Traders expect October to give the markets a scare, starting with news on the economy and jobs in the week ahead.
After a surprisingly good performance in the third quarter, the thinking is the stock market is ready to pull back, especially after a few choppy sessions and a new batch of data that should continue to show a slow-moving, ‘zombie like’ economy.
Friday’s jobs report is expected to show the low level of job creation continued in September, after August’s 96,000 nonfarm payrolls. The U.S. election is also a focus this week, with the first presidential debate in the tight race Wednesday evening.
on an overseas development that could hurt the US economy further:
China's manufacturing activity shrank for an 11th straight month in September, HSBC said Saturday, adding to pressure on Beijing to provide fresh stimulus to boost the world's second largest economy.
The final reading of the purchasing mangers' index (PMI) released by the British banking giant hit 47.9 this month, a mild improvement from a final reading of 47.6 in August, HSBC said in a statement.