U.S. jobs report key for market rally as Apple plunges
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U.S. jobs report key for market rally as Apple plunges
Thursday, November 3, 2022 5:56 pm12 Comments
The stock market rally, now under pressure, continued to digest Fed chief Jerome Powell’s hawkish comments that the peak or “terminal” fed funds rate may be higher than previously expected as Friday’s October jobs report looms large.
Ed Carson for Investor’s Business Daily:
Megacap techs continue to weigh on the major indexes, especially the Nasdaq.
Apple is still above its June bottom, but has tumbled this week back toward its October lows.
Economists expect the October jobs report to show nonfarm payrolls up by 210,000, with the jobless rate nudging up to 3.6%. That would be the third straight month of slowing hiring and the smallest jobs gain since December 2020, but not cool enough for the Fed’s liking… Other labor data this week has been hotter than expected, including September job openings and weekly jobless claims.
Friday’s October jobs report will be key for Fed rate hike expectations and perhaps stock market direction, at least in the short run. The November jobs report and two CPI inflation reports also will arrive before the December Fed meeting.
MacDailyNews Take: The Labor Department’s October jobs report is due out at 8:30 a.m. EDT on Friday. Expect the market swing noticeably at that time based on the U.S. jobs data.
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