"As CNBC reports, ADP's private payrolls report issued this morning shows that private employers added 54,000 net new jobs last month, about one-third worse than the 75,000 positions economists had predicted, and barely half the 106,000 jobs added in July. This is bad news for the economy, but arguably good news for stock traders hoping to see the Federal Reserve cut its target interest rate at the FOMC meeting two weeks from now. And because rate cuts are generally considered "good" for making the stock market rise, investors don't seem too upset by today's bad employment news."
"(Adding to the bad news-is-good news toll, the Labor Department reports initial unemployment claims for the week ended August 30 were 237,000, higher than the 230,000 that economists had predicted). Oh, and speaking of job losses... ConocoPhillips ( NYSE: COP) just announced it will lay off up to 25% of its workforce over the next year, aiming to cut costs in a market where oil prices are slipping."
"The Vanguard S&P 500 ETF ( NYSEMKT: VOO) is shrugging off a disappointing August employment report from ADP, and rising 0.1% in premarket today. In earnings news, S&P 500 component company Hewlett Packard Enterprise ( NYSE: HPE) beat earnings by two cents last night, reporting a $0.44 per share fiscal Q3 profit on $9.1 billion in revenue (which was also ahead of estimates). HPE did warn that fiscal Q4 2025 earnin"
The Vanguard S&P 500 ETF rose 0.1% in premarket trading despite weak employment data. ADP reported private employers added 54,000 net new jobs in August, below the 75,000 forecast and far less than July's 106,000. Initial unemployment claims rose to 237,000, above expectations. Weak payrolls and higher claims increase the likelihood of Federal Reserve rate cuts at the upcoming FOMC meeting, a factor supporting stock prices. ConocoPhillips announced plans to cut up to 25% of its workforce over the next year amid falling oil prices. Hewlett Packard Enterprise beat Q3 earnings at $0.44 per share on $9.1 billion revenue and issued a warning about fiscal Q4 2025.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]