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Posted October 4, 2024 at 10:00 am
A hotter-than-expected jobs report spurred a premarket rally on Wall Street Friday, showcasing the U.S. economy’s resilience and easing concerns over an economic slowdown.
The strong labor data also led traders to rethink the Federal Reserve’s aggressive rate cuts, resulting in a jump in the dollar and Treasury yields.
The U.S. economy added 254,000 jobs in September, far exceeding the expected 140,000. This marks an acceleration from August’s 159,000 figure and well above the 12-month average of 230,000. Payrolls for both July and August were upwardly revised by 55,000 and 17,000, respectively.
A hotter-than-expected jobs report spurred a premarket rally on Wall Street Friday, showcasing the U.S. economy’s resilience and easing concerns over an economic slowdown.
The strong labor data also led traders to rethink the Federal Reserve’s aggressive rate cuts, resulting in a jump in the dollar and Treasury yields.
The U.S. economy added 254,000 jobs in September, far exceeding the expected 140,000. This marks an acceleration from August’s 159,000 figure and well above the 12-month average of 230,000. Payrolls for both July and August were upwardly revised by 55,000 and 17,000, respectively.
Before the jobs report, the market had priced in a 30% chance of a 50-basis-point rate cut in November, according to the CME FedWatch Tool. Following the data release, those odds plummeted to 11%.
Using the Movers function on Benzinga Pro, here are the top performers among U.S. mega-cap stocks in the 30 minutes following the release of the September jobs data.
| Company Name | Price | Change |
|---|---|---|
| KLA Corp. | $799.25 | +3.18% |
| Mitsubishi UFJ Financial Group | $10.18 | +3.18% |
| Applied Materials Inc. | $205.53 | +2.10% |
| Lam Research Corp. | $83.60 | +2.08% |
| Advanced Micro Devices Inc. | $166.90 | +1.92% |
| ARM Holdings plc | $142.44 | +1.91% |
| Shopify Inc. | $80.02 | +1.67% |
| Broadcom Inc. | $175.66 | +1.66% |
| Adobe Inc. | $510.58 | +1.59% |
| Bank of America Corp. | $39.96 | +1.56% |
| Texas Instruments Inc. | $204.82 | +1.56% |
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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This material is from Benzinga and is being posted with its permission. The views expressed in this material are solely those of the author and/or Benzinga and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
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