The Jon Sanchez Show
09/06-Wall Street’s reaction to the August payroll report
This morning we received the highly anticipated August Non-Farm Payroll report. Initially, the market was very pleased with the data and it rose significantly. But then, it reversed course and sold off. What was in the report that upset investors? What does this report mean to the fed and the September 18th interest rate decision? We’ll let you know,
- Duration:
- 33m
- Broadcast on:
- 06 Sep 2024
- Audio Format:
- mp3
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How many exclamation points do we give this Friday, that TGIF? - I think it has all, you know, when you watch cartoons and they say the bad words and it's got exclamation points and asterisks and hashtags, and I think it's one of those kind of days. - I've got it all, no, no exclamation points. That's better than my exclamation points. - All right. - I'm going to give it about five. I'm going to give it about five. - I am happy this week is over, that is for sure. - Indeed, indeed. You know, as Jason and I told you last Friday, of course, be prepared for the month of September, whether you're superstitious or not, or there's facts or seasonalities, whatever it is, September, wrapping up the first week has absolutely come true as far as investors' concerns that this is going to be a rough month. Now, who knows what the other three weeks are going to present to us, but we know that this week was a tough one. But you know what, that's what you have us in your life for. We're going to sit back. We're going to explain to you what happened this week, why it happened, what happened today with the ever highly anticipated non-farm payroll numbers. Talk to you about what we think is going on in the market and give you a little bit of ice, what you need to do with your funds at this point. Maybe share some of the things that we're doing for our clients and, you know, hey, the week's over, if that means we turn the page and we start looking forward to next week as it'll be here before we know it. So, Jason, where do we start with this one? Let's kind of give a little highlight as to what we're going to go into great, and that is, again, this non-farm payroll number. You know, this number came out this morning at 5.30, right? Again, highly anticipated. But what was amazing was the initial reaction by the market was, hey, this is a pretty good number and I'm going to use this term. I hate using it, but there's no better way to describe it. It was a Goldilocks number, not too hot, not too cold. And would we see happen when the market opened up? Well, the future's kicked up a little bit when the report came out, and then the market, of course, shot up very nicely over 200 points, matter of fact, when the market started trading at 6.30. But then as fast as it rose, guess what? That fell just that fast. Reverse course sold off, continued to sell off, and continued to sell off. What was the report, or I should say, what was basically the ingredients in the report that created this sell off? That's one of the things we're going to help answer tonight. What does the report mean to the Fed and this ever so important September 18th meeting? And the interest rate decision meeting. So we're going to go through the details of the report 'cause there's a lot of, as we like to call it, nuggets inside the report. That'll kind of give us an idea of what's going on. But overall, Jason, this day should have been no different than the rest of the week as far as volatility. But it was there, but it was volatility that was even greater than what we experienced throughout the other trading days of the week. It was a tough one today. And when you say you got a Dow that closed down over 400 and NASDAQ that closed down over 400, there was some damage done this week. And let's start with the explanation of what the heck happened today. Yeah, I mean, the technical setup was far from desirable. You've got a pretty notable topping pattern in the S&P and all the hullabaloo about September being a bad month and so on and so forth. Certainly doesn't lend any support to the concerns of at least optically what some would say as a decelerating economy, even though unemployment's at 4.2% and the jobs number was still plenty fine. We've all become fairly spoiled in expecting good numbers, better numbers, no inflation, always having growth, right? And it's, the Fed is always going to be a darned, damned if you do, damned if you don't situation. And this is a case now where now that you've seen job numbers that are whether they're seasonal or you are truly seen deceleration in certain parts of the economy, the market is viewing this as, oh my gosh, we have a growth scare and that's a bit of what's going on and that's the narrative that we'll keep hearing through the next two months for sure. And the predominant surface a lot this week. Yeah, and I mean, again, like it said, they just raised GDP forecast to 3% like two weeks ago. Like this is the market that unfortunately is very, you know, macro driven as we've talked about a lot that unfortunately there's, when you're asking a question as to how come this is happening and there's no real reason, it's just more systematic in terms of the selling, right? You break a 21 day support, you break a 100 day support and now everyone's staring at 200 day moving averages for support on the market. And that's, it's probably just as simple as that. I would truly say today was just more sellers than buyers. I think that people saw this as, you know, I want to be short the market, but I want to wait until I get this data out of the way. And then as soon as they got the data, first you saw the snap of gamma because of the fact that the event happened, right? We've talked a lot about options and it's not necessarily whether the number's good or bad. It's just that it occurred and once it occurs, people start to take that bet off the table, whether it's good, bad or indifferent. Volatility itself comes down, which creates buying because people buy protection. So once that event happened and that's why you saw the, you know, the market move up initially, it's merely just because of that short covering that needs to happen. Well, once that dissipates, at least the early part of it, then the sellers came in predominantly out of Europe originally 'cause literally at eight o'clock our time and the market's closed, you saw a rally pretty aggressively and then it just faded afterwards. It's probably nothing more than no real catalyst to be against you if you want to be negative right now, right? Nothing's going to happen on Monday that's going to change the narrative of negativity. Nothing's going to happen on Tuesday. It's probably a little later what CPIs Wednesday or Tuesday? - Yeah, Wednesday. - Yeah, Wednesday. Yeah, so right, if you want to be a bear, stay bearish, right? And you know you can lean into this tape 'cause nothing's, what's going to come out over the weekend? Fed's going to cut rates, emergency cut-ups and no. And if it happened, what would that do? That would freak everyone out. You're not going to hear Apple come out over the weekend and, you know, the guide hire and say, right? So nothing positive can surprise you that I'm aware of. So the trend is your friend. But nothing's going to happen this weekend, right? We're still like 20 times. - We'll come forward. - Yeah. - But even so, you're not going to get earnings out of anybody, right? No one's coming out one day, right? So if you're a trader, not an investor, but a trader, you're going to lean short into this weekend 'cause you and I talked offline. You get a negative day like today. Gun to my head, you know, Nikke is going to open lower. Europe's going to open lower. You have the yen at 142 and change continuing to strengthen. That bear narrative is just going to accelerate on Monday. I just don't know what's going to change it again. I'm more bullish longer term, but in the short term, oh my gosh, September's terrible, you have to sell. It's just, unfortunately, the trend is your friend if you're negative and I think that's a lot of what we saw today. - Excellent. What, you know, the other thing too, is this is what's fascinating from our perspective as portfolio managers. When you look at something like this where the market has all of the emphasis on a report, meaning today's non-farm payroll members. And the week, obviously volatile and, you know, definitely week leading up to today. So it did not have a lot of things to sink its teeth into. The fascinating part is how they, you know, throw the baby out with the bath water, right? And we, you got to take a deep breath when you get into situations like this folks and you go, okay, what really changed with, oh, let's say in the video, right? It had a volatile week today or this week. It finished down about $4.71 today, little over 4% loss. But tell me what happened with meta between, you know, when everyone was bullish on it, just a few days ago, to, you know, dropping $17.76 today, $3.44%. What happened with Apple to lose $2.28 today? Theoretically, I can go down a million stocks like that and theoretically nothing. It's just, you have to look at Jason mentioned that term macro. So those of you not familiar with macro. So macros, the big, you know, we'll call it the 10,000 foot view of the economy and the markets, et cetera. Micro is where you get down into, you know, what is this specific company doing so on and so forth? So I love that comment that you made that, you know, a macro type of an event where they're looking at everything. And, you know, I always give this analogy and those of you that, you know, maybe listening to us for the first few times since we changed our time on the show, you know, I always give this analogy. And that is Wall Street, to make it really simple, Wall Street is a bunch of spoiled children, right? So I always give the Christmas tree analogy, right? Little Johnny, you know, Johnny's eight years old and Johnny wants a shiny red bike underneath the Christmas tree. Well, Johnny gets the shiny red bike, but then Johnny on, you know, Christmas morning goes, he starts throwing his, you know, a temper tantrum and he's stomping his feet and he's going, yeah, but I wanted that cool helmet and those cool gloves and maybe some nice sneakers to go on, you know, and so he's throwing a temper tantrum and he was a parent. We all went through this in reality. You go, my God, what does this kid want, right? He got what he wanted. The market is no different than that, folks. The market got what it wanted. The Fed inflation's coming down. The Fed has accomplished its goal. The problem is now people are becoming very impatient, like Johnny, Johnny wants a lot more, investors want a lot more. And so, you know, to Jason's point, nothing's going to happen over the weekend, most likely not unless it's a geopolitical event, but we have to look forward to, as I said at the beginning of the show, we have to look forward over the next week, two weeks, what can the market sink its teeth into? What does Johnny have to look forward to now? And the list is very small. We're tailoring down to the end of earnings season. I guess one thing could be, you know, we have the CPI report next Wednesday. If the number is favorable, and frankly, Jason, I don't know, you know, the answer as to what is favorable, right? The market doesn't know what it wants, right? There, right? Nope. I mean, if it shows inflation is increasing and the economy is heating up, oh, that's bad. You know, from a Fed can't cut. Fed can't cut. If the number is bad, then it's what? You answer that one, right? Right. If I need to cut more, we're in a recession. That's right. Exactly. And this is folks what we're talking about. We're in this dilemma right now, because the Fed screwed up in many ways. Again, they were too late to the table in many opinions, including mine. They should have, you know, started talking these, actually doing. I was a very big advocate, you know, at the last Fed meeting that that meeting, they should have announced a quarter percent cut. But instead, I kept saying, look, they're going to screw this thing up. And I wouldn't be surprised. And I want a surprise rate cut. And now they've waited. And I said, look, it's a long time between August and in-- excuse me, a July meeting in September. That's a long time for investors to sit back and go, give me something to look forward to, and they're not getting it. So what are they doing? They're selling things off. It's really that simple. One thing that was interesting real quick before we go to break, one thing that was interesting also, is we saw a dramatic decline, Jason, and the CME FedWatch tool, the Fed Fund Futures Contract, as to what the probability is of a rate cut. So we were, prior to today's data, there was a 41% probability of a half a point cut. After today, that number drops to 29%. And so why? Because this wasn't all that bad as you all will learn. This number was not all bad, as far as the number of jobs, et cetera. So again, we kind of have ourselves backed into a corner. And again, the Fed's to blame at this. And we will see what happens. But again, buckle your seat belt. This is the weekend you probably want to sit back and start thinking about things. And again, if you are self-managing, you don't know what to do, please call our office, set an appointment with Jason or I. And we will walk you through this. We have strategies to battle these type of market conditions. We, frankly, we've already done it, right? I mean, we made some drastic moves this week on some accounts, other accounts, we don't have to because of the diversification. Exactly. We're in the strategies that have already de-risked. Absolutely. We've de-risked a long time ago, because we saw this coming. This is what we get paid to do. But if you don't, again, this is why we're here, folks. Contact us. And we'd be happy to sit down with you. Matter of fact, I was just thinking, boy, we just did this webinar on market volatility in your retirement accounts. We kind of had better timing, Jason, because we are in the thick of market volatility. All right, we'll come back and continue to discuss in the market activity. Let's turn it over to Kristen Snow, who is in the Right Now Traffic Center. Hey, Kristen. Welcome back to the John Sanchez Show on Newstalk 780-KOH, with Jason Gone of Sanchez Wealth Management. All right, here's the damage that was done today. Not far off the lows for the day, but here's how we finished. A 410-point decline on the Dow, 1.01%, 40,000, 3.45 is the closing level. The Nasdaq declined at 437 points, 2.55%, S&P, given up 95 points, or 1.73%. Oil prices, they came back on the downside, 2.1% loss comfortably below the $70 mark, or excuse me, $64 a barrel, $18.50 loss on gold, $2,524.50, and a two-basis-point decline on the 10-year treasury at a yield of 3.71%, but you know, it was amazing, Jason. Not a big movement on the 10-year yield today, but obviously what we do on Fridays is we go back and we look and see, "Okay, how did things transpire over the week?" And it was pretty significant. A 20-basis-point, so almost a quarter percent decline in the 10-year yield for the week. So pretty significant number there. Yeah. We're getting pretty close, I think, on the rates side to where you can see them reverse. I think, as you mentioned, 20-basis-points in a week is a pretty darn big move. I think CPI, PPI could flip things the other way. That's my bet. I think it becomes stretch. The rates rise, right? You've actually seen bonds act, how they're supposed to act, with sort of counter to equities, right? You've seen equities sell off. Rates have gone... It's been around. Bonds have been working, right? A diversified portfolio, folks. That's why you do this. It hasn't been your friend for a while, but certainly quite recently, the 10-year corporate bonds, the flip side to being bearish near term, high yield hasn't blown out, junk spreads hasn't blown out. The bond market is not freaking out right now, other than the curve now having flattened out to re-inverting or whatever we're going to call it. It's back to flat versus being inverted for a long, long, long period of time. That tends to be yet another negative chip will throw into the middle of the table here that people say, "Oh, well, once the curve re-inverts, that's when typically you want to be a seller as far as the markets are concerned." As I've mentioned, I have a tough time this time saying that this time is different, in my opinion. I think the economy is on better footing. It is not a, "Oh, my gosh, markets are GDPs negative," and so on and so forth. We need to cut rates. This is a Fed that is incredibly tight and they need to loosen policy. I think that, again, to your point, they're a little bit late, but given inflation was such an issue, they unfortunately had to be a little bit late instead of early because we can't stand inflation continuing as it was. I want to share with you in our audience something that's happened to me in the last 24 hours. One great thing about being in the business that Jason and I are in is we get to talk to a lot of different people in a lot of different industries. Jason, I've had discussions with three different individuals who are basically linked to the construction industry. I'm talking large, multi-million dollar construction company owners, smaller ones, and then some that are a trade of the construction industry. What I'm finding amazing is all three of these individuals, and again, these are owners, CEOs of these companies, have the same thing, or say the same thing, there's something going on that we can't pinpoint. This started, and we've hit this a lot with Corey and Dwight as we talk about real estate, but this started with one of our listeners who is a local electrical contractor and been around a long time, 25 plus years. This started about a month ago and we chat periodically and he's like, "Dude, there's something going on really strange." He goes, "We're not getting calls back for jobs. I'm having to reduce my workforce. I'm getting guys from the union hall calling me looking for work or knocking on my door on and on and on." I did some digging into this and everybody has the same theme, and that is the general -- I'll explain how the construction world works, folks. Let's say you're going to build a commercial building. Of course, you get the financing first. You're with, let's just call it Bank A, right? You got Bank A. Next thing you do, of course, after you design the building with an architect, you go hire the GC or general contractor who then turns around and hires all the subcontractors, the concrete guys and framers and so on and so forth. We all know that saying that you know what flows downhill. What's happening is the subcontractors are having a very difficult time getting paid from the general contractors. We're talking 60, 90 days out, which kills these guys, right? Keep an eye on that side of it because if the generals are not paying the subs, the subs can't pay their workers, and then before you know it, the whole house of cards comes tumbling down. Then I dug a little bit deeper and I went to one of my banking sources and I said, "What's going on with you guys in the banking industry? Why are you not paying these generals?" It was a long conversation, but the bottom line is banks are very nervous right now for a number of reasons. What's going to be the political climate, what's going to happen with interest rates, all these different things. Even though they may have approved this loan for this commercial building, they're dragging their feet on funding. Now remember, construction projects are funded on what we call progress payments, right? When this event finishes up, let's say the dirt work, boom, here comes a, you know, we'll call it 10% of the contract price, and when the concrete tilt up occurs, okay, there's another progress payment made, and so on and so forth. When these come to a halt, and just drive out to boom down and stuff, and you're going to see a lot of dirt that's been moved and pads poured or pads graded, but there's no frame going up, no walls going up, so on and so forth. This is just something that really has these guys' puzzle, Jason, where they're saying, "Yeah, we hear you guys talk about the economy's doing fine and the data shows it, but let me tell you from, you know, the real life, blue collar perspective, it's not fine." And so, you know, and when these guys were telling me this, I'm thinking, "Yeah, you know what? I agree. I trust you guys. I told this guy today. I said, "I trust you more because your feet are on the ground. You've got a role pulse on at least our local economy, better than any government reports. I trust what you're saying and hearing and, you know, dealing with," but I said, "Just go back to the 818,000 fewer jobs that the government said we don't have," right? And then today as we'll cover in a moment, we had a big revision in jobs also for the last two months. And so, you know, now this was a positive revision, but we've seen a number of negative revisions. So, you know, there's just a lot, bottom line, there's a lot of cross-currents going on out there. And don't believe ever a report that we get and that we have to tell you about. We're telling you what we see, but, you know, listen to opinions, talk to people in different industries to really get a feel of what's happening because, like I said, you can skew numbers any way that you want to, but I believe with these guys are saying that there's something underlying out there. And I think you mentioned this on Wednesday, Jay, and that is, we're in a recession right now. Whether the data is showing it, we're going to find out in probably three to six months that we were in a recession during this time period. I just feel it in my bones and I hate saying that, but just not just based upon what I just told you, but there's just some strange things happening. I bet you anything, they're going to come back and go, "Oh, by the way, in the September time period, we're in a recession." So, big deal, you know, it's past that point, but, yeah, anyways, I just want to give you that perspective. Let's start over to Greg Nef. He has news, traffic, and weather. Hey, Greg. Welcome back to the John Sanchez Show on News Talk 780K, which was Jason Gonna Sanchez Wealth Management. All right. We're going to get into the nonform payroll data that rocked this market today. But before we do, here's a little statistic for you. As we wrapped up today, S&P 500 had its worst week dating all the way back to March of 2023. As we wrapped up today, the NASDAQ with its loss, down 10% off of its 52-week high. Another little stat, the NASDAQ notching its worst week dating back to 2022. So, once again, we lost 410 today, 1.01% loss on the down, NASDAQ down 437, 2.56%, S&P down 1.73% are 95 points. The weekly numbers, buckle your seatbelts on this one. We start with the Russell 2000, the worst, 5.06% loss for the week, the S&P 3.28% decline, the down 2.39, and the NASDAQ lower by 4.71%. Those are severe numbers, Jason. This wasn't just a little, you know what, we lost 1% or something. When you start getting up to 3, 4, 5% losses on more than one average, this shows you how broad-basis weakness is right now. Yeah. I mean, it's up an escalator down an elevator, right? They tend to happen fast when they happen, and still, if you look at a longer-term chart, it's very much an upward trend, it's a bull market, and you had a lot of gains from that early August low too that happened fast, right? Those are often things to keep an eye on when you're looking for are they going to be sustainable. We got darn near back to the old highs, yet relative strength, some of the other more price-based oscillators were not as strong, though the tape looked like it was getting conned back to those highs, and those are some of the things that you and I had talked about relative strength as a signal that, hey, maybe something to keep an eye on from a caution standpoint, and this is what happens with markets, they are going to go up, they're going to go down, but it's blamed on AI, blamed on semis, blamed on overvaluation, the Fed, et cetera, it's just, these are always going to happen, you're always going to have this volatility, but also passive indexing or passive investing that we talked about earlier in the week too, as we said, and I mentioned macro, right, where it's much more the market that's being sold, it's not Apple, Google, and Giddy, they're just caught up in the fray of someone going to their favorite website or broker and making a sell of raising cash and it just creates selling, it's not a lot more than that. Isn't it interesting how this whole thing started, though? I was thinking about this as a prepping for the show tonight. Isn't this interesting when we go back, I'll just say a month ago, maybe off a few weeks or so, a month ago when we were talking about, "Oh, the rotation has begun," right, they're rotating out of tech into small cap or out of tech into this or out of tech into that. And then you look back now and you go, "Ah," but it wasn't just rotating into those areas, it was basically the first sign of defensive moves and utilities, health care staples, et cetera. I mean, consumer staples are down too tense today, right? Utilities were down about a percent, but real estate was flat. So healthcare was only down three-tenths of a percent. So there's parts of the market, remember, that are interest rate sensitive, defensive, so on and so forth. So, this is just a rotation that continues and that's why it feels later in the game than earlier in terms of growth and semis and all this weakness. It's been going on for a while, I mean, Nvidia's down what, 30% off its highs or something, it's a pretty darn big move. It's only up to a thousand percent, right? Yeah, but right, it goes up 2,000%, but down 30% is a massive number, you know, in terms of the notional move. Yeah, absolutely. Well, I've got a little bit of good news before we go to our non-far payroll numbers and that is this, we had some news after the stock market closed today that Dell and Palantir Technologies are going to be added to the S&P 500, now why is that a big thing? Well, because, and I'm trying to find, I didn't get a chance to look at the news up, what two they kicked out. Etsy, American Airlines, Etsy, American Airlines and one other name, I can remember. Did you see what date they're going to be adding them? I'm trying to see in the news release, I don't find that either. But anyways, the reason these stocks are moving up right now in the after hours is because all the index funds out there, the S&P 500 index funds, they will have to sell those two names. Jason just mentioned. Step 23. Yeah. And, and then buy these names. And so this is a very typical move you see when it's announced that a company is going to be added. I'm sorry. Did you say September 23rd? September 23rd. Okay. Yeah. Not too far from now. Yeah. Dell's up a half a percent or fifty four cents to 107 70 Palantir up eight point zero nine percent two dollar and forty four cent gain to thirty two sixty. So there you go. A couple other data points and maybe we can do that after the break dig into the guts of the payroll number, but I mean some of the other report and do it. Yeah. Yeah. You can do it. I'm that good. Net leverage is like forty percentile right now in terms of hedge funds. So they're, you know, their gross exposure is what we'll call average. They're not like really, really, really exposed or really, really, really long as far as the market's concerned, that could be something that could bleed lower if they were positioned in that manner. Oh, no, they're going to have to sell to I'd argue they're fairly neutral. They're not, you know, too big of a bet in either direction, which is a good thing in terms of flows. We've talked that the hedge fund exposure of technology member was at like decade lows. So they ended up to some extent being right ahead of some of this move as well. So right. Exactly. But that's exposure that at some point could come back into the market on any more weakness from this level, right? We're going to get close to this 200 day pretty soon. Expand on that. Expand on that. Because when they do decide to get in, that could be one of the favorite terms that you use that I love, which is the rip your face off rally. It could. It could for sure. I mean, they're just, you know, but we need a catalyst. Something is that it could be Apple on Monday talking about they have the iPhone event. I think Monday, right? The Apple, whatever, glow, some or other. So that could be something that gets some excitement behind tech. Who knows? Typically it's more of a whole home. Hey, you know, there doesn't have to be a reason. We can wake up one day. There's a hundred percent. We can wake up one day and they go, you know what, we're back in the market and boom, we're off to the races again. For sure. And going back to, you know, the last probably 10 years, typically the return after big down days is a positive on the S&P as well. So, you know, those are some of the factors that certainly can be helpful for you if you're concerned about the weakness that we saw in the market. And folks, you know, we've unfortunately for a Friday and I hate doing this on a Friday. I hate when we have a down day on a Friday in an overall down week because I like to be optimistic and have, you know, makes beer to go good. There you go. Point us an hour. That's for sure. As for it, I'll know that in a few hours. But you know, there are positives when you go through these gyrations like this, this volatility. And the positives are, you know, and I know this sounds like an old Wall Street cliché, there's a lot of great names out there right now that you can buy a heck of a lot of cheaper. You got a NASDAQ down 10%, which officially is a correction, right, 10% off of a high or it's most recent high. There's a lot of beaten up names out there. Again, you know, I'm looking at meta right now, lost a little over 17 bucks today. But everybody love that stock. It's at $4.99, $45. You know, so you start making your buy list, right? It's your Christmas list in September and go, you know, I've always wanted to own meta or I've always wanted to own Apple or I've always wanted to own Microsoft or whatever name you want to choose and you start watching these and let me tell you, your mindset completely changes when you start wanting these names to go down because you can buy them cheaper than, you know, when they're just going, you know, like in the video, just rising day after day after day after day. So, you know, fundamentally, nothing really is wrong. This is just one of those tough time periods. We got to get through this Fed interest rate cycle and all the noise that is out there. And then we're going to get back to business. We still think this is going to be a very good year, but in the meantime, we got to be defensive. Wrapping up real quickly, year to day, S&P is up 13.4, so that's not bad. And as I accept 11.2, Dow's gain 7.1, Russell 2000, up 3.2. All right, let's wrap it up with Kristen Snow in the right, not traffic center, Kristen. Welcome back to the John Sanchez show on his talk, 780 KOH, which Jason got. If you missed any of our shows this week, this month, this year, the last couple of years, please pick up our podcast at your favorite podcast distributor. We've covered a lot of great things. All right, with a very short period of time, Jason, let me hustle through some of the highlights of today's non-farm payroll number, once again, 142,000 jobs created, Wall Street So we missed that. I want to hit this revision, and I stand corrected. I apologize earlier in the show, I had too many numbers going through my head. We got the revision, so what I said was correct on that, but I said the revision was upward. It was actually downward. I knew that, and somehow it didn't correlate with my mouth. So they did revise June, revised down by 61,000 jobs from 179,000 to 118, and then July was revised down by 25,000 jobs from 114 down to 89. So if you add up those two revisions, employment in June and July combined is 86,000 fewer jobs than previously reported. So that number kind of got everybody a little bit worried. Not really any areas stood out as far as where the job gains occurred. Construction was pretty good in healthcare. Right now our monthly average is about 202,000 jobs a month. So as you see a herd, you know, 142,000, so that's going to bring that average, or if it continues, we'll bring that average down. Construction was pretty good. Added about 34,000 jobs. Average gain there, about 19,000, so on and so forth. So you got a good idea what's going on in the job side of things. The market, take a deep breath. If we can be of assistance, please give us a call. Send us an email at info@sanchesworthmanagement.com. Call our office, 775-800-1801, and Jason, I would love the opportunity to sit down with you and talk to you about our defensive strategies and what we're doing for our clients, et cetera. Just to give a second opinion, we may not be a good fit for you. But you know what, at least you'll hear what we're doing and get some new ideas. Rob, is that Jay? I think, yeah, you said a spot on. It looks like Oracle earnings next year, probably the only notable thing, and obviously we'll get some inflation data a little later in the week to keep us excited, so, but enjoy the weekend. Yeah, absolutely. We will do so. All right, everybody. We do appreciate you letting us be a part of your lives, and again, thanks to all of you that attended our webinar this week. We truly appreciate that also. God bless, have a great weekend. Go enjoy the balloon races, and we will be back with you on Monday in the John Sanchez show. Mr. Neff, thank you, sir. Have a great weekend yourself. We'll see everybody on Monday. God bless. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only, and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Your information is available by contacting John@sanchezwealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer, and investment advisor. Remember, FINRA SIPC, securities offered only in states John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. When you need meal time inspiration, it's worth shopping King Supers for thousands of appetizing ingredients that inspire countless mouth-watering meals. 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