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Non-farm strong? Wall Street still has doubts: there is expected to be a big adjustment in October, and the Fed may cut interest rates by 50 basis points in December.
Citigroup believes that seasonal adjustments may have magnified the September data, and it is the lower quit rate rather than strong hiring that is driving up the employment figures. The current trend of weakening labor demand in the United States has not been broken, and future employment data will undergo more drastic revisions, eventually prompting the Federal Reserve to cut rates by 50 basis points in December.
The U.S. non-farm payroll data is too hot, Summers called the Fed's aggressive rate cut last month a mistake.
1. The CBOT's "Fed Watch" tool shows that after the report was released, the market expects a 99.1% chance of the Fed cutting interest rates by 25 basis points in November; 2. Former U.S. Treasury Secretary Summers posted that the Fed's "50 basis point rate cut in September" was a mistake.
September's strong non-farm employment pusher behind the scenes: Before the election, record seasonally adjusted and "civil servant" positions.
The seasonal adjustment amplitude in September has refreshed the highest record, while excluding the abnormal values after the outbreak of the new crown epidemic in June 2020. This is also the largest monthly increase for government workers on record.
Top 20 transaction volume | Meta rises more than 2% to a new high, announcing the establishment of a new ai model MovieGen; chip stocks rise, AMD up nearly 5%, nvidia up nearly 2%
On Friday, in the US stock market, nvidia ranked first in trading volume, up 1.68%, with a turnover of $30.312 billion; tesla ranked second, up 3.91%, with a turnover of $21.519 billion; apple ranked third, up 0.50%, with a turnover of $8.436 billion.
US stocks close | The three major indices all rose, with the Dow hitting a new closing high, tesla up nearly 4%; the China Golden Dragon Index rose more than 3%, up nearly 12% for the week.
The S&P 500 rose 0.2% for the week, while the Dow was slightly up, the Nasdaq rose 0.1%, the chip index fell 0.2%, and the small cap index fell 0.6%. The S&P energy sector surged over 7% for the week, marking its best performance in nearly two years.
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U.S. stock market morning session | September non-farm payroll data far exceeded expectations, with the three major indices opening higher before falling back slightly; most technology stocks rose, with AMD, tesla, and amazon up more than 2%.
As of press time, the Dow rose by 0.63%, the Nasdaq rose by 1.03%, and the s&p 500 index rose by 0.68%.
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