U.S. equities reclined slightly lower
U.S. equities reclined slightly lower in the wake of the headline payrolls negative print, jump in hourly earnings, jobless rate drop and mixed back revisions, after the knee-jerk losses on Treasuries and jump in yields. Hurricanes clearly muddied the jobs waters and it will take another month or two to clean up the data debris. Dallas Fed's Kaplan said he remained on the fence on December Fed hike, which could be the concensus, though the markets are still pricing one in. The Dow is 44-points lower, S&P sank 6-points and NASDAQ is 22-points lower in pre-open action. Stocks were relatively subdued overseas in advance of the data, with Japan's Nikkei and HK's Heng Seng roughly 0.3% higher (China still closed), while Europe is mostly 0.15-0.25% lower outside of the UK FTSE 100, which is 0.2% higher given recent GBP weakness on the political storm. The dollar index is up 0.26% near 94.15, while NYMEX crude is 2% lower and back under $50 bbl. Costco sank 2.7% due to price competition. More wholesale trade and consumer confidence data is on tap, along with rounds of Fedspeak from Bostic, Dudley, Kaplan and Bullard.