U.S. stock market = Dow hits record high, concerns about the economy ease following employment statistics.

October 5, 2024, 6:43 AM GMT+9 (excerpt).

The U.S. stock market saw the Dow Jones Industrial Average hit a record high at the closing, and the Nasdaq Composite also closed more than 1% higher. Stronger-than-expected U.S. employment statistics released on that day helped alleviate concerns about economic slowdown.
According to the employment statistics for September released by the US Department of Labor, the number of non-agricultural sector employees increased by 254,000 compared to the previous month, significantly exceeding the financial estimates of 140,000, marking the largest growth in the past six months. Read more.
Peter Cardillo, Chief Market Economist at Spartan Capital Securities, pointed out that this data indicates a high likelihood that the economic activity of the fourth quarter will continue to maintain a solid pace. He stated, "This is a pleasant surprise, but it also suggests a potential slowdown in the pace of future rate cuts."

Peter Cardillo, Chief Market Economist at Spartan Capital Securities, pointed out that this data indicates a high likelihood that the economic activity of the fourth quarter will continue to maintain a solid pace. He stated, "This is a pleasant surprise, but it also suggests a potential slowdown in the pace of future rate cuts."
In the market, the expectation of a significant 50 basis points rate cut at the November 6-7 Federal Open Market Committee (FOMC) meeting has diminished. According to CME's FedWatch, the market is currently pricing in only an 8% probability of a 50 basis points rate cut, down from around 31% earlier in the day.