Wall Street down ahead of Fed's Powell, slew of data
Main U.S. indexes modestly red: Nasdaq down ~0.2%
Sep Chicago PMI 46.6 vs 46.1 estimate
Euro STOXX 600 index down ~0.9%
Dollar up; crude dips; gold off ~1%; bitcoin down >3%
U.S. 10-Year Treasury yield edges up to ~3.76%
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WALL STREET DOWN AHEAD OF FED'S POWELL, JOBS DATA
Shares on Wall are modestly lower early on Monday, with investors seemingly taking a breather from a rally the past week ahead of key reports on manufacturing and employment.
The market is also looking to Federal Reserve Chair Jerome Powell's speech on the U.S. economic outlook later on Monday before the National Association for Business Economics due around 1355 EDT.
The Dow ended at a record high on Friday, and the S&P 500 is not far from an all-time high. Both indexes are set for their fifth straight month of gains, contradicting what has been a historical trend in which September is supposedly a weak month for stocks.
Aside from Powell, the market is also bracing for a crucial jobs report on Friday, with Wall Street economists forecasting 140,000 new jobs created in September, according to a Reuters poll. The lowest forecast is for 70,000 jobs and the highest is 200,000.
David Rosenberg, founder and president of research firm Rosenberg Research points out that the three-month average on the payroll data is +116,000, and the six-month is +164,000 "so consider the consensus estimate to be somewhere in the middle." He also notes the wide gap between the lowest and highest forecasts.
"One would firmly build the case for a -50 beeper on November 7th, and one would favor a 25-basis point cut," Rosenberg writes in a research note. "So, a lot is riding on this number, seeing as the Fed fund futures contracts now point to a toss-up (between 50 and 25 basis points)."
Here's a snapshot of markets in midmorning trading:
(Gertrude Chavez-Dreyfuss)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
NASDAQ COMPOSITE: RED FLAG WARNING? - CLICK HERE
HOLD YOUR HORSES ON LUXURY SECTOR AFTER CHINA STIMULUS - CLICK HERE
FTSE 100 SHOULDN'T FEAR THE STRONG POUND - CLICK HERE
SLIDING AUTOS SECTOR WEIGHS ON STOXX AFTER PROFIT WARNINGS - CLICK HERE
EUROPE SET FOR CAGEY START; AUTOS IN FOCUS - CLICK HERE
NIKKEI RETREATS, CHINA RALLIES - CLICK HERE
US early market snapshot https://tmsnrt.rs/3N6OjW9
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