Today in the Market (9/1/2023)

Good Evening! On Friday, U.S. stock had mixed performance, following the release of the August payrolls data, which revealed an unexpected increase in US unemployment with a higher-than-anticipated number of job additions to the economy.

The performance was the opposite of yesterday with the S&P 500 and the Dow Jones finishing the day in the green by 0.18% & 0.33% respectively, while the Nasdaq Composite finished down barely by  0.02%


Disney (DIS) declined on Friday after the decision of the firm to remove its owned and operated channels, such as ESPN and ABC, from Charter Spectrum (CHTR) cable networks. This action was taken after the contract dispute between the two parties reached a standstill.

So how does Charter see it? The issue arises from Charter’s claim that Disney has demanded increased prices and imposed restrictions, contending that the proposed approach by the media behemoth would result in unmanageable price increases for customers and require them to subscribe to channels they may not want or be financially capable of affording.

What about Disney? Disney issued a strong reaction on Friday, asserting that Charter had declined to engage in a fresh deal that aligns with market-driven conditions. In their statement, Disney emphasized that they had extended the most beneficial conditions to Charter in terms of pricing, distribution, packaging, advertising, and other pertinent aspects, contradicting Charter’s assertions.


According to the Bureau of Labor Statistics, the unemployment rate reached its highest level since February 2022. However, the increase in the unemployment rate from 3.5% to 3.8% may not always indicate adverse consequences.

Why is that? The increase in unemployment might be related to the growing number of individuals in the US reentering the labor force. In August, the labor force participation rate saw an increase to 62.8%, reaching its highest level since February 2020. Economists argue that the recent labor report indicates a more favorable equilibrium between labor supply and demand, as the labor market gradually moves away from the effects of the pandemic, including the notable phenomenon known as the “Great Resignation.”

On top of that, The recently released Job Opening and Labor Turnover Survey (JOLTS) report indicated that employees are now resigning from their positions at the lowest rate seen since January 2021. This trend suggests that workers are placing a higher value on the stability and security provided by their current employment, rather than pursuing potential opportunities in other roles.   

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