![]() ![]() The S&P 500 climbed 0.41% to end the session at 4,604.37 points. "The report will likely see some of those forecasting an early Fed cut next year re-evaluating their positions," Cole said. ![]() "The drop in the unemployment rate in particular will assuage any concerns of a recession, and with payrolls and earnings both rising, it keeps the ‘soft landing’ narrative very much in the ascendancy," said Stuart Cole, head macro economist at Equiti Capital in London. However, futures prices now imply traders mostly expect the Fed to start cutting rates in May, two months later than the March meeting many investors had been betting on in recent days. Interest rate futures show traders widely expect the Federal Reserve to hold interest rates steady at its meeting next week, according to the CME FedWatch tool. The unemployment rate slipped to 3.7%, while average earnings edged up to 0.4% on a monthly basis, compared with forecasts of 0.3% growth. Investors pared bets that the Federal Reserve will cut interest rates in March after a Labor Department report showed nonfarm payrolls increased by 199,000 jobs in November, compared with an estimated increase of 180,000. jobs report fueled investor optimism about a soft landing for the economy. US stocks closed higher on Friday, with the S&P 500 and Nasdaq notching their highest closing levels since early 2022 after a robust U.S. ![]()
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