Stocks are trading lower on Tuesday morning on some weaker-than-expected economic data as well as growing concerns that AI-related stocks are overbought at this juncture. Specifically, the Conference Board's Leading Economic Index slipped 0.4% in January and was lower than the expected 0.3% drop. The index was down 3.0% over the past six months -- a narrower decline than the preceding six-month period, which fell by 4.1%. Still, with six of the 10 index components being positive over the past six-month period, the index no longer is signaling a recession ahead. Turning to stocks, shares of Nvidia (NVDA) are down today, with the company reporting earnings tomorrow after market close. Despite expectations for positive earnings results, the selloff indicates many investors may be concerned that the shares are due for a pullback following an impressive run this year (which saw shares rise over 50% to an all-time high set last week). Shares of other tech companies which also saw strong gains related to AI prospects are trading lower on overvaluation concerns, including Arm Holdings (ARM), Advanced Micro Devices (AMD), and Super Micro Computer (SMCI).

The stock market broadened on Tuesday, as some money rotated from mega-Tech and other highflyers into Basic Materials (XLB +1.8%), Real Estate (XLRE +1.5%), Healthcare (XLV +1.1%), and Industrials (XLI +0.9%). More importantly, two of those important S&P 500 sectors, XLI and XLV, have broken out of massive bases to all-time highs. The S&P 500 (SPX) rose 0.2%, the Nasdaq was flat, and the Nasdaq 100 (QQQ) fell 0.2%, all while the NYSE tacked on 0.8%, the S&P 400 was up 0.5%, and the Russell 2000 popped 0.9%.

The major stock indices remain stuck in fairly narrow ranges, while the rest of the market has been pretty weak in 2024. That weakness actually started in mid-December, and the daily NYSE advance/decline line has been in a downtrend channel for a month. However, we have not seen nearly enough price weakness from the S&P 500 (SPX), Nasdaq, or Nasdaq 100 (QQQ) to call for at least some short-term caution, although it sure looks like it is coming.

Will the Fed spook the markets with their next call on interest rates this week? As well, the calendar flips to November -- so the October jobs report is equally (if not more) important news. Finally, investors face the ongoing release of earnings. Last week, the Dow Jones Industrial Average was down 2.1%, the S&P 500 shed 2.5%, and the Nasdaq lost 2.6%. Year-to-date, the DJIA is now down 2%, the S&P 500 is up 7%, and the Nasdaq is higher by 21%.

Monday was one of those odd market days that leaves technicians scratching their heads, wondering what the day meant for the bulls or for the bears. But maybe there were no implications from the action. After all, we are in the middle of August!

Monday Tee Up: Labor (The Fed's Other Job)

While one day does not make a trend, it can indicate that a potential change in a strong up or down trend is coming, especially when using daily candlesticks. The weekly candlestick is of more value than the daily, and the monthly stick is more valuable than the weekly. After a 12.2% surge in the Nasdaq 100 and a 10.6% pop in the Nasdaq over the past 21 days (and a trip into fairly overbought territory on a daily basis), both indices traced out shooting-star candlesticks on Monday. That is an exhaustion signal. A shooting star occurs after a large move higher and it shows a day when the index closes towards the bottom of its intraday range, demonstrating that sellers took advantage of higher prices early in the day and claimed profits.

Since the latter part of April, the Nasdaq 100 (QQQ) has crawled higher. The index is approaching one very important piece of chart resistance from the August high and another not-as-important 50% retracement of its bear market. The S&P 500 (SPX) and the Nasdaq Composite still have some work to do before approaching their August highs. The SPX already has taken back 50% of its bear market while the Nasdaq is closing in on a minor 38.2% retracement.

Stocks were seesawing but mostly higher on Wednesday morning following cooler inflation data. The Labor Department said that its consumer price index rose 4.9% from the prior year in April, below the consensus estimate of 5.0% and down from 5.0% in March. The core CPI, excluding volatile food and energy costs, rose a higher 5.5%, in line with consensus and down slightly from the prior month. On the earnings front, Airbnb shares fell sharply, despite solid 1Q results, after the company issued disappointing revenue guidance.

The S&P 500 (SPX) continues to trend toward several important pieces of resistance following the rally off the March 13 intraday low of 3,809. First, the SPX is right at trendline resistance off the peak since August. Back in the latter part of February, the index had broken down out of a bearish wedge, backtested the lower line of the pattern, and continued lower. From the February 2 closing high to the recent closing low, the index gave up almost 8%, or 324 points. Based on the size of the wedge, a minimum target was down at 3,656 -- which the index didn't come close to hitting.

As expected, the Federal Reserve hiked the fed funds rate by 25 basis points (bps) to a target range of 4.75% to 5%. According to the CME FedWatch Tool, expectations are dead even for either no hike at the next meeting in May or a 25-bps hike. How things have changed because of a "little" scare in the banking system. Looking out to the end of 2023, the market is now looking for at two, if not three, 25-bps cuts.

As expected, the Federal Reserve hiked the fed funds rate by 25 basis points (bps) to a target range of 4.75% to 5%. According to the CME FedWatch Tool, expectations are dead even for either no hike at the next meeting in May or a 25-bps hike. How things have changed because of a "little" scare in the banking system. Looking out to the end of 2023, the market is now looking for at two, if not three, 25-bps cuts.

The major indices wavered between gains and losses on Friday morning after Thursday's sharp selloff and a mixed February employment report. The Labor Department said that the U.S. economy added 311,000 payroll jobs last month, well above the consensus forecast; however, growth in average hourly earnings slowed to 0.2% from 0.3% in January and the unemployment rate rose to 3.6% from 3.4%. Media reports indicated that embattled SVB Financial was seeking a buyer after the stock plunged more than 60% on Thursday; trading in the shares was halted on Friday morning. The Dow fell 0.1%, the S&P 0.2%, and the Nasdaq 0.4%. Crude oil rose to $77 per barrel, while gold jumped $25 to $1859 per ounce.

Stocks soared on Thursday morning after lower-than-expected inflation data raised prospects for a slowdown in Federal Reserve rate hikes. The Labor Department said that its core consumer price index, excluding food and energy costs, rose 6.3% from the prior year in October, down from 6.6% in September and below the Bloomberg consensus forecast of 6.5% growth. The Dow jumped 2.7%, the S&P 4.1%, and the Nasdaq 6.1%. Crude oil rose to $87 per barrel, while gold rose $33 to $1747 per ounce.

Stocks fell sharply on Monday morning, led by the Consumer Discretionary, Communication Services, and Technology sectors. Investors will be focused on Fed Chair Jerome Powell's Jackson Hole speech on Friday for clues about the size of the next interest rate hike in September. On Thursday, investors will also see new PCE inflation and GDP data. The Dow fell 1.3%, the S&P 1.6%, and the Nasdaq 2.0%. Crude oil fell more than 2% to $89 per barrel, while gold fell $15 to $1748 per ounce.

Stocks were mixed on Wednesday morning following hotter-than-expected inflation data. The Labor Department reported that consumer prices rose 8.3% year-over-year in April, down only slightly from 8.5% in March and above the Bloomberg consensus forecast of 8.1% growth. The core CPI, excluding food and energy, rose 6.2% last month, down from 6.5% in March but above the consensus forecast of 6.0%. The Dow rose 0.7%, the S&P rose 0.5%, and the Nasdaq fell 0.2%. Crude oil rose more than 5% to $105.50 per barrel, while gold rose $10 to $1851 per ounce.

With the market focus shifting from inflation to the Russian invasion of Ukraine, stocks finished last week with a surprise two-day rally that included the best stock day of 2022. On Friday, the Dow Jones Industrial Average soared by 835 points, or 2.51%. The S&P 500 rose 2.24%, and the Nasdaq Composite gained 1.64%. For the week, the DJIA was down 20 points, or 0.1%, while the S&P 500 rose 0.82%, and the Nasdaq Composite gained 1.09%. For the year to date, the Dow is down 6.2%; the S&P 500 is off 8.01%; and the Nasdaq Composite remains in correction territory though off its lows, down 12.47%.

The stock market moved lower last week, with tech stocks relatively outperforming blue chips, though both were off. During Friday's session, the Dow Jones Industrial Average fell 272 points, or 0.78%. The S&P 500 was down 0.77%, and the Nasdaq Composite was down 0.87%. For the week, the DJIA was down 761 points, or 2.15%, the S&P 500 was down 1.69%, and the Nasdaq Composite was down 1.61%. Year-to-date, the DJIA is up 13.07%, the S&P 500 is up 18.70%, and the Nasdaq Composite is up 17.28%.

A couple of the major indices are again hitting or approaching some key Fibonacci extension targets, so this is no time to put a portfolio on auto-pilot (even if that's how it feels). The targets are based on the depth of the "V" bottom back in early 2020. Once an index or individual stock breaks out to all-time highs, there is no chart resistance or supply overhead as every buyer of the asset has a profit. Therefore, potential targets must come from other technical tools like trendlines, the top of a channel, and Fibonacci extensions based on the size of the latest reversal formation.

Another day of Fedspeak has come and gone. Like most, the buildup caused a lot more anxiety than the actual minutes. The Fed again decided to keep its foot on the monetary accelerator. Put another way, the Fed continues to floor it! While stock price action is always the most important part of our analysis, liquidity is right behind. Despite the deteriorating short-term technical condition (breadth and sentiment), the major averages have held up superbly.

Last week was all about jobs, as the market overcame its growing inflation concerns to rally on three employment data points clustered at the end of the week. The ADP private payrolls report (moved to Thursday by the holiday) ripped higher by 978,000 for May, well above the 650K consensus and up from 742K for April.

Insider-sentiment barometers tracked by Vickers Stock Research continue to their volatile ways. Insider sentiment was relatively weak for multiple months starting in late 2020, with particular weakness in Technology stocks trading on the Nasdaq. More recently, sentiment started to improve, though Technology remained at the back of the pack. Last week, overall sentiment fell once again -- including an out-and-out 'tech wreck' that saw a Nasdaq sell/buy ratio of 11.26 (with anything over 2.50 deemed to be bearish). With that in mind, results this week are better.

Stocks were largely flat on Tuesday morning as investors weighed earnings reports from a range of major companies. Johnson & Johnson shares rose 3% after the company posted better-than-expected 4Q earnings and said that it would provide an update on its COVID-19 vaccine candidate 'soon.' GE shares rose 5%, despite slightly lower-than-expected 4Q EPS, as the company posted strong industrial free cash flow and issued positive guidance for 2021. The Dow rose 0.1%, the S&P was flat, and the Nasdaq rose 0.1%. Crude oil traded near $53 per barrel, while gold fell $2 to $1853 per ounce.

We have raised our intermediate-term technical outlook back to Bullish from Neutral. We lowered the outlook on September 18 -- and while all the major indices dribbled lower for a few more days after breaking their respective 50-day averages, the market has made a nice recovery. The S&P 500, Nasdaq, Nasdaq 100 (QQQ), S&P 400 MidCap (MDY) and Russell 2000 (IWM) have all recaptured their 21-day exponential and 50-day simple averages. Some indices even made a higher high on Monday.

We have raised our intermediate-term technical outlook back to Bullish from Neutral. We lowered the outlook on September 18 -- and while all the major indices dribbled lower for a few more days after breaking their respective 50-day averages, the market has made a nice recovery. The S&P 500, Nasdaq, Nasdaq 100 (QQQ), S&P 400 MidCap (MDY) and Russell 2000 (IWM) have all recaptured their 21-day exponential and 50-day simple averages. Some indices even made a higher high on Monday.

Stocks rose on Friday morning, led by the Energy and Healthcare sectors, but gave up most of their early gains as the session advanced. Investors continued to weigh prospects for economic recovery and progress in vaccine development against rising coronavirus cases in many U.S. states, as well as in Asia, Africa, and Latin America - which could lead to a new round of lockdowns. The S&P rose 0.4%, the Dow 0.3%, and the Nasdaq 0.7%. Crude oil rose 3% to $40 per barrel, while gold rose $25 to $1756 per ounce.

Stocks rose on Friday morning, led by the Energy and Healthcare sectors, but gave up most of their early gains as the session advanced. Investors continued to weigh prospects for economic recovery and progress in vaccine development against rising coronavirus cases in many U.S. states, as well as in Asia, Africa, and Latin America - which could lead to a new round of lockdowns. The S&P rose 0.4%, the Dow 0.3%, and the Nasdaq 0.7%. Crude oil rose 3% to $40 per barrel, while gold rose $25 to $1756 per ounce.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, many smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. SP despite risks associated with smaller-cap stocks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, many smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. SP despite risks associated with smaller-cap stocks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

The Long Walk Back

The Long Walk Back

It Was a Very Good Year: Our Monthly Survey of the Economy, Interest Rates, and Markets

It Was a Very Good Year: Our Monthly Survey of the Economy, Interest Rates, and Markets

Stocks rose on Friday morning, led by the Energy and Healthcare sectors, but gave up most of their early gains as the session advanced. Investors continued to weigh prospects for economic recovery and progress in vaccine development against rising coronavirus cases in many U.S. states, as well as in Asia, Africa, and Latin America - which could lead to a new round of lockdowns. The S&P rose 0.4%, the Dow 0.3%, and the Nasdaq 0.7%. Crude oil rose 3% to $40 per barrel, while gold rose $25 to $1756 per ounce.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, many smaller companies often are more focused on domestic operations and may not be exposed to the global economic uncertainty caused by the coronavirus. For another, prior to COVID-19, the long-term record favored small-caps over large-caps. From 2003-2019, the Russell 2000 Index had climbed 282%, compared to an advance of 233% for the Russell 1000 Index. In 2020, a relatively weak performance by the Russell 2000 Index has brought the measures more in line for the year-to-date. SP despite risks associated with smaller-cap stocks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

The Long Walk Back

It Was a Very Good Year: Our Monthly Survey of the Economy, Interest Rates, and Markets

We have raised our intermediate-term technical outlook back to Bullish from Neutral. We lowered the outlook on September 18 -- and while all the major indices dribbled lower for a few more days after breaking their respective 50-day averages, the market has made a nice recovery. The S&P 500, Nasdaq, Nasdaq 100 (QQQ), S&P 400 MidCap (MDY) and Russell 2000 (IWM) have all recaptured their 21-day exponential and 50-day simple averages. Some indices even made a higher high on Monday.

Stocks rose on Friday morning following a mixed September employment report. The Labor Department said that the U.S. economy added 136,000 payroll jobs last month, down from a revised 168,000 in August and below the Reuters consensus forecast of 145,000. The official unemployment rate fell to 3.5% from 3.7%. Average hourly wages were up 2.9% on an annualized basis, down from 3.2% growth in August. The S&P rose 0.7%, the Dow 0.7%, and the Nasdaq 0.6%. Crude oil rose 1% to $53 per barrel, while gold fell $3.50 to $1510 per ounce.

Stocks rose on Friday morning following a mixed September employment report. The Labor Department said that the U.S. economy added 136,000 payroll jobs last month, down from a revised 168,000 in August and below the Reuters consensus forecast of 145,000. The official unemployment rate fell to 3.5% from 3.7%. Average hourly wages were up 2.9% on an annualized basis, down from 3.2% growth in August. The S&P rose 0.7%, the Dow 0.7%, and the Nasdaq 0.6%. Crude oil rose 1% to $53 per barrel, while gold fell $3.50 to $1510 per ounce.

Stocks rose on Friday morning following a mixed September employment report. The Labor Department said that the U.S. economy added 136,000 payroll jobs last month, down from a revised 168,000 in August and below the Reuters consensus forecast of 145,000. The official unemployment rate fell to 3.5% from 3.7%. Average hourly wages were up 2.9% on an annualized basis, down from 3.2% growth in August. The S&P rose 0.7%, the Dow 0.7%, and the Nasdaq 0.6%. Crude oil rose 1% to $53 per barrel, while gold fell $3.50 to $1510 per ounce.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, most smaller companies are often more focused on domestic operations and may not be exposed to the uncertainty surrounding the ongoing trade wars. For another, the long-term record favors small-caps over large-caps. Since 2003, the Russell 2000 Index has climbed 260%, compared to an advance of 189% for the Russell 1000 Value Index. But small-caps can be risky. Large-caps outperformed small-caps in nine of the 16 years of our test period. Annual returns were negative four times for both indices, but the average decline for small-caps was 18% in down years versus an average 12% annual decline for large-caps in down years. The standard deviation for monthly returns was 5.29% for small-caps over the 15-year period, versus 3.89% for large-caps. Still, despite the risks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, most smaller companies are often more focused on domestic operations and may not be exposed to the uncertainty surrounding the ongoing trade wars. For another, the long-term record favors small-caps over large-caps. Since 2003, the Russell 2000 Index has climbed 260%, compared to an advance of 189% for the Russell 1000 Value Index. But small-caps can be risky. Large-caps outperformed small-caps in nine of the 16 years of our test period. Annual returns were negative four times for both indices, but the average decline for small-caps was 18% in down years versus an average 12% annual decline for large-caps in down years. The standard deviation for monthly returns was 5.29% for small-caps over the 15-year period, versus 3.89% for large-caps. Still, despite the risks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

The best that can be said about the May stock month is that it's over. The S&P 500 declined about 6.3% in May, which -- the <MM>go away<MM> reputation notwithstanding -- is usually an okay month. Between 1980 and 2018, May averaged capital appreciation of 1.03% on the S&P 500. But May 2019 drags the average down to a gain of 0.84%.

The best that can be said about the May stock month is that it's over. The S&P 500 declined about 6.3% in May, which -- the <MM>go away<MM> reputation notwithstanding -- is usually an okay month. Between 1980 and 2018, May averaged capital appreciation of 1.03% on the S&P 500. But May 2019 drags the average down to a gain of 0.84%.

Stocks rose on Monday, led by strong gains in the Tech and Energy sectors, though Boeing shares, hurt by the second crash of a 737 Max 8 in six months, weighed on Industrials. Meanwhile, the Commerce Department reported that U.S. retail sales rose 0.2% in January, up from a revised 1.6% decline in December and above the Reuters consensus forecast, which called for flat sales. The Dow rose 0.4%, the S&P 1.2%, and the Nasdaq 1.7%. Crude oil rose more than 1% to about $57 per barrel, while gold fell $7 to $1293 per ounce.

Stocks rose on Monday, led by strong gains in the Tech and Energy sectors, though Boeing shares, hurt by the second crash of a 737 Max 8 in six months, weighed on Industrials. Meanwhile, the Commerce Department reported that U.S. retail sales rose 0.2% in January, up from a revised 1.6% decline in December and above the Reuters consensus forecast, which called for flat sales. The Dow rose 0.4%, the S&P 1.2%, and the Nasdaq 1.7%. Crude oil rose more than 1% to about $57 per barrel, while gold fell $7 to $1293 per ounce.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate returns going forward. For one thing, most smaller companies are often more focused on domestic operations and may not be exposed to the uncertainty surrounding the trade wars. For another, the long-term record favors small-caps over large-caps. Since 2003, the Russell 2000 Index has climbed 260%, compared to an advance of 189% for the Russell 1000 Value Index. But small-caps can be risky.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate returns going forward. For one thing, most smaller companies are often more focused on domestic operations and may not be exposed to the uncertainty surrounding the trade wars. For another, the long-term record favors small-caps over large-caps. Since 2003, the Russell 2000 Index has climbed 260%, compared to an advance of 189% for the Russell 1000 Value Index. But small-caps can be risky.

With one trading day left in the year, the finish line is in sight. But the performance results for 2018 are not going to be pretty. The major market indexes all dropped in 2018, with YTD price declines (as of this writing) at 6.9% for the S&P 500, 6.8% for the Nasdaq Composite, and 8.0% for the Dow Jones Industrial Average. Growth stocks once again are going to outperform value, as the Russell 1000 Growth Index has declined 3.9% compared to the Russell 1000 Value Indexes' drop of 11.5%. Small-caps are set to underperform once again, with the Russell 2000 closing down 13.7%. International stocks underperformed domestic stocks in 2018 after outperforming in 2017, as the EAFE Index has fallen 16.5% and the MSCI Emerging Markets Index dropped 16.7%, underperforming all for the year.

With one trading day left in the year, the finish line is in sight. But the performance results for 2018 are not going to be pretty. The major market indexes all dropped in 2018, with YTD price declines (as of this writing) at 6.9% for the S&P 500, 6.8% for the Nasdaq Composite, and 8.0% for the Dow Jones Industrial Average. Growth stocks once again are going to outperform value, as the Russell 1000 Growth Index has declined 3.9% compared to the Russell 1000 Value Indexes' drop of 11.5%. Small-caps are set to underperform once again, with the Russell 2000 closing down 13.7%. International stocks underperformed domestic stocks in 2018 after outperforming in 2017, as the EAFE Index has fallen 16.5% and the MSCI Emerging Markets Index dropped 16.7%, underperforming all for the year.

Large-caps have outperformed over the past 12 months, but small- and mid-caps may be in a better position to generate market-beating returns going forward. For one thing, most smaller companies are often more focused on domestic operations and may not be exposed to the uncertainty surrounding the ongoing trade wars. For another, the long-term record favors small-caps over large-caps. Since 2003, the Russell 2000 Index has climbed 260%, compared to an advance of 189% for the Russell 1000 Value Index. But small-caps can be risky. Large-caps outperformed small-caps in nine of the 16 years of our test period. Annual returns were negative four times for both indices, but the average decline for small-caps was 18% in down years versus an average 12% annual decline for large-caps in down years. The standard deviation for monthly returns was 5.29% for small-caps over the 15-year period, versus 3.89% for large-caps. Still, despite the risks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 15%-20% of the U.S. stock market's capitalization is comprised of small- and mid-cap stocks.

The best that can be said about the May stock month is that it's over. The S&P 500 declined about 6.3% in May, which -- the <MM>go away<MM> reputation notwithstanding -- is usually an okay month. Between 1980 and 2018, May averaged capital appreciation of 1.03% on the S&P 500. But May 2019 drags the average down to a gain of 0.84%.

Stocks rose on Monday, led by strong gains in the Tech and Energy sectors, though Boeing shares, hurt by the second crash of a 737 Max 8 in six months, weighed on Industrials. Meanwhile, the Commerce Department reported that U.S. retail sales rose 0.2% in January, up from a revised 1.6% decline in December and above the Reuters consensus forecast, which called for flat sales. The Dow rose 0.4%, the S&P 1.2%, and the Nasdaq 1.7%. Crude oil rose more than 1% to about $57 per barrel, while gold fell $7 to $1293 per ounce.

Stocks are mixed at midday on Thursday ahead of the Federal Reserve policy statement this afternoon. Industries doing well today include Building Products, Banks, and Multiline Retail. Industries showing weakness include Construction Materials, Household Durables, and Interactive Media & Services. The VIX is down 0.03 to 16.33 after the previous close of 16.36. The Dow rose 0.3%, the S&P fell 0.1%, and the Nasdaq fell 0.3%. Crude oil fell 1% to about $61 per barrel, while gold traded near $1225 per ounce.

Stocks are mixed at midday on Thursday ahead of the Federal Reserve policy statement this afternoon. Industries doing well today include Building Products, Banks, and Multiline Retail. Industries showing weakness include Construction Materials, Household Durables, and Interactive Media & Services. The VIX is down 0.03 to 16.33 after the previous close of 16.36. The Dow rose 0.3%, the S&P fell 0.1%, and the Nasdaq fell 0.3%. Crude oil fell 1% to about $61 per barrel, while gold traded near $1225 per ounce.

Stocks rose on Friday morning following a mixed September employment report. The Labor Department said that the U.S. economy added 136,000 payroll jobs last month, down from a revised 168,000 in August and below the Reuters consensus forecast of 145,000. The official unemployment rate fell to 3.5% from 3.7%. Average hourly wages were up 2.9% on an annualized basis, down from 3.2% growth in August. The S&P rose 0.7%, the Dow 0.7%, and the Nasdaq 0.6%. Crude oil rose 1% to $53 per barrel, while gold fell $3.50 to $1510 per ounce.

Stocks are mixed at midday on Thursday ahead of the Federal Reserve policy statement this afternoon. Industries doing well today include Building Products, Banks, and Multiline Retail. Industries showing weakness include Construction Materials, Household Durables, and Interactive Media & Services. The VIX is down 0.03 to 16.33 after the previous close of 16.36. The Dow rose 0.3%, the S&P fell 0.1%, and the Nasdaq fell 0.3%. Crude oil fell 1% to about $61 per barrel, while gold traded near $1225 per ounce.