CMS

Moving with the market

• CMS +0.16% on the last session vs SPY +0.74%: −0.6 pts of stock-specific move.
• Aftermath, big gain (Sep 29): After its 63 big gains in the past 5 years, CMS typically gained 0.1% over the next day (median) and was higher 57% of the time; half the outcomes fell between -0.5% and +0.6%. An ordinary day: +0.1%. Among S&P 500 stocks after big gains, that ranks #162 of 500.
• Market backdrop (Fri): Average Hourly Earnings m/m 0.1% vs 0.3% expected (cooler); Non-Farm Employment Change 29K vs 89K expected (weaker); S&P futures +0.41%, 10-year yield -5bp in the 30 minutes after.