Jobs are weak, yet US stocks are rising
U.S. Department of Labor: In September, nonfarm payrolls increased by only about 29,000, far below the expected figure of about 90,000; revisions for the prior two months were also significantly downward. At Friday’s close, the Dow was up about 250 points (about 0.49%) to around 51,177; the S&P 500 was up about 0.73% to around 7,723; and the Nasdaq was up about 1.19% to around 27,191. CME FedWatch shows the probability of another rate hike of at least 25 basis points by late October has dropped to about 22.7%, down from about 64% a week ago.
With employment softening, expectations for further rate hikes have eased, and stock indexes are treating this bad news as good. But economic cooling itself has a cost—don’t take “no more rate hikes” as a sure thing just because it’s the weekend.
I’ll wait for Bitcoin to pull back to around 85,000 and hold there before considering adding—won’t chase this expectation trade.
#美股周五收涨疲软就业数据提振 $BTC
U.S. Department of Labor: In September, nonfarm payrolls increased by only about 29,000, far below the expected figure of about 90,000; revisions for the prior two months were also significantly downward. At Friday’s close, the Dow was up about 250 points (about 0.49%) to around 51,177; the S&P 500 was up about 0.73% to around 7,723; and the Nasdaq was up about 1.19% to around 27,191. CME FedWatch shows the probability of another rate hike of at least 25 basis points by late October has dropped to about 22.7%, down from about 64% a week ago.
With employment softening, expectations for further rate hikes have eased, and stock indexes are treating this bad news as good. But economic cooling itself has a cost—don’t take “no more rate hikes” as a sure thing just because it’s the weekend.
I’ll wait for Bitcoin to pull back to around 85,000 and hold there before considering adding—won’t chase this expectation trade.
#美股周五收涨疲软就业数据提振 $BTC
