Payrolls plunge, dollar dips, and tech trembles: Here’s what’s rocking markets this week ??
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Last week, the October Non-Farm Payrolls (NFP) turned heads with a headline number of just 12,000 – a massive miss from the expected 100,000 and a sharp drop from September’s hefty 254,000 gain.?
This is the lowest payroll count since the early days of the pandemic! Markets have been on edge, fearing the Fed’s high rates could drag the economy into recession.?
But here’s the twist: instead of panic, Friday’s data led to a subtle rally in stocks and precious metals, while the dollar slipped.?
Why? Traders are now all but certain the Fed will cut rates by 25 basis points this Thursday, with whispers of another cut in December.
Tech titans take centre stage ???
The “Magnificent Seven” tech giants made waves last week, with a rollercoaster of earnings. Alphabet came out swinging, posting better-than-expected revenue and a stellar 35% boost in cloud services (thanks to AI!).?
But the mood soured quickly – Microsoft missed growth projections, and Meta's lighter-than-expected user base left investors cool, driving both stocks down.?
Apple and Amazon wrapped up the week with mixed bags: Amazon soared on solid cloud numbers, while Apple faced a slump in Chinese sales, giving it a lukewarm finish. As NVIDIA gears up to release its earnings, could another shake-up be on the horizon?
Economic calendar: What’s next? ??
Election Day in the U.S. is just around the corner, and markets are already bracing for potential uncertainty.?
With polls neck and neck, a delayed result could send volatility soaring, echoing the chaotic wait of 2020 and even 2000. And it’s not just the election that could rattle the markets – we’re expecting big news from central banks, with the Fed and the Bank of England both forecasted to cut rates by 25 basis points on Thursday.?
The economic calendar this week is stacked, with data drops on PMIs, Factory Orders, and Crude Inventories.
This week’s key earnings ??
Here’s the earnings lineup to keep on your radar:
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Friday:
Keep charging forward, and let’s make this week a success! ??
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