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Global market sentiment mostly ended on an upbeat this past week, but a lot of the upside progress was given up the day before the weekend. On Wall Street, Nasdaq 100, S&P 500 and Dow Jones futures gained 0.54%, 1.36% and 1.86%, respectively. But, at one point, the tech-heavy Nasdaq was up almost 6 percent before evaporating the bulk of its progress.
The sharp reversal occurred on Friday in the wake of September’s US non-farm payrolls report. Not only did the country add more jobs than expected at 288k, but the unemployment rate sharply dropped to 3.5% from 3.7%. Granted, the labor force participation rate softened to 62.3% from 62.4% prior. All things considered, it pointed to a still-tight labor market.
This is not good news for the Federal Reserve, which is trying to bring down the highest inflation in 40 years. Early last week, the…
