Rising Bond Yields, Jobs Data Mark First Week of October

This week's jobs data could play into the Fed's interest rate decision

Deputy Editor
Oct 6, 2023 at 1:59 PM
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The first week of October provided little relief from September woes. Rising bond yields weighed on the market throughout the week, with both the 10- and 30-year Treasury yields hitting 16-year highs. As many investors are of the mind that a strong labor market means the Federal Reserve will keep interest rates higher for longer, stocks bounced midweek after weaker-than-expected jobs report, but reacted poorly to jobless data and stronger-than-expected nonfarm payrolls at the end of the week. 

Analyst Notes This Week

There was plenty of analyst activity for investors to sift through. Solar stocks Sunnova Energy (NOVA) and Solaredge Technologies (SEDG) received opposing analyst notes at the start of the week, while Clorox (CLX) was downgraded after lowering its forecast. Both Insulet (PODD) and Warner Music Group (WMG) have pulled back on the charts recently and scored upgrades this week, while Airbnb (ABNB) drew a downgrade due to elevated elevated average daily rate (ADR) risk. Finally, Apple (AAPL) received a rare downgrade, with the analyst in coverage noting its valuation following a recent surge. 

Best and Worst Stocks to Own This Month

Etsy (ETSY) paints a frightening October picture, as it tops the list of the worst 25 stocks to own in October, according to our own Senior Quantitative Analyst Rocky White. It's a historically bearish month for semiconductor staple Advanced Micro Devices (AMD) as well. Meanwhile, of the best stocks to own this month, Marriott (MAR) is in the top five, while electricity stock Dominion Energy (D) tops the list. Shorter term, Yeti (YETI) is flashing a historically bullish signal on the charts. 

What's Coming Up Next Week

According to this week's Monday Morning Outlook from Schaeffer's Senior Vice President of Research Todd Salamone, hedge funds are making extreme bets against the 10-year Treasury note. Plus, Schaeffer's Senior Quantitative Analyst Rocky White noted stock weakness could be ahead. There will be plenty of inflation data coming up next week, as well as notable bank earnings

 

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