Market Overview Analysis by Investing.com (Jesse Cohen) covering: Nasdaq 100, S&P 500, Dow Jones Industrial Average, US Small Cap 2000. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
November is expected to be another volatile month on Wall Street amid several major market-moving events.
As of Friday morning, financial markets see a 99% chance of the central bank holding rates at current levels next week, according to the Investing.com. That would leave the benchmark Fed funds target range in between 5.25% and 5.50%, which is the highest level since January 2001.
Meanwhile, financial markets are pricing in a small chance of a rate cut as early as the Fed's March 2024 meeting, with expectations of a cut at about 50% for May. Meanwhile, average hourly earnings are expected to rise 0.3% month-over-month, while the year-over-year rate is forecast to increase 4.2%, which is still way too hot for the Fed.In my opinion, the October employment report will emphasize that the labor market remains on strong footing and support the view that additional rate hikes will be necessary to cool the economy.
All in all, economic growth has held up much better than expected in the face of higher rates. Despite widespread expectations of a looming downturn, the economy has proven considerably more resilient than anticipated by many on Wall Street amid a solid labor market and strong consumer spending.The U.S.
Indeed, some inflation alarms are ringing again amid the ongoing rally in energy and food commodity prices. A lasting spike in fuel and food costs would unravel progress on the inflation front.
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