On November 3, US stock market indices showed a weekly increase due to the “cooling” in the American labor market. This was reported by Interfax citing data exchanges, statistics from the US Department of Labor and experts.
According to last week’s results, the S&P 500 (+5.9%) and Nasdaq Composite (+6.6%) grew, while the increase was the largest since November last year. The Dow Jones Industrial Average rose 5.1% to its highest level in a year.
At the same time, the Labor Department reported a slowdown in job growth in the US economy, with 150 thousand in October compared to 297 thousand in September. At the same time, unemployment rose from 3.8% to 3.9% during the month. Wage growth rates also slowed down in the country.
This “cooling” of the market, according to Brad McMillan, chief investment officer of the Commonwealth Financial Network, shared by the expert Market WatchIt will likely prevent the US Federal Reserve System (FRS) from tightening monetary policy further.
It is noteworthy that the reports and forecasts of American companies regarding their quarterly results are heterogeneous. For example, shares of Apple Inc. It fell 0.5% at the weekend, marking its fourth straight quarter of revenue decline. Additionally, forecasts for the first fiscal quarter were worse than market expectations. At the same time, fintech company Block Inc. He issued an optimistic forecast and its shares rose 10.7%.
Previously recognizedJPMorgan CEO Jamie Dimon plans to sell 1 million shares of the bank.