Plenty of market-centric people -- traders, investors or just
interested observers -- like to say government doesn't matter to
the markets. Thus far this week, since the childlike tantrum in a
power suit known as "The Shutdown," these people have a point:
we're almost exactly break-even on the S&P 500 since Monday,
before The Shutdown began and the 24-hour news cycles praised the
heavens for having something to talk about.
Too bad for there rest of us, especially those who like to
stay grounded with the monthly Bureau of Labor Statistics' (BLS)
nonfarm payroll report, which we don't have thanks to The
Shutdown. (Be careful next time you buy meat at the store, too,
by the way.) Thus, on the first Friday of THIS month, all we've
got is guessing games:
It's a good bet that we're 100K+ on September payrolls; it
would probably be even more accurate to put gains at around 150K
gains on the month… then again, we just don't know.
Private-sector gains from the
) report on Wednesday were for 166K -- somewhat of a
disappointment, actually, but still pretty decent, though recent
trends would indicate more government jobs will have been shed in
Thus, taking the ADP figure as close to what the BLS number
would be (certainly not a "gimme"), we might expect something in
the 150-160K range had we actually had a nonfarm payroll report
this morning. Just a guess. How awesome!
In actual market news,
) finally announced yesterday it will go public -- the social
media player expects to raise up to $1 billion in the market
based on the move -- and
) actually takes the plunge onto the Nasdaq this morning. Both
companies have a few question marks, though the new influx of
capital will certainly help, but thank goodness I don't have to
resort to discussing Peyton Manning's odds of reaching the Super
Bowl in this column today.
Anyway, Happy Friday. Try not to worry about the ineptitude of
the Legislative and Executive branches of our federal government.
What it may come down to is a debt-limit compromise to settle
matters in Washington; it would likely come down to some sort of
good faith efforts on behalf of President Obama and Speaker
Boehner… [sigh]. God help us all.
To read this article on Zacks.com click here.