risks. The Benchmark gas futures settled 5.8 per cent lower.

The worst performing sector was was consumer staples which closed down over 2 per cent, whilst the best performing sector was real estate which closed up over 0.6 per cent.

Futures

The SPI futures are pointing to a flat start.

Currency

One Australian dollar at 7:35 AM was buying 63.70 US cents.

Commodities

Gold has lost 0.05 per cent. Silver has fallen 0.17 per cent. Copper has lost 0.61 per cent. Oil has dropped 2.11 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE added 0.53 per cent, Frankfurt fell 0.20 per cent, and Paris closed 0.02 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 1.80 per cent, Hong Kong’s Hang Seng added 0.10 per cent while China’s Shanghai Composite was closed.

The Australian share market closed 0.51 per cent higher at 6,925.49.

Ex-dividends

MFF Capital Inv Ltd (ASX:MFF) is paying 5 cents fully franked

Dividends payable

Auckland International Airport Ltd (ASX:AIA)
Big River Industries Ltd (ASX:BRI)
Cleanaway Waste Management Ltd (ASX:CWY)
Cryosite Ltd (ASX:CTE)
Evolution Mining Ltd (ASX:EVN)
G8 Education Ltd (ASX:GEM)
Genesis Energy Ltd (ASX:GNE)
LaserBond Ltd (ASX:LBL)
Lifestyle Communities Ltd (ASX:LIC)
Lindsay Australia Ltd (ASX:LAU)
Lycopodium Ltd (ASX:LYL)
Navigator Global Investments Ltd (ASX:NGI)
Paragon Care Ltd (ASX:PGC)
Pental Ltd (ASX:PTL)
Reliance Worldwide Corp Ltd (ASX:RWC)
Spark New Zealand Ltd (ASX:SPK)
SRG Global Ltd (ASX:SRG)
Ventia Services Group Ltd (ASX:VNT)
Vita Life Sciences Ltd (ASX:VLS)
WiseTech Global Ltd (ASX:WTC)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
Disclaimer

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