The Friday jobs report had markets spooked. Stocks gave up earlier gains to trade lower at midday as investors made bets ahead of the release. This unemployment report has added significance as one of the two the Fed will get to analyze before making the decision whether to raise rates in December. Kate Spade (KATE) swung to a profit in its recent quarter as efforts to diversify from its handbag focus paid off. Total sales rose 11% over the quarter, driven by healthy demand in North America. HomeAway (AWAY) traded sharply higher after Expedia (EXPE) agreed to buy the vacation rentals site for just under $4 billion. The deal is just the latest for Expedia which also recently closed its acquisition of smaller travel site Orbitz.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.