Here is a comprehensive 1000+ word report on the top stock market news, stocks to watch, and expected market movement for today:

Daily Stock Market Report

Top Stock Market News

1. Futures Hold Steady After Strong Session

Stock futures are holding steady this morning, signaling a potential pause after yesterday's strong market rally. S&P 500 futures were up 0.2%, Dow futures rose 0.42%, and Nasdaq futures added 0.3% as of early trading hours. The resilient open comes after Wall Street bounced back on Monday, with the major indexes recouping a portion of last week's losses amid hopes that the Federal Reserve could soon pause its aggressive rate hike campaign.

2. Economic Data in Focus

A few high-impact economic reports are on tap today, which could influence market sentiment. The Job Openings and Labor Turnover Survey (JOLTS) for August is due out, providing insights into the tightness of the labor market. Analysts expect job openings to decline to 10.775 million from 11.239 million in the previous month. Additionally, the Fed will release the minutes from its September policy meeting, offering clues about the central bank's thinking behind the latest 75-basis-point rate hike.

3. Wall Street Holds Firm as China Disappoints

U.S. stocks are steadying themselves today even as stock markets around the world sank following disappointing signals from China. Major bourses in Hong Kong and mainland China tumbled after officials refrained from unveiling any concrete measures to support the struggling economy and property sector. However, Wall Street is holding firmer, with Treasury yields continuing their upward march on expectations of higher interest rates.

4. Alphabet Job Cuts in Focus

Shares of Alphabet (GOOGL) could see active trading after reports that the tech giant is preparing to undertake significant job cuts. According to unnamed sources, the layoffs could affect thousands of employees across the company's various divisions. The potential downsizing comes as Alphabet, like other tech firms, grapples with slowing growth and high inflation.

Top Stocks to Watch

1. Microsoft (MSFT)

Investors will be closely watching Microsoft when the tech heavyweight reports its fiscal first-quarter earnings on October 25th. As one of the first major tech companies to unveil results, Microsoft's performance and guidance could set the tone for the broader sector. Analysts expect the company's cloud computing division to drive growth, offsetting potential weakness in its Windows and Office units.

2. JPMorgan Chase (JPM)

JPMorgan Chase, the largest U.S. bank by assets, is scheduled to report third-quarter earnings on October 14th. The banking giant's results will provide insights into how the Fed's rate hikes are impacting the financial sector's profitability and lending activity. JPMorgan's commentary on the health of the consumer and the broader economy will also be closely watched.

3. Nike (NKE)

Athletic apparel and footwear maker Nike will report its fiscal 2024 first-quarter results on October 1st. The company's stock took a beating after its previous earnings report, when it warned of slowing sales growth due to inventory gluts and softening consumer demand. Investors will be looking for signs of a turnaround and any updates on Nike's efforts to clear excess inventory.

4. Progressive Corporation (PGR)

Progressive Corporation, one of the largest auto insurers in the U.S., has been identified as a top-ranked stock to buy for October by Zacks Investment Research. The firm cites Progressive's strong premium growth, robust underwriting profitability, and solid financial position as key strengths. With rising interest rates benefiting insurers' investment income, Progressive could be well-positioned for the current environment.

5. CommScope (COMM)

CommScope, a provider of infrastructure solutions for communication networks, has also been highlighted as a strong buy candidate by Zacks. The company's focus on next-generation technologies, such as 5G and fiber optic networks, could drive growth as demand for high-speed connectivity continues to rise. CommScope's diverse customer base and cost-cutting measures are additional positives.

Stock Market Expected Movement

Based on the current market dynamics and the factors mentioned above, here's what investors can expect from the stock market today:

1. Cautious Start: The steady futures indicate a cautious start to the trading session, as investors digest the latest economic data and corporate news. However, the resilience shown by U.S. stocks amid global market turbulence could provide a positive undertone.

2. Data-Driven Volatility: The JOLTS report and the Fed minutes could introduce some volatility to the markets, especially if the data reinforces expectations of further rate hikes or provides any surprises. Traders will closely scrutinize these releases for clues about the central bank's policy path.

3. Sector Rotation: Depending on the economic data and Fed signals, investors could rotate between different sectors. If the Fed maintains a hawkish stance, interest-rate-sensitive sectors like financials and real estate could see pressure, while sectors perceived as more defensive, such as utilities and consumer staples, could outperform.

4. Tech Sector in Focus: The technology sector will be in the spotlight, with Alphabet's potential job cuts and Microsoft's upcoming earnings serving as catalysts. Any positive or negative developments in these high-profile tech names could influence the broader market sentiment.

5. Earnings Watch: While the bulk of the earnings season is still a few weeks away, companies like Nike and JPMorgan Chase could provide early indications of corporate profitability and the health of various sectors. Strong or weak results from these bellwethers could impact their respective industries and the overall market.

In summary, today's trading session is expected to be characterized by cautious optimism, with investors closely monitoring economic data, corporate news, and any Fed signals. Sector rotations and stock-specific movements are likely, driven by earnings reports and company-specific developments. As always, staying informed and adhering to a well-defined investment strategy will be crucial for navigating the market's twists and turns.