Saturday 7 October 2017

Markets mixed as US employment shrinks

Markets were mixed on Friday.

The S&P 500 fell 0.1 percent, ending an eight-day winning streak, after a report showed that nonfarm payrolls shrank by 33,000 in September, the first monthly decline since 2010.

The STOXX Europe 600 fell 0.4 percent as continued political uncertainty in Spain weighed down the market.

Earlier in Asia though, the Nikkei 225 rose 0.2 percent and the Hang Seng briefly topped 2015's high and touched levels not seen since 2007's record highs.

“Markets had been ludicrously overbought, with the S&P 500 rising for eight straight days by Thursday,” said Michael Antonelli, equity sales trader at Robert W. Baird & Co.

The stock market is “egregiously overpriced,” Dennis Gartman told CNBC on Friday. “I don't care which valuation you put upon it — price to earnings, price to book value, margin usage — the market is extremely high.”

No comments:

Post a Comment