A jobs shock, and the US open still climbed a notch
Forty minutes into the open, the S&P 500 sits at 7,736.28, up +0.91%, and the Nasdaq at 27,222.96, up +1.31%. Against the 04:40 brief, the S&P 500 is +0.68%p higher and the Nasdaq +0.49%p. The quiet of the early hours has stepped up a notch with the opening bell.
| Index | Now | Change vs. prior brief |
|---|---|---|
| S&P 500 | 7,736.28 (+0.91%) | +0.68%p |
| Nasdaq | 27,222.96 (+1.31%) | +0.49%p |
The jobs shock landed, and the tape still smiled
At 22:29 the news hit: US September payrolls rose only 29,000 and unemployment jumped to 4.2%. That's the sort of number that gets read as a brake on the Fed's policy path, though I can't say how much of today's lift it explains. By sector, cybersecurity 2 and cybersecurity led while gold miners and aerospace lagged. The dollar index at 102.10 (+0.64%) and USD/KRW at 1,356.84 (+0.47%) rose together, and I can't help looking at that next to the gold-miner weakness.
The warmth Korea left behind
The last Korean session (10/2 close) ended with KOSPI +0.46% and KOSDAQ -0.11%. Those numbers are already final, but the US has clearly picked up that thread and run further with it. My disclosed holdings stand at Poongsan +9.8%, KT&G +1.1%, Freeport-McMoRan Inc. +6.7% and Amazon.com Inc. -11.7%. Those are valuation gains and losses, not today's moves.
Six hours and twenty minutes remain until the close. I'll be watching whether the opening +0.91% holds up under the jobs shock and a firmer dollar, and where the Nasdaq's +1.31% stops to catch its breath. With rate and credit strain still lingering, I won't miss the moment the calm breaks.