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 ...
Big tech stocks surged in late trading on Wednesday, led by Tesla Inc's 9% rally following strong earnings results that kicked off the "Magnificent Seven" earnings season. Despite recent volatility, Wall Street showed signs of rebounding, with a US$300 billion exchange-traded fund tracking the tech-heavy Nasdaq 100 gaining after hours.
Tesla's impressive performance came as the company forecast higher vehicle deliveries for the full year, boosting investor confidence and setting the stage for further gains in the tech sector.
"Earnings season is heating up, and we believe there is continued upside for stocks, especially now that we're entering a seasonally strong period," said David Laut from Abound Financial.
After last week’s stock rally to new all-time highs, equities have taken a breather, with investors weighing near-term risks such as big tech earnings, the October payrolls report, the US election, and the upcoming Federal Reserve meeting.
Bond yields rose as the market priced in expectations that the Fed would take a measured approach to rate cuts. The 10-year Treasury yield increased by three basis points to 4.23%, while the dollar strengthened, and the yen hit its lowest level in nearly three months, raising concerns about potential intervention by Japan.
Analysts, including Jonathan Krinsky at BTIG, noted that equities are beginning to react to movements in bonds and the dollar, signaling potential pre-election jitters.
“While we continue to see downside risk for equities over the coming weeks, the longer-term market outlook remains solid,” added Daniel Skelly from Morgan Stanley Wealth Management.
With Tesla leading the charge, investors are now closely watching the next tech earnings reports to gauge the market's direction as volatility is expected to persist in the run-up to key events in November.
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