Friday's Markets Update (November 3, 2023)

03 Nov 2023 by rate3

On Friday, the Nasdaq rose after the jobs report showed the labor market cooled more than expected, reinforcing bullish bets that the Fed is done raising interest rates. Real estate, financials, and materials were the top performers, while most of the tech sector struggled, led by a fall in Apple shares after its sales declined for a fourth consecutive quarter. Meanwhile, Bitcoin and Ethereum are still trading below 35K and 1.85K, respectively.

Details

The unemployment rate rose to 3.9% in October 2023, the highest since January 2022. The number of unemployed people increased by 146K to 6.51M, while the number of employed people decreased by 348K to 161.2M.

The economy added 150K jobs in October, below expectations, as several strikes weighed on the manufacturing sector. Job gains were concentrated in healthcare, government, and construction. Payrolls remain well above the number needed to keep up with population growth, but the labor market is showing signs of cooling.