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Home / Business / US STOCKS – Wall St rally about to pause due to slowing job growth, keep an eye on election results

US STOCKS – Wall St rally about to pause due to slowing job growth, keep an eye on election results



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* Tech heavyweights reduce prices after increasing weekly

* Biden leads within the important states of Georgia, Pennsylvania

* Key Wall Street metrics track the best week since April

* Futures discount: Dow 0.06%, S&P 0.26%, Nasdaq 0.58% (Add comment, details; update price)

Nov. 6 (Reuters) ̵

1; Key Wall Street Indicators are set to take a breather on Friday after rising more than 7 percent this week as monthly payroll data underscores the scale of the economic challenge that is on. waiting for the next US president.

Democrat Joe Biden led President Donald Trump in the battlefield states of Georgia and Pennsylvania on Friday, moving closer to winning the White House in a contest as some states have yet to decide to continue counting. promissory note.

The Department of Labor’s closely watched report found U.S. employers hired the least workers for five months in October amid the lack of new financial stimulus and due to established daily COVID-19 infection new record in the United States.

The US stock index futures cut some losses due to the number of new jobs being added that exceeded economists’ forecasts, but the S&P 500 e-minis was still down 0.26% at 9:06 a.m. by hour ET. Dow e-minis and Nasdaq 100 e-minis decreased by 0.06% and 0.58%, respectively.

Christopher Grisanti, director of equity strategy at MAI Capital Management in Cleveland, said: “The market has risen a lot this week, it’s due to rest.

The standard S&P 500 Index is in its best week since April, while the tech-heavy Nasdaq has risen 6.5 percent since the Nov. 3 election as outlook for a deadlock policy in Washington eased. Worry about stricter regulations for companies.

Matt Sherwood, head of investment strategy at Perpetual in Sydney, said the market had shifted to pricing during Biden’s presidency and Congress was divided.

“We can get all the good things about a Biden presidency, such as stable leadership and foreign policy, without any bad,” he said. description of his party, such as taxes.

Tech giants including Apple Inc, Amazon.com Inc, Facebook Inc, and Alphabet Inc have dropped points in pre-market trading after recording strong gains this week.

While a fiscal stimulus is still widely expected after the election, the size of an agreement reached in a divided Congress is likely to be smaller than the one under the Democratic Congress. leader. That could put pressure on the Federal Reserve to loosen monetary policy further, analysts said.

The central bank on Thursday kept its loose monetary policy in place and once again pledged to do whatever it can to sustain an economy crippled by the COVID-19 pandemic.

Cannabis-related stocks, identified by analysts as potentially winning under the Biden administration, have been set to extend the sharp gains from Thursday.

Coty Inc grew 14.4% as the cosmetic maker beat analysts’ estimates for quarterly sales, while T-Mobile US Inc grew 5.7% after adding more power subscribers. Phone numbers than analysts expected in the third quarter.

Electronic Arts Inc fell 7.1% after the video game maker didn’t hit its quarterly sales estimate.

Report by Medha Singh and Susan Mathew of Bengaluru; Additional reporting by Sagarika Jaisinghani in Bengaluru and Tom Westbrook in Singapore; Edited by Bernard Orr, Saumyadeb Chakrabarty and Sriraj Kalluvila


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