October 2, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas releases market commentary from Quasar Elizundia, expert research Strategist at Pepperstone.
“The US stock market remained under pressure in reaction to the mounting tensions in the Middle East. Fears of further escalation weighed on investor’s sentiment, denting risk appetite and investor optimism, amplifying the cautious tone across global markets.
Economic data today brought new insights into the state of the labor market. The ADP report showed better-than-expected private payroll growth in September, following yesterday’s strong US JOLTS job openings data. This data coupled with Friday’s nonfarm payroll report, could shape the Fed’s next rate move. While Chair Powell has signaled a potentially cautious approach with 25 basis point rate cuts, markets continue to see at least one 50 basis point cut.
The energy sector was the best performer yesterday and continues to lead today, as oil prices rebound strongly due to escalations in the Middle East. Meanwhile, most other sectors remain in the red.”
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