Weekly Market Wrap: Jobs Much Stronger than Expected!
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Market Recap & Upcoming Week
Last week, Wall Street exhibited a marked change in reaction to the U.S. government’s monthly jobs report, which has lately seen an unprecedented pattern of downward revisions. This has instilled caution among traders, resulting in fewer stock trades and subdued market movements on the days of these report releases.
The ongoing trend, marking the first time since 1979 that each monthly report has revised its numbers downward, has unsettled the previously held confidence in an economy supporting higher interest rates. With traders gradually distancing themselves from jobs data, they’re now focusing on data sets with fewer adjustments.
On the brighter side, the U.S. economy showcased a significant uptick in September, adding 336,000 jobs and surpassing Wall Street’s expectations. Interestingly, the unemployment rate remained stable at 3.8%, defying predictions of a dip to 3.7%.
Though this robust growth is at odds with Fed Chair Jerome Powell’s inclination for a more moderate labor market, the general market belief, given the positive stock rebound post the report, is that the Federal Reserve is likely to retain the current interest rates in the forthcoming meeting.
Earnings season is set to begin in full swing post the Indigenous Peoples’ Day holiday. A slew of notable names from the financial sector, such as JPMorgan Chase, Wells Fargo, and Citigroup, are scheduled to unveil their quarterly results.
In addition to the financial giants, market participants should also keep an eye on earnings from major corporations like PepsiCo, Delta Air Lines, and Walgreens Boots Alliance. But it’s not just about earnings. Inflation watchers should mark their calendars for Wednesday and Thursday when updates on producer and consumer prices will be released, offering insights into the current economic landscape.
The week promises more than just earnings and inflation data. On Wednesday, the Federal Reserve is set to disclose meeting minutes from its recent FOMC gathering, potentially shedding light on their monetary policy outlook.
Meanwhile, for those inclined towards retail, Amazon’s “Prime Big Deal Days” is an event to watch. Kicking off on Tuesday, this two-day shopping spree offers Prime members exclusive deals on a wide array of brands and products, making it a potential boost for mid-month retail sales.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
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