Source: Charles Schwab, data from 9/28 – 10/2

Weekly Market Minute

“Innovation distinguishes between a leader and a follower.”
— Steve Jobs

🧭 This Week In the Markets

Image Source: Patrick T. Fallon | Bloomberg

Nvidia Expands Share Buyback Program by $150 Billion

Nvidia authorized an additional $150 billion for share repurchases, bringing its total remaining buyback capacity to $235 billion through fiscal year 2028. The move reflects the company’s strong cash generation as demand for artificial intelligence infrastructure continues to drive growth across its chip and networking businesses. Share repurchases can benefit shareholders by reducing the number of shares outstanding over time, which supports earnings per share. Nvidia remains a major beneficiary of rising data center investment, with combined hyperscaler capital spending projected to exceed $1.3 trillion by 2027. The expanded buyback also highlights management’s willingness to return capital to shareholders while continuing to invest heavily in next-generation AI technologies.

September Jobs Data Sends Mixed Signals

U.S. labor market data sent mixed signals this week. ADP reported that private employers added 90,000 jobs in September, exceeding expectations for 68,000 and rebounding from 36,000 in August. Hiring was relatively broad-based, led by education and health services, leisure and hospitality, manufacturing, and construction, suggesting private-sector employment remained resilient.

However, Friday’s government jobs report painted a softer picture, with non-farm payrolls increasing by just 29,000, well below expectations for 84,000, while the unemployment rate edged up to 4.2%. Previous months were also revised lower by a combined 60,000 jobs, and annual wage growth slowed to 3.0%. Markets reacted positively to the weaker report, as expectations increased that the Federal Reserve will leave interest rates unchanged at its October meeting. Taken together, the reports suggest the labor market remains stable in some areas but is showing clearer signs of slowing overall.

Inflation Moderates While Consumer Spending Remains Strong

The Federal Reserve’s preferred inflation gauge came in lighter than expected in August, easing some concerns that price pressures were reaccelerating. The Personal Consumption Expenditures (PCE) Price Index rose 0.3% for the month and 3.4% from a year earlier, while core PCE increased 0.2% and 3.0%, respectively. Both annual readings were below economists’ expectations.

The report also showed continued strength in consumer spending, which rose 0.9% in August, while second-quarter GDP growth was revised higher to a 2.2% annualized rate. Together, the data suggest the economy remains resilient even as inflation shows signs of moderating, giving the Fed more flexibility as it weighs its next policy move.

🏢 Corporate Earnings

• Micron Technology (MU) surpassed quarterly earnings expectations, reporting earnings per share of $33.42 on revenue of $54.23 billion compared with estimates of $31.61 per share and $51.07 billion. These results were supported by the soaring demand for AI infrastructure.

📊 Sector Performance

5-day closing price ($) and change (%)

Source: Select Sector SPDRs, data based on the Sector SPDR ETFs as of 10/2

Latest from EMW

Medicare 2027 What to Know Before Open Enrollment Webinar
Join us on Monday, October 12th for a special webinar with Karl Steinlage, Co-Owner, CEO and Independent Broker at Steinlage Insurance Agency for helpful information you should know before Medicare Open Enrollment begins on October 15th.

📰 Dollars & Sense: This Week’s Rapid Read

Should You Pay Off a Mortgage Before You Retire?
Starting off retirement with a paid-off mortgage is a goal for many retirees. But how much you should prioritize making it happen depends on your individual situation.

Source: Charles Schwab

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Corporate Earnings: Micron Technology

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