US Stocks continue to trade above water
Stocks in the US were buoyed at the open, and continued to trade above water for most of the trading session. Volatility continued to increase as fear is making its way into investor sentiment. With the US employment report postponed given the closure of the government, investors were left with Thursday less than stellar ISM services report as a guide of future payrolls. Private data during the week was softer than expected, generating a headwind for equity investors. Stocks ended the session higher, with the Nasdaq 100 notching up a 0.4% climb for the week despite the government shutdown.
In corporate news, Sam’s Club CEO Rosalind Brewer said that retailers are seeing some sales softness due to the furlough of federal government employees. Moreover, even before the shutdown some locations saw a slowdown over the weekend, which initially started in the Washington DC & Virginia areas. While key competitor Costco (NASDAQ:COST) has not released a statement, the company is likely to be negatively impacted, as well.
Technology shares were mixed on the open, while Adobe Systems (NASDAQ:ADBE) fell nearly 2% to $50.00 in pre-market trading after saying hackers have breached its servers, stealing source code for numerous products and the data of 2.9 million customers. The company said the attackers accessed Adobe customer IDs and encrypted passwords as well as credit and debit card numbers, expiration dates and other information related to customer orders. It said some of the customer data was removed from the system.
Energy shares remained in the black as crude oil prices were buoyed by potentially inclement weather. Crude oil prices bounced up to around $104 a barrel, on concerns that Tropical Storm Karen will hurt production from the Gulf Coast oil industry for several days. Several major off-shore oil producers have said they are shutting production platforms in the Gulf.
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