Election uncertainties, disappointing jobs news and a twist from Ford upset markets
The U.S. stock market experienced a setback at the end of October, breaking a five-month winning streak as election uncertainties and mixed tech earnings dampen risk sentiment.
A key measure of market turbulence, the CBOE Volatility Index, or VIX, surged by 34% last month, marking the third-largest increase for an October in an election year.
Tech giants’ earnings were underwhelming, with the exception of Alphabet Inc. and Amazon.com Inc. Notably, none of the other “Magnificent Seven” companies posted positive weekly performance.
Among mega-cap companies, the top performers for the week were Charter Communications and Booking Holdings, both rising approximately 10%. The main laggards were Advanced Micro Devices Inc. and Eli Lilly and Co., each declining around 8%.
On the macroeconomic front, the U.S. economy saw a surprising slowdown in job growth in October, with nonfarm payrolls increasing by just 12,000 — nearly a four-year low and well below the expected 113,000.
Factors such as hurricanes and strikes likely contributed to the hiring slowdown, while unemployment held relatively steady, indicating no significant rise in layoffs.
The labor market report has strengthened expectations for Federal Reserve rate cuts. Markets are fully pricing in a 25-basis-point cut at Thursday’s meeting and assigning an 85% probability to a similar cut at the Fed’s final meeting of the year in of December.
Betting on the election
As the 2024 U.S. presidential election approaches, state-by-state betting odds reveal a tight race between Donald Trump and Kamala Harris, with key battleground states like Pennsylvania, Michigan and Arizona showing narrow margins, making them pivotal in the final outcome.
Gold continues to shine
The SPDR Gold Trust saw $1.8 billion in inflows during October, its highest in over two years. Rising investment demand continues pushing gold toward record highs as investors turn to this safe-haven asset in a time of political concerns and fiscal uncertainty.
Ford pulls reins on EV pickup
Ford is pausing F-150 Lightning production from Nov. 18 to Jan. 6, responding to Tesla’s Cybertruck sales surge. The move aims to recalibrate production with demand and improve profitability for the Michigan-based automaker.
Benzinga is a financial news and data company headquartered in Detroit.
Related
‘I’m Turning Jobs Down’: Armie Hammer Says Acting Career Back…
Controversial actor Armie Hammer was seemingly blacklisted from Hollywood after troubling allegations were made about him four years ago. Now, however, Hammer
The 20 Fastest Growing Careers For Fully Remote Jobs
The 20 Fastest Growing Careers For Fully Remote Jobsgetty The top 20 career categories saw at least 17% growth in fully remote jobs year-over-year. These are t
Report shows recruitment and vacancy improvements in state jobs after…
The Delaware Department of Human Resources says replacing a bachelor’s degree requirement with relevant experience in
Job seekers turn to honesty on social media to find…
Job hunts can be brutal, with seemingly endless applications, cover letters, networking and interviews. But there’s a new trend amon
