Stock Market Today: Live Updates
- * Announced job cuts in november exceeded 1 million for the year.
- * Expects markets too move sideways, potentially into year-end.
- * Friday: Commerce Department will release September data on consumer spending, incomes, and the personal consumption expenditures index (PCE).
Here’s a breakdown of the key information from the provided text:
Market Performance:
* The market traded around the flatline.
* The S&P 500 and Nasdaq Composite were also flat.
Labor Market Data & Fed Expectations:
* Announced job cuts in november exceeded 1 million for the year.
* ADP reported a surprising slump in private payrolls.
* These signs of a softening labor market have increased expectations of a Federal Reserve rate cut.
* There’s an 87% chance of a 25 basis point rate cut at the December 10th Fed meeting.
* Initial jobless claims were at their lowest level since September 2022 (191,000 for the week ended Nov. 29th).
Analyst Commentary (Tim Holland, Orion CIO):
* Expects markets too move sideways, potentially into year-end.
* The expected rate cut is “widely telegraphed” and already priced into the market.
* Positive data (like low jobless claims) is being viewed as a relief, suggesting the economy isn’t falling apart.
* Doesn’t anticipate any data between now and the Fed meeting to change their decision to cut rates.
Upcoming Economic Releases:
* Friday: Commerce Department will release September data on consumer spending, incomes, and the personal consumption expenditures index (PCE).
In essence, the article describes a market pausing as it awaits a widely anticipated Fed rate cut, fueled by growing evidence of a cooling labor market. Investors are reacting positively to data that suggests a “soft landing” rather than a recession.