Stock Market Coverage – Friday October 7 Yahoo Finance

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U.S. stocks tumbled at the start of trading Friday as Wall Street weighed the government’s monthly employment report, which showed a slowdown in September hiring but a still-robust labor market.

The U.S. economy added 263,000 jobs last month as the unemployment rate fell to 3.5%. Economists expected a payroll gain of 255,000 and for unemployment to hold at 3.7%.

The S&P 500 (^GSPC) dropped off 1.3%, while the Dow Jones Industrial Average (^DJI) shed 300 points, or 1%. The Nasdaq Composite (^IXIC) led the way down, declining 1.8%. Meanwhile in the bond market, Treasury yields spiked, with the benchmark 10-year note jumping 7 basis points to 3.90% and the 2-year yield 8 basis points to 4.32%.

“The market’s negative reaction may be a sign that investors are processing the likelihood that there will be no change in the Fed’s aggressive playbook in the near term,” Mike Loewengart, head of model portfolio construction at Morgan Stanley’s Global Investment Office, said in a note. “Keep in mind the next Fed decision isn’t until early November so much more data will need to be digested, not the least of which is next week’s inflation gauge.”

Stocks closed the previous trade lower for a second straight day after a blowout two-day rally faltered. Still, the major averages remain firmly off 2022 lows and are on pace to close the week on a positive note.

Investors are betting that signs of a cooling labor market would force Federal Reserve policymakers to change course on their aggressive rate-hiking path, particularly after a series of weaker economic releases showed a drop-off in manufacturing activity and fewer job openings. But many Wall Street strategists have argued that hopes of an imminent pivot are premature, a sentiment that this jobs report likely reinforces.

In recent research notes, JPMorgan analysts said that equity bulls would need a monthly payroll print as low as 100,000 to see the market alter its Fed expectations, while analysts at Bank of America said a pivot won’t occur “until payrolls sting.”

“The Fed’s job is still far from over: expect hikes to continue until negative payrolls are almost in hand,” a team at BofA led by rates research strategist Meghan Swiber noted.

Moreover, Federal Reserve officials themselves have delivered clear messaging in recent weeks that there are so far no plans to retreat from aggressive policy intervention.

“We have further to go,” Chicago Federal Reserve Bank President Charles Evans said Thursday, indicating the benchmark rate will likely be at 4.5% to 4.75% by the spring of 2023. “”Inflation is high right now and we need a more restrictive setting of monetary policy.”

U.S. crude oil futures continued this week’s climb on the heels of the heftiest OPEC+ production cut since 2020. DataTrek Research noted that West Texas Intermediate (WTI) crude at more than $85 per barrel will prolong positive energy inflation trends until at least the start of 2023. The firm also noted that oil prices are an “underappreciated fulcrum issue” for the Federal Reserve and the market’s expectations of near-term economic growth. WTI futures traded around $90 per barrel early Friday, up $10 this week.

Elsewhere in markets, chipmakers were under pressure Friday morning after Advanced Micro Devices (AMD) lowered its third-quarter revenue guidance and warned of “significant” inventory corrections across the PC supply chain. Shares were fell 7% early into the session. Also weighing on the sector was Samsung reporting its first profit decline since 2019, another sign of a troubled chip market.

Levi Strauss (LEVI) was also a mover Friday after the retailer cut its guidance, citing headwinds from a stronger dollar, slowing consumer demand and persistent supply chain snafus. The stock was down around 5% Friday morning.

Meanwhile, shares of DraftKing (DKING) jumped nearly 5% after Bloomberg News reported Thursday that ESPN is nearing a large new partnership deal with the sports-betting company, citing sources familiar with the agreement.

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'Chubby the Bear’s Big Choice,' by Author Daryl R. McCullough and Illustrated by Maryanne Smith, Sets Its Story Among the Enchanting California Redwoods, Where a Young Bear Fends Off Bullies and Self-Doubt and Regains Self-Esteem and Acceptance

New Children’s Picture Book Addresses Bullying, Body Image, Weight-Shaming and Self-Esteem, Opening Opportunities for Important Conversations Between Kids and Adults
'Chubby the Bear's Big Choice'

Author Daryl R. McCullough?s second book, 'Chubby the Bear?s Big Choice,' is set in a California redwood forest and tells the story of a sensitive, young bear struggling with bullies and his self-esteem issues.

Author Daryl R. McCullough’s second book, “Chubby the Bear’s Big Choice,” is set in a California redwood forest and tells the story of a sensitive, young bear struggling with bullies and self-esteem issues. This tender new book offers children, parents, and others of all ages an engaging story with several timely lessons on bullying, body image, weight-shaming, and self-esteem to be shared and discussed. Parents and children’s therapists have already heralded the book as an essential tool on the subject matter. Order now at Amazon, Barnes & NobleTarget or Archway Publishing.

Chubby is a fitting follow-up to McCullough’s award-winning first book “The Story of Tree and Cloud” — 1st Place, Pen Craft Awards; Finalist/5-Stars, “Reader’s Choice Book Awards”; 1st Place, “Firebird Awards”; and 3rd Place, “Best Children’s Book" and "Best Illustrated & Picture Book," Spring 2022, Outstanding Creator Awards. “Tree and Cloud” is a story about loss and managing grief, also set among California’s natural beauty, starring a California live oak tree named Folie and her new friend Puddle. “Chubby the Bear’s Big Choice” is similarly illustrated — not as a cartoon, but in a pure and naturalist style — by McCullough’s 80-year-old aunt Maryanne Smith, an acclaimed nature artist from Pennsylvania. 

“I grew up a chubby child who was bullied and weight-shamed by my peers and even by teachers and staff in grade school,” McCullough said. “I hope that by sharing this story, any child who might be dealing with these issues and feelings can find the strength to talk about it with their parents and learn self-care. 

“Of course, I also hope the story might thwart a bully or two, providing a teachable moment for them that our individuality is powerful, and compassion is paramount in any friendship,” McCullough said.

The story follows its hero, Chubby, a sensitive young bear cub with a rare talent for befriending honeybees and perhaps enjoying too much of their honey. Bullied by other bear cubs in the forest, Chubby finds solace by retreating up in the air, high in the branches of the redwood trees. One day, Chubby’s mood gets lifted by his forest friends — a sweet raccoon and a wise beaver — and Chubby embarks on a journey to reclaim his self-esteem, choosing to teach the other cubs a lesson along the way. Ultimately, Chubby takes the high road and shows others he is emotionally mature enough to stand up for himself while showcasing his strengths in a thrilling culmination of the tale, which ends happily for all.

Available now, the book invites readers of all ages to embark on a powerful journey of self-discovery and empathy and helps foster essential conversations and empower the next generation. 

“This magical story touched my heart and reminded me how, as a mother of two fabulous daughters, I always had my eye on bullying, particularly when it came to body shaming. Bullies teach us all how not to behave! Conversely, I taught my girls that staying connected with their bodies and loving and sharing their unique gifts with others were some of the healthiest ways to care for themselves and live fulfilled lives. Life is indeed a gift, so like Chubby, let’s all choose love, acceptance, and kindness!” — Melora Hardin, Emmy-nominated star (“The Office,” “Transparent,” “Dancing with the Stars,” “Monk”)

“Chubby the Bear’s Big Choice” by Daryl McCullough 
ISBN: 9781665749640 (Softcover); 9781665749664 (Hardcover); 9781665749657 (Ebook)

About the Author

Daryl McCullough is a professional writer and marketing communications executive who loves creative expression. He lives and works in the Los Angeles area with his husband George Griffin; together, they have a marketing communications and social media business, McGriffin Media. He is formerly CEO and now Chair Emeritus of Citizen Relations, a global brand marketing firm. The family adores their dog, Ferdinand, named after another delightful book. 

About the Illustrator

Maryanne Smith is a talented 80-year-old artist. She has designed and painted many high-end wallpaper designs for the premier York Wallcoverings. She has sold many works of art drawn from nature, and “Chubby the Bear’s Big Choice” is her follow-up to “The Story of Tree and Cloud.” She is from York County, Pennsylvania. Prints of images from each book are available for purchase.

Contact Information:
Melissa Penn
melissa@mielpr.com
323-605-3361


Original Source: New Children’s Picture Book Addresses Bullying, Body Image, Weight-Shaming and Self-Esteem, Opening Opportunities for Important Conversations Between Kids and Adults
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