Major averages fell for the eight day in a row on lower volume. The S&P 500 came a hair away from its 200-day moving average. Volume was above average on the NASDAQ Composite as it now joins the S&P 500 below the September 12th lows. While the indexes are certainly in position for a potential oversold reaction rally, none has been forthcoming as of yet. Futures are up slightly after this morning's jobs number.
Jobs report data came in somewhat close to expectations. October non-farm payrolls came in at 161,000 vs est 175,000. The unemployment rate came in at 4.9% vs est 4.9%). Average hourly earnings increased 0.4% vs est 0.3%). The average workweek came in at 34.4 vs est 34.4. Manufacturing jobs declined while temporary jobs increased sharply, pointing to continued softness in the economy when it comes to hiring and new jobs.
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