The November jobs report revealed a surprising surge in hiring (227,000 jobs added), exceeding expectations and significantly outpacing October’s figures. This robust employment growth, coupled with higher-than-anticipated wage increases, has reduced the likelihood of an imminent interest rate cut by the Federal Reserve.
Wall Street closed higher on Friday, recovering from Thursday’s selloff. However, the gains weren’t enough to prevent a second consecutive weekly decline for the S&P 500. The Nasdaq 100 outperformed, fueled by a strong showing from Amazon, which surged over 6% after beating earnings expectations. The weak job market data, showing only 12,000 jobs added in October, added to the market’s uncertainty.
A dismal October jobs report, showing a significant slowdown in hiring, has fueled speculation of an imminent Federal Reserve interest rate cut. The market is now pricing in a full probability of a 25-basis-point rate cut at next week’s Federal Reserve meeting, with the likelihood of another cut in December surging to 85%. The weak job growth, attributed to factors like hurricanes and strikes, has heightened concerns about a potential recession.
Wall Street is looking towards a positive start to the trading day on Friday, with index futures pointing upwards after a downbeat Thursday session. The focus will be on the crucial monthly jobs data, set to be released later today. The tech sector remains a key area of interest, with Amazon’s strong earnings report boosting investor sentiment.
Traders are eagerly anticipating the release of the October jobs report on Friday, considered the most crucial economic event of the week. Economists predict a slowdown in job growth due to Hurricane disruptions and the Boeing strike, but recent data suggests potential for positive surprises. The report will offer valuable insights into the resilience of the US labor market and could impact stock market performance.
A sudden jump in mortgage rates, driven by a strong jobs report, has sent shockwaves through the housing market. The average 30-year fixed-rate mortgage reached its highest level since August, leading to a significant drop in mortgage applications. This spike in borrowing costs adds further pressure to an already challenging housing market marked by affordability and supply constraints.
Goldman Sachs has lowered its chances of a U.S. recession in the next year to 15% following a robust September jobs report. The report showcased strong job growth and a decline in unemployment, leading to a more optimistic outlook on the economy.
The US stock market closed higher on Friday, driven by a strong jobs report that saw the economy add 254,000 jobs in September. This positive news boosted investor confidence, pushing the CNN Money Fear & Greed Index further into the ‘Greed’ zone. Tesla, Amazon, and Netflix were among the top performers, while Apogee Enterprises saw a significant jump in share price after exceeding earnings expectations.
A robust September jobs report, defying expectations, propelled Wall Street higher, eclipsing concerns arising from Middle East tensions. The U.S. economy added 254,000 jobs, pushing the unemployment rate down to 4.1%, signaling a strong labor market. The report also prompted traders to reconsider the Federal Reserve’s November meeting, reducing the likelihood of a rate cut. Meanwhile, global markets reacted positively, with Chinese equities benefiting from ongoing domestic stimulus and oil prices extending their rally.
US stocks closed higher on Friday, fueled by a robust jobs report showing the economy added 254,000 jobs in September. The Dow Jones Industrial Average gained over 200 points, while the NASDAQ and S&P 500 also posted gains. The strong jobs data overshadowed concerns about rising interest rates and a potential economic slowdown.
