Latest jobs data isn’t ideal for markets, portfolio strategist says

The stronger-than-expected September jobs data doesn’t bode well for investors hoping the Federal Reserve can start cutting interest rates anytime soon, said Michelle Culver, portfolio strategist at Global X ETFs.
“Unfortunately for markets, this reading reflects there could be more the Fed needs to do to contain inflation pressures,” Culver said.
“Long dated yields continued their march higher as this reading reiterated the message of yields potentially needing to remain higher for longer,” she added. “While encouraging for the resilience of the U.S. economy, this exceptionally strong reading is a challenge for markets.” $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$ $S&P 500 Index (.SPX.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR S&P 500 ETF (SPY.US)$