The Mountain Workforce Development Council, in partnership with NCWorks, hosted a career and resource expo on Tuesday, November 19, 2024 in Hendersonville, NC, USA.
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This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Employment surges in December
U.S. nonfarm payrolls data December surge of 256,000, That was up from 212,000 in November and the Dow Jones consensus forecast of 155,000. U.S. Bureau of Labor Statistics reported on Friday. The unemployment rate fell to 4.1% from 4.2% in November. Economists expect interest rates to remain unchanged in December.
The U.S. market will post losses in 2025
US market Friday’s plunge following the release of December’s jobs report that beat expectations. Major U.S. stock indexes are currently set to post losses in 2025. Stoke 600 Indexes on major exchanges fell 0.84% Closed in negative territory. Euro zone government bond yields climbed to multi-month highs.
Why Mehta had to ‘give in’ to Trump
Yuan Tuesday’s announcement that it would scrap third-party fact-checking was seen as an attempt to appease U.S. President-elect Donald Trump. Here’s why Mehta had to ‘give in to Trump’ In the words of a former Facebook VP. Separately, CEO Mark Zuckerberg accepted the ” “The Joe Rogan Experience” among them he slam apple Innovation efforts lackluster.
Apple loses market share in China
apple Shares fell 2.4% following analyst Ming-Chi Kuo’s comments wrote On Friday, December, the company iPhone shipments drop in China Compared with the same period last year, overall smartphone shipments were approximately 10%-12% flat. Additionally, Kuo said there is “no evidence” that Apple Intelligence is driving hardware upgrades or service revenue.
TikTok could be banned in the US this week
The U.S. Supreme Court heard oral arguments in the case on Friday The future of TikTok in the United States. this The judges seemed generally unconvinced TikTok’s main argument is Ban TikTok Violating the free speech rights of millions of users in the United States means the app could disappear from app stores as soon as this week.
(PRO) Inflation report and bank earnings this week
The U.S. consumer price index for December was released on Wednesday. it will indicate if Inflationary pressures remain under pressure The economy and markets, especially after the unexpectedly high non-farm payrolls data in December. Large banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley Earnings are reported in the second half of the week.
bottom line
There were 100,000 more jobs added in December than the Dow Jones consensus estimate.
Investors are concerned the Fed may remain hawkish in response to the hot labor market. The market’s implied probability of an interest rate cut this year increased to 68.5% After the employment report was released, according to CME FedWatch Indicators.
Bond yields, which have already risen in recent weeks, rose further following the jobs report. this 10-Year Treasury Bond Yield hit it Highest level since November 2023.
It’s no surprise that the market sold off quickly after the jobs report was released. this S&P 500 Index Down 1.54% Dow Jones Industrial Average Down 1.63% Nasdaq Index down 1.63%. All major indexes are in negative territory in 2025.
As the old saying goes, good news is bad news for investors.
But we should remember that things are different now than at the peak of inflation.
The Fed may be less concerned about a strong labor market this time around. On the contrary, strong job growth may reassure the Fed, as concerns about employment rates are one of the reasons why the Fed decided to implement large-scale monetary policy. Rate cut by 50 basis points in September.
“You’ll never hear me complain about the 250,000 jobs we created,” said Chicago Fed President Austan Goolsbee. explain on CNBC’s “Squawk on the Street.” Goolsby also pointed out that inflation over the past six months has been around 1.9%, slightly below the Fed’s target.
In times of lower inflation, strong employment numbers are a sign of a resilient economy.
Adam Turnquist, technical strategist at LPL Financial, said economic growth ultimately “means better profit potential, lower recession risk, which is really going to determine long-term returns versus the sell-off in today’s market.”
In other words, good news can only be good news if investors look beyond the immediate horizon.
—CNBC’s Jeff Cox, Michael Santoli, Pia Singh and Sean Conlon contributed to this report.
