Afternoon Note
The Jobs report came in at 254,000 added jobs, which crushed estimates of 140,000 added jobs and beat last month’s number of 159,000. This shows signs of strength in the labor market and increases the likelihood of a 25-basis point cut instead of a 50-basis point cut in the next FOMC meeting.
Other Highlights:
Notably, Fed’s Goolsbee said he doesn’t expect today’s jobs report to alter the downward path of interest rates in the short term.
Indices started off the morning firmly higher but have retreated some. The Russell 2000 (IWM) is leading followed by the NASDAQ. This week, the markets have shown resilience in the face of worrying headlines.
Only three sectors are in the red with Real Estate (XLRE) lagging the most after yields popped to monthly highs. Energy (XLE) and Financials (XLF) are neck to neck this afternoon for the number one spot, also Consumer Discretionary (XLY) is posting gains after yesterday’s move lower.
Comments |
Goolsbee was a Democrat schill as a TV "celebrity" before he was ever appointed to the Fed. He has never seen a rate cut he did not like and never saw a hike he supported. Just my opinion, of course. Charles Haselberger on 10/4/2024 2:56:54 PM |
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