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The four-week moving average of initial jobless claims in the United States for the week ending October 10 was 198,500, compared with a revised figure of 198,250 for the previous week (originally 198,000).The United States informed member countries of the International Energy Agency of its dissatisfaction with the emergency oil release. The US proposed releasing an additional 100 million barrels of crude oil.The following data will be released in ten minutes: U.S. initial jobless claims for the week ending October 10, the Philadelphia Fed Manufacturing Index and the New York Fed Manufacturing Index for October, September retail sales month-on-month, PPI month-on-month and year-on-year, and Canadas August wholesale sales month-on-month.On October 15th, it was reported that Blackstone Group (BX.N) has built a $200 billion data center portfolio and is collaborating with Google to develop its cloud computing business. Blackstone has also invested in AI labs like OpenAI, secured loans using Broadcom and Nvidia chips as collateral, and invested in power plants and data center cooling equipment. These moves indicate that the worlds largest alternative asset manager is comprehensively deploying its resources in artificial intelligence through various channels. Almost all private equity firms are investing in some area of the AI boom. However, while other institutions remain cautious about certain markets, Blackstone has consistently expressed strong optimism about the opportunities presented by AI. President Gray stated that investing in AI is "the most important thing" Blackstone is currently pursuing.On October 15th, Magdalena Andersson, leader of the Swedish Social Democratic Party, lost her first parliamentary vote for prime minister. This result was widely expected, but she still has a chance to become prime minister. In Thursdays vote, Andersson received 99 votes, the same number as the Social Democratic Party, while 248 votes were against her, and two members were absent. She has not yet reached the necessary agreement with her allies to secure their support. Under Swedish law, parliament can hold a maximum of four rounds of voting on a prime ministerial candidate; if all four rounds fail, a new election must be held. This means Andersson may face another parliamentary vote in the coming weeks. Her chances of being elected would increase if she could reach an agreement with her allies on the composition of the next government in advance.

S&P 500 Index, NASDAQ Composite Attempting to Recover from Knee-jerk Reaction to Hot Labor Market Report

Florala Chen

Dec 05, 2022 15:43



As traders attempt to recover earlier losses, the tech-heavy NASDAQ Composite and the benchmark S&P 500 Index are down late in trading on Friday but still much above their intraday lows.


As investors changed their bets in anticipation of a more hawkish-than-expected Federal Reserve response to a positive U.S. job market report, U.S. stocks declined and U.S. Treasury yields increased.


The November Non-Farm Payrolls report, which showed employers increasing wages amid worries of a recession and hiring more people than anticipated in November, is the driving force behind the price movement.


The blue-chip Dow Jones Industrial Average is currently trading at 34294.50, down 100.51 or -0.29%, at 19:00 GMT. The NASDAQ Composite Index is trading at 11394.84, down 87.61 or -0.76%, and the S&P 500 Index is at 4054.08, down 22.49 or -0.55%.

Jobs Hotter Than Expected Report

In contrast to economists' predictions of 200,000 jobs, the U.S. Labor Department reported that nonfarm payrolls expanded by 263,000 jobs last month. Additionally, average hourly wages rose by 0.6% from 0.5% in October. Traders have a 0.3% increase factored in. The Unemployment Rate, the report's lone positive point, remained constant at 3.7% even though the Fed would have preferred an increase.


According to the data, employers appear unconcerned about rising interest rates. They must first believe they need the people, and they must also be sure they can turn a profit even in an environment with rising interest rates.

Leading the Job Gains Were the Leisure and Hospitality Sectors

According to the report's internal statistics, the industry that added the most jobs, 88,000, was leisure and hospitality. Since consumers are traveling and dining out after being quarantined due to the pandemic, this is not really surprising.


Surprisingly, the building sector generated 20,000 jobs as well, despite the housing sector suffering from four straight rate rises of 0.75 percentage points.

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