Job Market Cracks, Fed Steps In, Wall Street Cheers: This Week In Markets
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U.S. job growth nearly stalled in August, with nonfarm payrolls rising by just 22,000, prompting expectations for Federal Reserve rate cuts. Despite labor market stagnation, Wall Street remains optimistic, with the S&P 500 reaching record highs. Gold prices surged past $3,500, marking a 37% increase this year, driven by safe-haven demand amid political uncertainties regarding the Fed's independence. Cyclical stocks lagged, while communication services, led by Alphabet's 9% surge, outperformed. Detroit automakers faced declines, with GM and Ford down slightly and Stellantis dropping over 5%.
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Source: Benzinga The copyright of this article belongs to the original author/organization.
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