Dow sank 221, but advancers over decliners better than 3-2 & NAZ gave back 71. The MLP index added 1+ to the 229s & the REIT index was flat at 371. Junk bond funds went higher & Treasuries were flattish, but carry high yields. Oil recovered 1+ to the 88s & gold was up 6 to 1646.
AMJ (Alerian MLP index tracking fund)
Job openings surged in Sep despite Federal Reserve efforts aimed at loosening up a historically tight labor market that has helped feed the highest inflation readings in 4 decades. Employment openings for the month totaled 10.7M, well above the estimate for 9.8M, according to the Bureau of Labor Statistics’ Job Openings & Labor Turnover Survey (JOLTS). The total eclipsed Aug's upwardly revised level by nearly ½ a million. Fed policymakers watch the JOLTS report closely for clues about the labor market. The latest numbers are unlikely to sway central bank officials from approving what likely will be a 4th consecutive 0.75 percentage point interest rate increase this week. Sep's data indicates that there are 1.9 job openings for every available worker. The disparity in supply & demand has helped fuel a wage increase in which the employment cost index, another closely watched data point for the Fed, is growing at about a 5% annual pace. In other economic news, the ISM Manufacturing Index posted a 50.2 reading, representing the percent of companies reporting expansion for Oct. That was slightly better than the estimate for 50.0 but 0.9 percentage points lower than Sep.
Job openings surged in September despite Fed efforts to cool labor market
Pfizer
raised its 2022 earnings guidance after booking a strong Q3 that beat expectations. It
now expects EPS of $6.40-6.50 for the year, up from
its previous forecast of $6.30-6.45. The pharmaceutical company also
raised the lower end of its sales guidance & now expects revenue of
$99.5-102B for the year. PFE
raised full-year sales guidance for its Covid-19 vaccine to $34B this year, up $2B from its previous
expectations. It is maintaining revenue expectations of $22B for
the antiviral pill Paxlovid. Adjusted EPS was $1.78 vs $1.39 expected. But Q3 global revenue fell 6% to $22.6B compared
to the same period last year due to softening demand for its Covid
vaccines internationally. The company sold $4.4B of its vaccine
worldwide in the qutr, a decrease of 66% compared with Q3-2021. Net income was $8.6B for Q3, a 6% increase over the same qtr last year. CEO Albert Bourla indicated that company is looking beyond the Covid pandemic which has led to record windfalls for the pharmaceutical giant. The stock rose 1.12.
If you would like to learn more about PFE, click on this link:
club.ino.com/trend/analysis/stock/PFE?a_aid=CD3289&a_bid=6ae5b6f7
Pfizer raises 2022 earnings guidance, beats third-quarter expectations
Biden, arguing that oil companies’ recent profits were a "windfall of war" in Ukraine, said he thinks they have a "responsibility to act in the interest of their consumers, their community and their country." He urged them to direct some profits to boost their US production & refining capacity & to lower gas prices Americans see at the pump. "If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions," the pres said. "My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering."
Biden puts oil companies on notice, threatens windfall taxes
The economic data is showing the Fed that higher rates will be needed to get inflation under control. But the stock market is still anxious to hear what the Fed has to say tomorrow.
Dow Jones Industrials
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