Welcome to Extreme Investor Network, where we bring you the latest updates and insights on the stock market, trading, and everything Wall Street-related. Today, we’re diving into some key economic indicators and market movements that are shaping investor sentiment.
First up, Super Micro Computer (SMCI) took a hit, plunging 32.68% and becoming the worst performer on the Nasdaq. But let’s shift our focus to some broader economic indicators that are tempering expectations for a December Fed rate cut.
The ADP report on Wednesday showed a significant surge in private sector jobs, with 233,000 new jobs added in October. This signals a resilient US labor market, which could lead to higher wages and increased consumer spending. As a result, investor expectations for a December Fed rate cut have decreased, according to the CME FedWatch Tool.
Over in China, the manufacturing sector returned to expansion territory, with the NBS manufacturing PMI rising to 50.1 in October. However, service sector activity remained subdued, prompting speculation about potential policy stimulus to support the economy.
Meanwhile, the Bank of Japan maintained its interest rate at 0.25%, as anticipated. This decision has implications for global market trends and investor sentiment.
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