Stocks spent much of Thursday in the red ahead of the jobs report out Friday morning. This release will be watched even more closely than usual for whether it justifies a rate hike as soon as December. Federal Reserve Chair Yellen said earlier this week that a year-end hike remained a possibility. Qualcomm (QCOM) sank to its lowest level in years after issuing weaker guidance than expected. The company also said it had struggled to collect payment for licensing patents from some Chinese phone makers over the quarter. Exxon Mobil (XOM) closed lower on news New York's attorney general had launched an investigation into whether the company lied about climate change risks.
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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.