U.S. stocks dip with payrolls on tap as crude prices surge
Main indexes slightly end red; Dow off most, down ~0.4%
Cons disc weakest S&P sector; Energy leads gainers
Dollar up; crude up >5%; gold, bitcoin ~flat
U.S. 10-Year Treasury yield rises to ~3.85%
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U.S. STOCKS DIP WITH PAYROLLS ON TAP AS CRUDE PRICES SURGE
The major averages finished slightly lower on Thursday, as investors grappled with a flurry of economic data, rising crude prices due to geopolitical tensions, and a continued dockworker strike, all ahead of Friday's jobs report.
While the S&P 500 .SPX and Nasdaq .IXIC were briefly positive in the early stages of trading, stocks struggled for any upside momentum after a strong reading from the Institute for Supply Management's non-manufacturing purchasing managers index (PMI), which jumped to 54.9 last month, further denting expectations the Federal Reserve will opt for a second upsized 50 basis point cut at its November meeting.
Energy .SPNY shares were once again a bright spot, as the sector notched its fifth straight session of gains, during which it has risen more than 8%, as rising hostilities in the Middle East have pushed crude prices higher.
Crude prices settled up more than 5% after President Joe Biden told reporters U.S. support over Israel targeting Iran's oil facilities was being discussed, but added "there is nothing going to happen today."
In addition, Biden said he believed progress was being made in a contract dispute at U.S. ports, where dockworkers were on strike for a third day.
Expectations for Friday's jobs report call for nonfarm payrolls of 140,000 and the unemployment rate to hold steady at 4.2%.
Below is your closing market snapshot:
(Chuck Mikolajczak)
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FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
INDIVIDUAL INVESTORS A BIT MORE BRASH AS THEY TAP THEIR CASH STASH - CLICK HERE
ARE INVESTORS DRIVING THE UTILITIES SECTOR INTO AN OVERBOUGHT CONDITION? - CLICK HERE
THURSDAY DATA JAMBOREE: CLAIMS, LAYOFFS, SERVICES PMI, FACTORY ORDERS - CLICK HERE
U.S. STOCKS SLIP IN EARLY TRADE - CLICK HERE
UBS SEES ABOUT 7% UPSIDE IN MSCI AC WORLD INDEX - CLICK HERE
DOWN THE STRETCH, MOMENTUM INCREASES ITS LEAD - CLICK HERE
CHINA STIMULUS OFFERS ARRAY OF OPPORTUNITIES - JANUS HENDERSON - CLICK HERE
STOXX ERASES CHINA RALLY, AUTOS DRAG - CLICK HERE
EUROPEAN FUTURES EASE, TESCO UPS PROFIT FORECAST - CLICK HERE
PMIS TO PAVE THE WAY FOR RATE CUTS - CLICK HERE
Closing levels Oct 3 https://tmsnrt.rs/3Y7D8D3
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