The S&P 500 traded higher last week despite another disappointing monthly U.S. jobs report.
On Friday, the Labor Department reported the U.S. economy added 194,000 jobs in September, well short of economist estimates of 500,000 jobs. The U.S. unemployment rate dropped to 4.8% and wages grew 4.6%, but September marked the second straight month job growth has disappointed by a wide margin.
On Thursday evening, the Senate passed a compromise bill that allows for a short-term increase of $480 billion to the U.S. debt ceiling. The House must now vote to approve the bill, which the Treasury Department estimates would extend the deadline for a potentially unprecedented U.S. debt default from Oct. 18 to Dec. 3.
Facebook shares traded lower on the week after a whistleblower who leaked internal documents to the Wall Street Journal appeared on “60 Minutes” and testified before Congress that Facebook routinely prioritizes profits over the well-being of its users and society as a whole.
Facebook and its subsidiary platforms Instagram and WhatsApp also experienced a more than six-hour outage on Monday that the company later blamed on “configuration changes.”
On Friday, WTI crude oil prices hit $80 per barrel for the first time since November 2014 on concerns about tightening oil supply as global energy demand rebounds. In recent weeks, natural gas prices hit seven-year highs and coal prices also hit record highs.
Lamb Weston’s unappetizing numbers
Shares of frozen food supplier Lamb Weston traded lower by nearly 10% after the company reported a fiscal first-quarter earnings miss and warned investors that inflation and supply chain disruptions could negatively impact its gross margins.
Third-quarter earnings season kicks off in the week ahead with reports from big banks JPMorgan Chase on Wednesday and Bank of America, Citigroup and Wells Fargo on Thursday.
Analysts are forecasting S&P 500 companies will report 27.6% earnings growth for the third quarter, according to FactSet.
In the coming week, investors will get more key economic updates on Wednesday when the U.S. Labor Department releases its September Consumer Price Index reading and the Federal Reserve releases its latest meeting minutes.
Benzinga is a financial news and data company headquartered in Detroit.
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