Analysts expect the United States to have added about 250,000 jobs in September and unemployment to remain stable at 3.7%. The data will offer new signals on whether the Fed should hike rates higher or ease future hikes. Thursday’s data indicated a cooling in the labor market, with weekly jobless claims rising more than expected and layoff notices up 46% in September from August.
Despite the weaker indicators, Minneapolis Fed Chairman Neel Kashkari said central bankers are “very far” from bringing inflation down.
Here’s where the U.S. indices stood at the 4:00 p.m. closing bell on Thursday:
Here’s what else is happening today:
- The pound fell against the dollar after Fitch downgraded the UK’s credit outlook due to risks stemming from Prime Minister Liz Truss’ new mini-budget.
- Poles burn rubbish and Romania cap firewood prices as desperation for Europe’s energy supply intensifies ahead of winter.
- A coming recession won’t be as bad as it was in 2008 as long as the Fed can avoid further policy mistakes, said economist Mohamed El-Erian.
- Wells Fargo dissected the positive 2% reversal in the S&P 500 on Wednesday and found that a single $31 million options trade could have been responsible for the sudden swing.
- Saudi Arabia lowered oil prices for Europe, but raised them for the United States. The move came after the White House accused OPEC+ of siding with Russia as the cartel cut its oil production quota by 2 million barrels per day.
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