Unify Financial Advisors Weekly Market Update
A stronger-than-expected October jobs report provided some late-week support, but it was not enough to erase earlier losses as investors pulled back from risk following the midterm elections. Concerns about the potential political impact on technology and AI contributed to a sharp sell-off on Thursday. For the week, the Nasdaq fell 3.37%, the S&P 500 declined 2.68%, and the Dow slipped 0.94%. Crude oil also fell sharply, dropping 12.15%, while gold gained 4.84%.
The economic picture remained relatively resilient. The October Employment Situation Report showed that employers added 165,000 jobs, well above the prior 12-month average of 48,000, while unemployment held near recent levels at 4.1%. Manufacturing and services continued to expand, although both grew more slowly than in September and businesses reported continued cost pressures. Weekly unemployment claims also declined to 189,000.
Weekly Outlook
Inflation returns to focus this week with the release of the October Consumer Price Index (CPI) and Producer Price Index (PPI). Both measures showed prices increased on both a monthly and annual basis in September, making the new readings important indicators of how inflation is developing.
Please read the full Market Week report for details on last week’s market and economic activity.
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Regards,
David Bennett, CFA, CFP