Summary · why it matters
The US economy added only 29,000 jobs in September, far below the 90,000 expected, as the unemployment rate ticked up to 4.2% and average hourly earnings rose an anemic 0.1% from August. The weak print pulled odds of a 25 basis point hike at the October FOMC meeting back to roughly 20%, per CME data, with economists at BNP Paribas and JPMorgan saying it would now take a very strong CPI reading on Oct. 14 to make the October meeting live. Consumer confidence plunged in September to 81.9 from 88.6 the prior month, its lowest reading since 2014, and economists expect Friday's University of Michigan sentiment report to fall further to 48 from 48.1, below the roughly 55 to 60 seen during the financial crisis. In energy, Persian Gulf crude exports have recovered to roughly 98% of pre-war levels, but refined product exports remain at about 3 million barrels per day, or 58% of pre-war levels, per JPMorgan Chase, pushing US diesel prices to an all-time high of $6.41 per gallon. On Friday, G7 leaders announced they would release 100 million barrels of crude oil and diesel onto the open market over four months, led by a substantial diesel release within 20 days, after pressure from the Trump White House. Earnings this week include Constellation Brands on Tuesday, Applied Digital on Wednesday, PepsiCo on Thursday, and Delta Air Lines on Friday.
PepsiCo Inc
Constellation Brands Inc Class A
Applied Digital Corporation
BNP Paribas SA
Delta Air Lines Inc
JPMorgan Chase & Co
Levi Strauss & Co Class A
RPM International Inc