Green lockdown on Wall Street after a better than expected employment report

Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations

23:00

Wall Street markets closed bright green. The Nasdaq closed up 1.2%. The Dow rose 0.8%, the S&P 500 rose 0.9%.

Today’s gains helped erase the losses of the last few days in the shadow of the growing geopolitical tensions in the Middle East. The S&P 500 rose 0.2% on a weekly average, the Dow rose 0.09%. The Nasdaq added 0.1% last week.

22:25

The Nasdaq is up almost 1%, the Dow Jones is up 0.6%, the S&P 500 is up 0.7%.

Oil rises by 1%, the price of a barrel stands at 74.5 dollars.

20:00

European stock markets closed mostly higher. Dax rose 0.5%, Putsy closed steady, and Kac rose 0.8%.

On Wall Street the increases continue. The Dow Jones is up 0.4%, the S&P 500 is up 0.5%, the Nasdaq is up about 0.8%.

18:10

Wall Street’s gains continue; The Dow Jones index rises by 0.2%, the S&P 500 rises by 0.5%, the Nasdaq rises by about 0.8%, led by the increases inTesla , Amazon andNetflix which rise by about 4%, 2% and 1%, respectively.

Spirit Airlines is plunging about 25% following a Wall Street Journal report that it is considering filing for bankruptcy.

16:30

Wall Street markets opened bright green after the employment report. The Dow Jones index is up 0.5%, the S&P 500 is up 0.7%, the Nasdaq is up about 1.2%.

Oil prices rose again, bringing the weekly increase to close to 9%. Oil is currently up by 0.8%, and the price of a barrel stands at $74.35.

16:07

After the surprising employment report: Wall Street contracts are green, bond yields jump and the dollar soars. The Dow Jones index rises by 0.6%, the S&P 500 rises by almost 0.9%, the Nasdaq rises by about 1.2%.

15:30

The American economy surprised with a dramatic increase in the amount of jobs added in September – 254,000. This means that the American labor market radiates strength. In addition to this, the unemployment rate was also a pleasant surprise – 4.1%. Hourly wages rose at an annual rate of 4%, also above early forecasts.

The early expectation was that the employment picture for September would look very similar to that of August – a gradual slowdown in hiring compared to the beginning of the year, along with a moderate increase in wages. The market expected that 150,000 jobs would be added to the American economy, compared to 142,000 the previous month, with a stable unemployment rate of 4.2%. In terms of wages, the forecast was for a monthly increase of 0.3% and a 3.8% increase compared to last year – with the annual rate being the same as in August.

In recent days, there has been a moderation in the market’s expectation for another interest rate reduction to the level of 50 bps, as was the case in the Fed’s latest interest rate decision. After the latest data, it is hard to see the Fed taking another big reduction in interest rates in November and the updated expectation is for a reduction of only 25 basis points.

Wall Street contracts are responding positively to the surprising employment report, which signals that there is no recession on the horizon. On the other hand, ten-year government bond yields jump and represent the likelihood of smaller interest rate reductions in the near future. The 10-year yield climbs by 10% and reaches 4%.

As a result, the US currency also strengthens. Relative to the basket of currencies, the dollar index (DXY) climbs nearly half a percent to a six-week high. Another reason for the strengthening of the dollar is the tensions in the Middle East, which makes investors look for a “safe haven” against market upheavals. During the last week, the dollar index climbed by about 2% – the sharpest weekly increase since September 2022.

Against the shekel, the American currency traded at a rate of NIS 3.82.

12:28

Trading in Europe is currently underway in a mixed trend but without significant change: Dax increases by 0.2%, Potsy with a slight decrease of 0.1%, andjackdaw increases by 0.4%.

European attention is directed towards the expected speeches of the European Central Bank (ECB) officials later today.

11:00

The dollar is strengthening this morning against the shekel, and is now trading above NIS 3.82. Among the reasons for the strengthening: the Israeli attack in Beirut this morning alongside the expectation of an Israeli response to the Iranian attack.

The dollar is also strengthening in light of the markets’ assessment that the Fed’s interest rate plan will be less aggressive than first thought. In addition, the market expects employment data in September in the US,
to be published at 15:30 (Israel time). According to estimates, 147 thousand new jobs were added to the American labor market.

The share of the Danish shipping giant Møller-Maersk crashes by more than 8%, as a result of a three-day strike by port workers and operators on the US East Coast, which ended today with a wage agreement.

In the commodity market, oil and gas stocks added 0.74%.

The Hang Sang index closed up 2.7%.

Trading in Europe is currently underway without any noticeable change: Dax increases by 0.1%, Potsy with a slight decrease of 0.01%, andjackdaw increases by 0.6%.

US futures are now trading in a positive trend.

10:00

Trading in Asia closed higher. The Nikkei closed up 0.1% and the Shanghai Stock Exchange closed up 8%.

Trading in Europe opened with a negative trend: CAC weakened by 0.1%, DAX decreased by 0.1% and POTSI decreased by 0.2%.

07:50

Trading in Asia this morning (Friday) is on a positive trend: the Nikkei index rises by 0.2%, the Hang Seng rises by 1.9%, the Shanghai Stock Exchange jumps by about 8%. There is no trading in China today for the national holiday.

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In the US, the futures trade in a mixed trend, this is because Wall Street is waiting for the September jobs report which will be published today at 3:30 PM (Israel time).

Last night trading on Wall Street closed in a negative trend. The Nasdaq closed flat. The Dow Jones fell about 0.4%. The S&P 500 fell about 0.2%.

European stock markets also closed in a negative trend. Dax fell 0.8%, Putsy lost 0.1% and Kac shed 1.3%.

In the commodity sector, oil prices are slightly lower this morning, after last night oil rose by 5.6%, and during the past week it rose by more than 8%, in the shadow of growing fears of an Israeli attack on Iran.