Beat the street: US jobs data
The first Friday in the month brings one of the big pieces of US economic data: non-farm payrolls.
Economists are looking for 188,000 jobs to have been created in October, down from the 336,000 print in September, with the unemployment rate on hold at 3.8%.
We’ll be looking at the dollar’s performance to see if the recent upward move can continue on the equity indices across Wall Street.
Outside of this we’ll be looking at the contribution both Apple and Coinbase will make to the start today after their respective earnings on Thursday evening.
(Video summary)
In this edition of "Beat the Street", host Jeremy Naylor talks about what's happening in the US stock market and gives some important updates.
He covers topics like the number of jobs created, how well Apple is doing, and the performance of Coinbase. Jeremy also mentions that the US 10-year Treasury yield is at a three-week low, which affects the stock market.
US jobs
Breaking news reveals that the number of jobs created is lower than expected. Instead of 180,000 jobs, only 150,000 were created. But don't worry, this is still good news because it shows that the economy is not being harmed by the rise in interest rates. The unemployment rate has also increased a bit, but that's because they calculate it differently now. Average hourly earnings have also gone down a bit.
The euro is doing really well against the US dollar. In fact, it's at its highest level since September 20th. This means that the U.S. dollar is not strong right now.
Earnings
The NASDAQ 100, which is a stock index, is also doing well and has reached its highest level since October 19th. So overall, the stock market is doing pretty good this week.
Jeremy also talk about Apple's earnings for the fourth quarter. They beat expectations, which is good. However, their overall sales have been declining for the past four quarters. The iPhone is doing okay, but other hardware products like the iPad and Mac are not doing so well. Despite this, Apple's shares are expected to go up.
Coinbase, a company that deals with cryptocurrency, had a smaller loss in the third quarter than expected. Their sales have also been better than expected. Their stock price has gone up a lot since they went public, even though the amount of trading they're doing has actually gone down.
Jeremy also mentions some other things like the price of crude oil going up and the price of gold going up.
The overall message is that the job numbers suggest that the US Federal Reserve might not raise interest rates anymore, which is good news for the stock market.
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