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By Staff Reporters and BLS
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U.S. equities posted a weekly loss, despite ending the day higher in a choppy trading session, following a larger-than-expected increase in non-farm payrolls for October, 2022. The choppiness came amid an increase in the unemployment rate that was also above estimates, and in the wake of FOMC Chair Powell’s comments earlier this week, in which he reiterated the central bank’s aim at cooling the robust labor market.
Earnings surprises were mostly positive, as Amgen bested expectations and upped its guidance, Starbucks also exceeded estimates despite a tumble in sales in China, and PayPal posted upbeat results and announced a collaboration with Apple, while DoorDash rose despite posting a wider-than-expected loss.
Treasury yields were mixed, and the U.S dollar erased all of yesterday’s rally, while crude oil and gold prices surged.
Overseas, Asian stocks were higher for the most part, led by a rally in the Hong Kong markets. European stocks ended the volatile week on a positive note, as the international markets continued to digest the implications of monetary policy actions from central banks all over the world.
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Filed under: Alerts Sign-Up, Investing | Tagged: BLS, labor report, October Labor Report, stocks, Stocks Higher Following October’s Labor Report |
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