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Illustration: Aïda Amer/Axios

The market's ebullient mood has soured as September comes to a close and stock traders seem to have lost the risk appetite that had been pushing equities back toward all-time highs.

Why it matters: This week will likely provide an inflection point that will drive the market through the Q3 earnings season, which picks up in mid-October, and could last through the Fed's meeting on Oct. 30.

  • The market was in a similar position last September and ended up having its worst year in a decade as concern grew about the Fed's rate tightening cycle.

Between the lines: After 2 weeks of strong inflows to stocks, high yield bonds and other risky assets, investors sold both this past week, rotating back into safe-haven government bonds and money market funds, Bank of America Securities chief investment strategist Michael Hartnett pointed out in a note to clients.

The intrigue: This year has been what analysts at Bank of America Merrill Lynch called "The Miracle on Wall Street" in a recent note. (I called it "The Twilight Zone.")

  • The analysts point out the S&P 500 is up 17% this year and on pace to gain 30% despite the fact that investors have been net sellers of equities in every single month, driving a total of $201 billion out of stocks year to date.

What to watch: The all-important U.S. nonfarm payrolls report will be released on Friday, but investors also will get key data on manufacturing from the U.S., China and the eurozone before the end of the week.

  • Then there's the political fireworks: Democrats in the House look poised to push forward their impeachment inquiry into President Trump.
  • And British Prime Minister Boris Johnson is pushing forward with his quest to pull the U.K. out of the EU with or without an agreement on goods and trade.

The big picture: With good news on politics in short supply and earnings expected to be negative for the second straight quarter, continued solid readings on jobs and consumer spending will be paramount.

  • The GM strike could impact September's jobs numbers, which are already slowing, notes Bannockburn Global Forex chief market strategist Marc Chandler.
  • The 12-month average of nonfarm payroll growth peaked in February 2015 at 260,000 and has slowed to 158,000 this year.
  • "The quarterly average has steadily fallen this year, and it will again if the jobs growth reported on October 4 is less than 178,000," Chandler said.

Go deeper: No telling what impeachment could do to the stock market

Editor's note: The image credit on the top image was corrected to show it was designed by Aïda Amer.

Go deeper

Updated 24 mins ago - Politics & Policy

Bill Clinton hospitalized for non-COVID-related infection

Former President Bill Clinton. Photo: Win McNamee/Pool/AFP via Getty Images

Former President Bill Clinton was admitted to the University of California, Irvine Medical Center on Tuesday for a non-COVID-related infection, his spokesperson Angel Ureña said Thursday.

The latest: In an update on Friday, Ureña said Clinton's health indicators are "trending in the right direction, including his white blood count which has decreased significantly."

Tina Reed, author of Vitals
5 hours ago - Health

FDA panel endorses shot of J&J booster for adults

Photo: Wolfgang Kumm/picture alliance via Getty Images)

Members of the Food and Drug Administration's vaccine expert panel on Friday unanimously endorsed a booster shot for adult recipients of Johnson & Johnson's COVID-19 vaccine at least two months after the initial dose.

Why it matters: The advisory committee raised concerns about a dearth of data to support their decision but ultimately decided to support an additional shot for those over 18.

Capitol Police officer indicted for obstructing Jan. 6 investigation

Trump supporters clash with police and security forces as people try to storm the Capitol on Jan. 6. Photo: Brent Stirton/Getty Images

A U.S. Capitol Police officer has been indicted on obstruction of justice charges for allegedly helping hide evidence of a participant's involvement in the Jan. 6 riot.

Driving the news: Officer Michael A. Riley, 50, is accused of telling the unidentified participant, referred to as "Person 1," in the Jan. 6 riot to delete posts from Facebook, which showed them in the Capitol during the attack.