When it comes to finance, staying up-to-date with the latest news and trends in the stock market is crucial for investors. This past week, US stocks began November on a positive note despite a disappointing October jobs report. The report revealed job gains at their lowest since December 2020, attributed to disruptions from hurricanes and the Boeing strike.
Although the October jobs report missed economist estimates, causing concerns about the economy, it also opened the door for potential rate cuts from the Federal Reserve. As a result, major indexes experienced gains, with the Dow Jones Industrial Average rising nearly 300 points and the Nasdaq Composite ending almost 1% higher.
The weak jobs report also prompted discussions about the possibility of more interest rate cuts from the Fed to stimulate economic growth. Chief economist, Jeffrey Roach, from LPL mentioned, “The Fed will likely cut rates in the remaining two meetings as economic conditions weakened.”
In addition to the jobs report, investors were keeping an eye on earnings results from tech giants Amazon and Apple. Amazon’s stock surged after beating analyst estimates, while Apple’s stock fell due to weakness in its China business.
On the commodities front, West Texas Intermediate crude oil and Brent crude both saw increases, while gold prices dropped. The 10-year Treasury yield also surged. In the world of cryptocurrency, Bitcoin experienced a decline.
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