Thursday's Markets Update (November 2, 2023)

02 Nov 2023 by rate3

On Thursday, Nasdaq closed sharply higher, mostly due to "trading volatility" technicals and as some investors cheered weak signs that the labor market is cooling. Several companies also reported strong earnings, including Eli Lilly, Starbucks, and Roku. Crypto buyers attempted to storm BTC's and ETH's key resistance zones.

Details

The number of people filing for unemployment benefits increased by 5K to 217K in the week ending October 28th, the highest level in nearly two months. This suggests that the labor market is cooling, despite remaining at historically tight levels.

According to the Challenger report job cuts fell to their lowest level in three months in October, but the tech sector continued to lead all industries in layoffs. Employers have announced plans to cut over 640K jobs this year, the highest number since 2020.