U.S. stocks rose today as unemployment falls, reversing past losses. The U.S. economy has added 136,000 jobs as estimated by the Labor Department in which Federal Reserve chair Jerome Powell will give a speech on later today.
Stock Market Drive
The 136,000 new U.S. jobs created in September were slightly below 150,000 and in July and August the economy showed job growth and added 38,000 more jobs.
With this new information investors are betting slightly lower that the Fed will cut interest rates at it’s meeting on October 30. Investors are also watching developments on the U.S. trade controversy as well as stocks that added to their gains today.
Trump told new reporters that there is a very good chance that an agreement could be reached and is set to go into high level talks with China in Washington October 10-11.
How are the markets?
Apple: shares rose after report in Nikkei that the company asked suppliers to increase iPhone 11 production by 10% (8 million units).
Costco: reported fiscal fourth quarter earnigs after Thursday’s close with revenue falling short of Wall Street expectations.
U.S. Economy: yield on 10-year treasury notes fell close to 1 basis point to 1.4%.
Gold: prices has retreated and December delivery fell $3.
West Texas Intermediate: crude oil for November delivery rose $0.44 cents.
