Hey there, readers!
I hope you're all doing well and staying up to date with the latest news. Today, I want to talk about the recent jobs report and its impact on the market. It's an exciting time, so let's dive in!
Last Friday, the jobs report showed a cooling in the labor market, which surprisingly counts as good news in this economy. Employers added 150,000 jobs in October, half as many as the previous month. While wage growth slowed and the unemployment rate rose to 3.9%, this is seen as evidence that the Federal Reserve is done raising rates this year. The futures market now indicates that the chance of a rate hike in December is below 5%, down from about 20% just a day before.
Both bonds and stocks rallied in response to this news. The yield on U.S. 10-year Treasuries fell to 4.557%, the lowest settle since September. The tech-heavy Nasdaq Composite rose 1.4%, while the S&P 500 gained 0.9%. The Dow Jones Industrial Average also ended the day up 0.7%, or 222 points. All three indexes are up more than 5% over last week, which is quite impressive.
Among the best performers in the S&P 500 on Friday was Insulet, a maker of insulin pumps. Their shares soared 16% after beating Wall Street's revenue expectations. Another big gainer was Paramount Global, which rose 15% after reporting that its streaming business lost less money in the third quarter.
These are just a few highlights from the market reaction to the jobs report. It's fascinating to see how different sectors are affected by economic news. As always, it's important to stay informed and keep an eye on the market trends.
That's all for today, folks! I hope you found this recap insightful. Stay tuned for more updates, and remember to make informed decisions when it comes to your investments.
Until next time, take care and happy investing!
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