Welcome Back,

Market Headlines 👀 

• US President Biden cancels an additional $9b in student loans a couple days after payments began again.

• US Speaker of the House McCarthy has been ousted as speaker, first time in US history this has occurred.

• US weekly jobless claims come in at 207k; est: 210k.

• US home mortgage demand falls to its lowest level since 1996, as the 30y rate inches toward 8%.

• Citigroup (C) sends out company wide memo outlining major reorganization to take place in November, including layoffs, reassignments and further changes. Citing, its biggest staff overhaul in decades.

• S&P 500 markets remain mostly flat today ahead of jobs report data due tomorrow, anticipating 170k jobs added in the month of September.

• Facebook (META) could begin offering its European users a $14 ad free Instagram option.

• Apple (AAPL) has considered switching its default engine from Google to DuckDuckGo.

  S&P 500 Heat Map

Recap Around the Street 🧠

Those taking out a mortgage today will likely refinance once the Fed starts cutting in the face of a recession that could re-invert the yield curve. It’d be interesting to see how mortgage trading desks are modeling prepayment speeds for current coupon vintages.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Will this softness in ADP payroll data show up in this Friday’s NFP report or does the latest JOLT survey accurately reflect a still tight labor market?(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Friday, October 6th: Non-farm payrolls and unemployment data; US consumer credit card data

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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