Much like the mountaineer crushing a steady climb, the major US stock indexes continued their ascent, with the bellwether large-cap S&P 500 Index, the tech-laden Nasdaq index, and the Dow Industrials index each recording further gains this week. Embracing FOMO (fear-of-missing-out), retail investors bought over US$ 7billion of stocks in the past five trading days, propelling the S&P index to its highest closing level since March 2022.
The key datapoint was the release of Friday’s US jobs report, which came and went without much fuss. The lens of the market has become hyper-sensitive to the unemployment picture on the basis that a deterioration in the jobs market is almost certainly required if the Federal Reserve (‘The Fed’) is going to begin reversing the path of interest rates in 2024. As it stands, the market is currently forecasting more than four separate cuts next year, commencing in the first quarter.
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