Chicago, IL – November 5, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day, Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in this blog include Healthcare Select Sector SPDR ETF XLV, Tenet Healthcare THC, Invesco Dynamic Building & Construction ETF PKB, and Dicom Industries DY.
Highlights from Monday's analyst blog include:
The U.S. economy added 12,000 jobs in October, CNBC cited, a sharp drop from September and less than the 100,000 jobs expected by the Dow Jones. The Boeing strike is estimated to have cost 44,000 manufacturing jobs, and the hurricanes are also likely to have put a strain on overall job creation.
Hurricanes Helen and Milton affected the Southeast, particularly Florida and North Carolina, while the Boeing strike also hurt the labor market. Recent developments indicate that the Boeing standoff may be nearing an end.
Health care and government once again led in job creation. But so far, one of the key sectors, leisure and hospitality, has reported a decline of 4,000 jobs, with retail trade and transportation and warehousing also seeing modest declines.
The U.S. unemployment rate in October 2024 was 4.1%, unchanged from the previous month's three-month low and in line with market expectations. The average hourly wage for all employees on the private nonfarm payroll increased 13 cents, or 0.4%, to $35.46 in October.
Over the past 12 months, average hourly wages have increased by 4.0%. Average hourly wages for production and nonsupervisory employees in the private sector rose 12 cents, or 0.4%, to $30.48 in October.
The revisions also reduced the previously reported total job creation for August and September by a combined 112,000 jobs. Slower job growth may be good news on the inflation front, but it could also cause an economic slowdown.
Below, we have highlighted some of the sectors that are expected to see smooth trading in the coming days in light of the October jobs report.
health care
Employment in the health care industry increased by 52,000, matching the average monthly increase of 58,000 over the past year. The month saw employment gains in ambulatory health services (+36,000) and nursing and residential care facilities (+9,000).
The Zacks Rank #1 (Strong Buy) Healthcare Select Sector SPDR ETF can be played to take advantage of moderate momentum. With a Zacks Rank #1, Tenet Healthcare is worth keeping an eye on. The Company is an investor-owned health care services company that owns and operates general hospitals and related health care facilities for urban and rural areas in many states, with offices in California and Florida.
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construction
Employment in the construction industry increased (+8,000) in October. Over the past 12 months, the industry added an average of 20,000 jobs per month. Nonresidential specialty trade contractors added 14,000 jobs over the past month.
Investors can monitor the price movement of the Invesco Dynamic Building and Construction ETF. Fund PKB consists of shares of US architecture and construction companies. The index is designed to enhance the value of your capital by thoroughly evaluating companies based on a variety of investment merit criteria, including underlying growth, stock valuation, investment timeliness, and risk factors. Masu.
As far as stock prices go, Dicom Industries has a Zacks Rank of #2. The company is a leading provider of specialty contracting services throughout the United States.
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Past performance does not guarantee future results. Any investment involves the possibility of loss. This material is provided for informational purposes only and does not constitute investment, legal, accounting, or tax advice or a recommendation to buy, sell, or hold any security. No recommendation or advice is given as to whether an investment is suitable for any particular investor. It should not be assumed that an investment in the securities, companies, sectors or markets identified and described has been or will be profitable. All information is current as of the date of this document and is subject to change without notice. The views and opinions expressed may not reflect those of the Company as a whole. Zacks Investment Research does not engage in investment banking, market making, or securities asset management activities. These returns are from a hypothetical portfolio of Zacks Rank = 1 stocks that is rebalanced monthly with zero trading costs. These are not actual stock portfolio returns. The S&P 500 is an unmanaged index. For performance numbers displayed in this press release, please visit https://www.zacks.com/performance.
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Tenet Healthcare Corporation (THC): Free Stock Analysis Report
Dycom Industries, Inc. (DY): Free stock analysis report
Healthcare Select Sector SPDR ETF (XLV): ETF Research Report
Invesco Building and Construction ETF (PKB): ETF Research Report
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