May 1st 2014 – Stocks Little Moved Before Jobs Report

Market View:

Nice to see the Nasdaq recover a little against the other major indexes.  As there has been such a disparity over the last 6-8 weeks.  It is a good sign that the S&P and the Dow closed down today, it gives the market a pause before it is able to move forward and reach for new all-time Highs in the S&P 500 and the Dow.  The trend in the Nasdaq points to further upside in my opinion.  The spanner in the works is the Monthly jobs report that is released tomorrow morning before the bell, but I will be surprised if there is any major shift in sentiment no matter what it reports.  With the Fed blaming the weather, what difference will a bad report do?  I see only upside…but of course, anything can happen!

Market News:

U.S. stocks fluctuated today, a day after the Dow Jones Industrial Average rose to a record finish, as investors took a cautious approach a day before the April nonfarm payrolls report.

The Nasdaq, however, climbed along with Internet companies, which drew a lift after Yelp reported healthy revenue growth, with the online guide to local businesses surging nearly 10 percent.

A separate report from the Commerce Department on Thursday had consumer spending jumping the most in nearly five years in March, up 0.9 percent, while the Institute for Supply Management’s factory index rose to 54.9 in April from 53.7 the month before.

Thursday’s data comes before Friday’s April employment report, with the government expected to report nonfarm payrolls increasing by 210,000 last month.

Trading in a 75-point range on either side of neutral, the Dow Jones Industrial Average fell 0.2 percent.

After rising to within reach of its record close hit on April 2, the S&P 500 finished little changed, with utilities and consumer discretionary faring best and materials and energy falling hardest among its 10 major industry groups.

The Nasdaq rose 0.3 percent.

Friday

Earnings: Chevron, Estee Lauder, TransCanada, Marsh and McClennan, Newell Rubbermaid, Sempra Energy, CVS Caremark

8:30 a.m.: Employment Report

10:00 a.m.: Factory orders