Shock October Jobs Report Leaves Fed In 'Tight Spot': Experts Say Interest Rate Cuts Ahead
Portfolio Pulse from Erica Kollmann
The October jobs report showed a significant slowdown in job growth, with only 12,000 jobs added, far below expectations. Economists attribute this to hurricanes and strikes, and anticipate the Federal Reserve will cut interest rates by 0.25% at its next meeting. The SPDR S&P 500 ETF Trust (SPY) rose 1.14% on rate cut expectations.
November 01, 2024 | 4:01 pm
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The SPDR S&P 500 ETF Trust (SPY) rose 1.14% as markets reacted positively to the expectation of a Federal Reserve rate cut following a weaker-than-expected jobs report.
The SPY ETF, which tracks the S&P 500, increased as investors expect the Federal Reserve to cut interest rates due to the weak jobs report. This expectation is driving positive sentiment in the market, leading to a rise in SPY's price.
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IMPORTANCE 70
RELEVANCE 80