The stock market recorded gains on Friday after a stronger-than-expected jobs data. The U.S. economy added 336,000 jobs in September, significantly higher than estimates of 170,000.
Strong job numbers means a good economy, which may indicate higher interest rates for a longer period.
Overall, S&P 500 grew 1.2% to 4,309, while NASDAQ was up 1.6% to 13,431.
Today was a follow-through day in the stock market rally attempt. So the market is looking to go higher.
Tweet of the Day
BREAKING: US economy adds 336,000 jobs in September, above expectations of 170,000.
The unemployment rate was unchanged at 3.8%, which was above expectations of 3.7%.
The US economy has now added jobs for an incredible 39 consecutive months.
What does the Fed do now?
— The Kobeissi Letter (@KobeissiLetter) October 6, 2023
Chart of the Day
Here is the one-year chart of Bill.com (BILL) as of September 20, 2023, when the stock was at $104.
Bill.com is a leading provider of cloud-based software company that digitally automates complex back-office financial operations for small and medium businesses (SMB). Its customers use the platform to generate and process invoices, streamline approvals, make and receive payments, sync with their accounting system, and manage their cash.
Bill.com is partnering with Bank of America to work with the bank’s customer base. It has had a relationship with Bank of America, but that was just for the bank’s new customers. This new deal is for the bank’s existing Small and Medium Businesses (SMB). As part of this move, Bill.com is restructuring its contractual minimums, thus reducing subscription fees for this year. This deal gives Bill.com a huge opportunity to gain new customers, and also helps in its competition against Intuit’s Quickbooks.
Meanwhile, Bill.com’s profits grew a whopping 2067% last quarter, but this was because the company reported a loss in the same period last year. Revenue grew 48%.
BILL was purchased in the Growth Portfolio today.
