Business

Dow reverses higher despite hot jobs report

US stocks closed weakly on Friday after November’s jobs report beat economists’ expectations.
The Dow Jones reversed higher as the Fed is expected to further slow its pace of rate hikes.
But hot jobs data could push the Fed to make further rate hikes in early 2023, some analysts say.

U.S. stocks closed in volatile trade on Friday after the great jobs report in november triggered an early sell-off on fears the Federal Reserve would have to remain hawkish.

The addition of 263,000 jobs last month beat forecasts of 200,000, suggesting the central bank faces a longer battle with inflation. But the Dow Jones Industrial Average turned positive while the S&P 500 and Nasdaq pared losses sharply as analysts raised doubts whether the data point would be enough to change the direction of rates.

JPMorgan Asset Management chief strategist David Kelly said the jobs report was likely distorted and there was still plenty of room for the Fed to scale back rate hikes and pause in 2023.

The central bank is still expected to hike 50 basis points at its next meeting, slowing after four consecutive 75 basis point hikes.

Here’s where the U.S. indices stood as the market closed at 4:00 p.m. Friday:

Granted, a strong labor market is a sign of an expanding economy, which could put pressure on the Fed to continue tightening, even though it has already hiked rates by 375 basis points to now this year.

Seema Shah, senior asset management chief strategist, said the jobs report could push the Fed to raise rates above 5%. Oanda analyst Edward Moya said a more balanced response was possible, adding that payroll data could lead to lower rate hikes through 2023.

“This report does not mean that the risks of the Fed raising rates to 6% are back on the table. It could add another 25 basis points to the February meeting, and it does not change the data trend for the two,” he said.

Here’s what else is going on:

In oil, commodities and crypto:

Sources

1/ https://Google.com/

2/ https://markets.businessinsider.com/news/stocks/stock-market-news-today-jobs-report-fed-hawkishness-powell-rate-2022-12

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