The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
The Nasdaq Composite reached a new record high, boosted by strong performances from major tech companies. Notably, Alphabet Inc. (Google’s parent company) saw a 3.5% rise in after-hours trading after reporting better-than-expected earnings. Meanwhile, the S&P 500 posted a modest gain of 0.2%, but the Dow Jones Industrial Average slipped by 0.4%. The Nasdaq's rise comes as tech giants, with a combined market value of over $12 trillion, release their quarterly earnings throughout the week.
In other market highlights, Advanced Micro Devices Inc. (AMD) dropped 6% due to a lackluster revenue forecast, while Reddit Inc. and Visa Inc. exceeded sales and earnings expectations, respectively. McDonald’s Corp missed sales expectations, citing weaker performance in markets like France, China, and the UK. Meanwhile, Royal Caribbean Cruises Ltd. raised its earnings outlook for the fourth time this year, reflecting strong demand.
Additionally, Bitcoin surged, approaching its record high of $74,000 from March, while Treasury 10-year yields declined slightly to 4.27%. Investors are closely watching for the Federal Reserve's decision next week, as US job openings fell to their lowest since 2021, reducing expectations for another large rate cut.
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