U.S. jobs report key for market rally as Apple plunges

The stock market rally, now under pressure, continued to digest Fed chief Jerome Powell’s hawkish comments that the peak or “terminal” fed funds rate may be higher than previously expected as Friday’s October jobs report looms large.

Apple stock drops

Ed Carson for Investor’s Business Daily:

Megacap techs continue to weigh on the major indexes, especially the Nasdaq.

Apple is still above its June bottom, but has tumbled this week back toward its October lows.

Economists expect the October jobs report to show nonfarm payrolls up by 210,000, with the jobless rate nudging up to 3.6%. That would be the third straight month of slowing hiring and the smallest jobs gain since December 2020, but not cool enough for the Fed’s liking… Other labor data this week has been hotter than expected, including September job openings and weekly jobless claims.

Friday’s October jobs report will be key for Fed rate hike expectations and perhaps stock market direction, at least in the short run. The November jobs report and two CPI inflation reports also will arrive before the December Fed meeting.

MacDailyNews Take: The Labor Department’s October jobs report is due out at 8:30 a.m. EDT on Friday. Expect the market swing noticeably at that time based on the U.S. jobs data.

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12 Comments

  1. Wow shocker to no one. The evil illegitimate biden regime thinks the way to solve inflation is by destroying demand and therefor destroying the economy. And now they are succeeding and Wall Street ‘experts’ are ‘surprised’.

    These evil bastards WANT to destroy the economy so they can yell ‘see capitalism doesnt work’ and ‘what you need is some totalitarian fascist communist ruling your lives’.

    US public is so cowardly and pathetic, they are not even mad.

    1. Almost half the country, the libturds, have shit for brains and are too stupid to know what is happening and that their stupidly caused it.

      While the Americans know that the only way to change things in the elections, as long as the Republican in Congress stop the cheating. Which is doubtful because the spineless slugs didn’t do a thing last time

    2. Sorry to say, but it’s not the way of “the evil, illegitimate Biden regime” to show capitalism doesn’t work, it’s more the way of Keynesian economics and the contemporary embrace of MMT…where debt is necessary and “tools” (demand destruction) are employed to return to the mean. Up/down bubble-like characteristics result.
      That’s not to say there aren’t any wanting to move capitalism aside. The B Admin is full of such and there’s plenty WW hoping to derail the US’s econ/Capitalism.
      1st things first: MMT/Keynsian econ is the trap.

    3. NO! We are hoping RED IN THE FACE MAD!!!

      Ween yourself off of hypnotic clueless Hollywood, corrupt Big Media, brainless Oprah and the non-stop DEMONIZING Democrat Dinosaurs, particularly of late former presidents telling everyone it’s going to get worse if you elect responsible Republicans.

      Just the EXACT opposite will happen! The party of experienced adults will REVERSE the grifter career politicians who don’t know what the HELL they are doing, or how to fix it!…

        1. It was response to your incredibly stupid statement. Only a fucking idiot thinks the economy is strong.

          FYI; Americans don’t get “triggered.” “Triggered” is an illogical, emotional response void of fact, reason and logic. It, along with incomprehensible stupidity, are defining factors of libturdism.

    1. What we have to suck up is your cherry picking talking point that is NOT reflective of the worst economy in decades with record high prices and inflation costing us $1,000 a month out of household income.

      The unemployment rate is TOTALLY MEANINGLESS when I buy food, pump gas or fill up my oil tank for winter.

      Puhleeze, get a grip…

      1. We went from very low demand suddenly to higher demand. This, due to Covid. And if more US workers are also adding upward price pressure due to more jobs that pay better, it’s a price I happily pay. IUs that not “America First” enough?

      2. PS- And belonging to a party that would argue in favor of state legislatures having the ability to overturn votes, and supports minority rule, is shameful.

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