NWS

Moving with the market

• NWS +0.64% on the last session vs SPY +0.74%: −0.1 pts of stock-specific move.
• Aftermath, big drop (Sep 29): After its 50 big drops in the past 5 years, NWS typically gained 2.3% over the next month (median) and was higher 60% of the time; half the outcomes fell between -1.4% and +6.7%. An ordinary month: +1.4%. Among S&P 500 stocks after big drops, that ranks #86 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.