Nasdaq leads gains after labor data revisions: Market close

The big three market indexes (^DJI, ^IXIC, ^GSPC) close out Wednesday trading in positive territory, the Nasdaq Composite taking the lead and rising by 0.57%.

Julie Hyman and Jared Blikre review the day's market action after the closing bell, taking into account employment data revisions, minutes from the Federal Reserve's September meeting, and volatility levels (^VIX), and how they may weigh on equities.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There is the closing bell on Wall Street and now it is market domination over time.

We are joined by Jared to get up to speed on the action from today's session.

So let's start with where the major averages ended the day.

Really not seeing a lot of action particularly for the dow not necessarily true for some of the other majors.

But if we look at the dow up 55 points on the day, almost 2/10 of 1% trading in sort of a tight range over the course of the day here.

Remember us talked about the two sort of big data points people were looking at today were one the jobs visions this morning going back 12 months from last March which cut off 818,000 jobs still doesn't seem to be a lot of alarm on the part of economists that, that changes the picture materially going forward for the job market or for the fed for that matter.

The S and P 500 up about 4/10 of 1%.

We also got the minutes, the feds last meeting that seemed to indicate indeed a willingness to cut in September, not that, that is a shock but still the confirmation of that somewhat reassuring to market participants and the NASDAQ up 6/10 of 1%.

And Jared, I have a feeling you're gonna go Russell.

Maybe I thought I saw you playing around looking at the Russell ahead of time because we saw out performance from the Small Caps today.

Yes, we did.

And I'm gonna show you something interesting.

This is a one day.

Look, let me show you a two day look of the Russell and you can see it just kind of took off after about 1 p.m. yesterday.

Now I'm going to show you the VX VX is trending up too over the last two days.

Very unusual or slightly unusual to see the Vicks trending up with stocks.

And then if we take a look at, for instance, the NASDAQ, that's a lot more choppy action.

That's not a solid trend, but nevertheless, very, it looks like a very steady, gently sloping uptrend right there.

So again, the Russell 2000, a real performer here and that matching the uh vic, I wanna show you what's going on with WT I crude real quickly.

Year to date is almost come back to the break even.

And it has been going down several days in a row.

That is despite the US dollar going down as well.

Normally the dollar would act as a tail wind, but not in this case, it is acting as a tailwind for gold futures which are, I believe it's another record high.

There have to check that when I get back to my desk.

But, uh, let me show you some the heat maps here.

We got consumer discretionary.

That's XL Y that is a leader today, followed by materials.

That's XL B only financials in the red here.

And if we take a look at our leaders, nothing in the red.

We did see Korean stocks briefly just a few minutes ago, but everything closing in the green here.

Let's take a final look at the NASDAQ and some mixed action with respect to the mega caps, but more green, a lot more green than red throughout the field here.