Trending: Jobs report.
The U.S. economy lost 33,000 jobs in September even as the unemployment rate fell to 4.2 percent, the Bureau of Labor Statistics reports. Numbers were impacted negatively by the hurricanes effect on the hospitality and tourism industry.
"US economy sheds jobs for first time since 2010 as hurricanes hit" | Business Insider
Equities: U.S. stocks started October at record highs fueled by hopes that President Donald Trump's proposed tax cuts will come to fruition sooner than later. The proposal would reduce the corporate tax rate to 20 percent down from the current maximum 35 percent -- and lower the tax burden for pass-through entities, including partnerships and limited liability companies. Trump cast the plan as likely to fuel an economic boom.
Looking forward earnings season will be heating up this month and is a critical factor to market momentum. The S&P 500 is up an impressive 13% year-to-date, and the companies comprising the index have posted average earnings growth of 13.6% and 11.1% in the respective first two quarters.