This week, the New York Stock Exchange (NYSE) is expected to pay attention to the November employment report and the remarks of U.S. Federal Reserve Chairman Jerome Powell.
According to MarketWatch and CNBC on the 27th (local time), all three major New York stock indexes closed higher last week. The Dow rose 1.78% over the past week, while the Standard & Poor’s 500 and Nasdaq rose 1.53% and 0.72%, respectively.
Trading volume was not high due to the Thanksgiving holiday and Black Friday, but it rose slightly as the Fed hinted at adjusting the pace of interest rate hikes in November’s minutes of the Federal Open Market Committee (FOMC).
This week, remarks by Chairman Powell and other Fed figures, provisional GDP in the third quarter, PCE reports in October, and employment reports in November are expected to affect the NYSE market.
In particular, Chairman Powell is scheduled to speak at the Brookings Institute, a U.S. think tank, on the 30th. His remarks are expected to read the Fed’s internal atmosphere on the range of interest rate hikes ahead of the FOMC in December.
In addition, speeches such as John Williams, Federal Reserve Bank of New York Governor, Michelle Bowman, Fed Director, Lisa Cook, Fed Vice Chairman Michael Barr, and Chicago Fed Governor Charles Evans are waiting.
The Beige Book, the Fed’s economic evaluation report, will also be released on the 30th. The Beige Book, published by the U.S. Fed eight times a year, is an economic trend report that collects opinions on the economic situation of the Federal Reserve Bank of each region under the Fed. The situation in various fields such as consumer spending, manufacturing, services, real estate and construction, as well as labor markets and prices, is described.
The market is watching the November employment report, which will be released on the 2nd of next month. The last employment indicator ahead of the FOMC in December is expected to have a significant impact on determining the extent of interest rate hikes.
The market expects a slowdown in employment because the stronger the labor market is, the more the Fed can afford to raise interest rates.
Wall Street expects new non-agricultural employment to rise by 200,000 in November. This is a significant decrease from the 261,000 new employment cases in the previous month. The unemployment rate was forecast at 3.7 percent, the same as the previous month
