Stocks Consolidate as Investors Await Employment Report
Stocks in the US started the week mixed, with the DOW and S&P 500 in the red but the Nasdaq composition continuing to outperform. Strong results last week from Google (NASDAQ:GOOG) have propelled technology stocks forward, lifting all boats in the space. Investors will turn their attention on Tuesday to September’s employment report, which will reflect non-farm payrolls as well as the unemployment rate. Stocks finished the trading session mixed with the S&P 500 index notching up a new all-time high, while the Dow finished in the red and the Nasdaq in the black.
The backlog of data will slowly be released by the US government but the likelihood of the Fed changing its view based on September data is unlikely. On Wednesday the BLS will released producer prices data which Thursday will usher in the CPI index report.
In corporate news, McDonald’s (NYSE:MCD) reported third quarter earnings per share of $1.52, which compared to analyst consensus of $1.51 per share. Global comparison store sales increased 0.9%. Revenue was $7.32 billion, compared to expectations of $7.33 billion. Looking forward, the company expects the dynamics of the current environment to persist. For the fourth quarter, the company expects global comparable sales performance to be in-line with recent quarterly trends while restaurant margin percentages are expected to decline at a level relatively similar to first quarter results.
China Mobile Ltd. (NYSE:CHL) reported on Monday that profits for the first nine months of the year fell 1.9% from a year earlier, reflecting stiff competition. The world’s largest mobile carrier by subscribers has been racing with China Telecom Corp. (NYSE:CHA) and China Unicom (NYSE:CHU) to boost revenue per user by adding customers of third-generation mobile services.
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