US Stock Market Today: S&P 500 Futures Climb As Cooler Wages Temper Inflation Concerns

The Morning Bull - US Market Morning Update Monday, Oct, 5 2026

US stock futures are pointing higher this morning, with E-mini S&P 500 contracts up about 0.7%, as investors weigh cooler US wage data against firm factory activity and rising borrowing costs. Average hourly earnings rose 0.1% in September and 3% over the year, which means paychecks are growing but not as quickly as many expected. At the same time, the ISM Manufacturing PMI came in at 54.5 and a separate S&P Global manufacturing gauge printed 55.9, both signalling solid factory output but also stronger price pressures. Mortgage rates near 7.3% keep housing-sensitive sectors and rate-exposed financials in focus as investors ask whether slower wage growth or stickier inflation matters more for US Market stocks today.

With wage growth cooling while inflation pressures stay firm, many investors are shifting their focus toward companies that already generate healthy cash flow and maintain tight finances, which is where 31 high quality undervalued stocks comes into play.

Top Movers

• Teradyne (TER) jumped 8.00% after investors focused on its role in chip testing for AI hardware.
• Hewlett Packard Enterprise (HPE) climbed 7.36% after HPE highlighted stronger networking growth targets and a US$1.2b Helios order.
• Space Exploration Technologies (SPCX) advanced 7.35% as fresh updates on Starship, Starlink and AI compute demand kept buyers engaged.

Is Teradyne still a smart investment or just hype? Read our most popular narrative and get all the answers you need.

Top Losers

• Western Digital (WDC) dropped 10.22% as traders reacted to Toshiba's plan to lift HDD capacity for AI data centers.
• Seagate Technology Holdings (STX) fell 10.21% as Toshiba's HDD expansion plans pressured expectations for future supply and pricing.
• Accenture (ACN) declined 6.31% despite a series of upbeat analyst reports following its Q4 earnings beat.

For readers watching large pre-market gaps in stocks such as Western Digital or Seagate and wanting to filter similar moves by balance sheet strength, it can help to build a watchlist directly from a list of solid balance sheet and fundamentals (25 results).

Look past the noise - uncover the top narrative that explains what truly matters for Western Digital's long-term success.

On The Radar

Over the next three sessions US trading will key off services activity, labor data and central bank signals rather than earnings.

• US Services Pulse: ISM Services PMI on Monday will shape views on demand, pricing pressure and rate sensitivity across service industries.
• Trade And Dollar Watch: US Balance of Trade, Exports, Imports on Tuesday will update how global demand intersects with a strong US Market.
• Fed Communication: Fed Williams, Bowman, Logan speeches on Tuesday will clarify how policymakers interpret firm PMIs and cooler wages.
• Consumer And Housing Check: Initial Jobless Claims and MBA 30 Year Mortgage Rate on Wednesday will frame household resilience and housing pressure.
• Policy Signal: FOMC Minutes on Wednesday will show how the Fed weighed stickier inflation against slowing payroll gains at the last meeting.

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Find Stocks Poised To Move

Look past today’s headlines and focus on durable balance sheets while quality is still being overlooked, because our research-backed 31 resilient stocks with low risk scores show which businesses aim to prioritize resilience and steady fundamentals right now.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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