US stocks swung to the upside Friday following a volatile session in the wake of a mixed jobs report, with the Dow gaining 1% and the S&P and Nasdaq about 1.2% each. US employers hired more workers than expected in October, but unemployment rose more than Wall Street forecasted. Also, Fed Collins hinted that the pace of future increases could be smaller but did not rule out another 75 bps hike in December. Regional president Thomas Barkin echoed a similar view but noted that the US central bank might need to raise rates above 5%. Chinese stocks listed in the US jumped on hopes of an imminent relaxation of China's COVID-19 curbs. DoorDash and mobile payment company Block rose after upbeat earnings reports, while Carvana fell after missing expectations, and Twilio and Atlassian tumbled on disappointing guidance. The Dow fell 1.8% this week, ending 4 weeks of gains. The S&P and Nasdaq declined 3.6% and 6.3%, respectively, ending two weeks of gains.
pull down to refresh
0 sats \ 0 replies \ @Undisciplined 5 Nov 2022
The greater than expected hirings, while unemployment is rising, makes sense in light of data showing a large shift from full time positions to multiple part time positioins.
As high as these interest rates seem, we need to remember that these are completely normal rates historically. There's no particular reason they need to go back down anytime soon.
I sure hope China abandons its zero Covid stupidity: it's an enormous amount of completely unnecessary suffering.
reply