'Not A Good Omen For Future,' Says Cathie Wood As Economists Point To Worrisome Trends In Seemingly Strong Jobs Data
Portfolio Pulse from Shanthi Rexaline
Cathie Wood of Ark Investment Management expressed concerns over recent U.S. jobs data, highlighting low-quality job gains and a disparity in employment growth between foreign-born and native-born Americans. Economist Marko Bjegovic noted significant revisions in job data and a shift towards part-time employment, while E.J. Antoni pointed out the stagnation in native-born employment. Despite these issues, the SPDR S&P 500 ETF Trust (SPY) saw an increase, reflecting continued market optimism.
April 08, 2024 | 8:23 am
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The SPDR S&P 500 ETF Trust (SPY) saw an increase, ending up 1.04% at $518.43, despite concerns over U.S. job data quality and employment disparities.
The SPDR S&P 500 ETF Trust (SPY) experienced a positive movement, likely due to the broader market optimism and expectations of Fed rate cuts, despite underlying concerns about the U.S. labor market's quality and employment disparities. This suggests that investors might be focusing more on the short-term market trends and Fed's monetary policy rather than the underlying economic indicators.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80