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.
Goldman Sachs strategist Kostin: Raises target price for s&p 500 index to 6300 points in 12 months.
Goldman Sachs' Chief US Stocks Strategist David Kostin stated that considering the expected profit growth in 2025, the 12-month target for the S&P 500 index has been raised from 6000 points to 6300 points. Kostin raised the expected eps for the S&P 500 index in 2025 from $256 to $268, an increase of 11% from the previous year.
Express News | Goldman Sachs strategist Kostin: Raised the target price of the s&p 500 index for the next 12 months to 6,300 points