(CercleFinance.com) – New deluge of double ‘intraday/closing’ records on Wall Street (this is the 3rd consecutive record for the two main indices), with the S&P500 (+0.25% to 6,090 and 6,100 at the most high), then the Nasdaq Composite (+0.81% to 19,859 and 19,863 at the highest)… and the VIX with -5.6% sinks symmetrically into the complacency zone towards 12.7 (one of its best scores of the year).
The S&P500 gained +1% over the week, while the Nasdaq stood out with +3.35%. The Dow Jones fell by 0.28% to 44,642 on Friday’s session, and by -0.5% over the past week.
The highly anticipated monthly report from the US Department of Labor (the ‘NFP’) has instead reassured and maintained the ‘full risk-on’. It reported 227,000 nonfarm jobs in November, a number slightly above economists’ expectations, which were generally in the 200,000 range.
The unemployment rate, however, increased by 0.1 point to 4.2%, where stability at 4.1% was expected, while the labor force participation rate stood at 62, 5%, and that average hourly income increased by 4% over one year.
Furthermore, the creations of non-agricultural positions for the previous two months were revised, from 223,000 to 255,000 for September and from 12,000 to 36,000 for October, i.e. a total revision balance of +56,000 for these two months.
-Despite these very robust figures, T-Bonds relax by one basis point towards 4.17%: the probability of a rate cut on 12/18 stands at more than 85%, compared to 66% a year ago. a week ago, according to the FedWatch barometer from stock exchange operator CME Group.
Other data from the session, the preliminary calculation of the University of Michigan consumer index shows an increase in confidence, standing at 74 this month, after 71.8 in November and 73.3 expected by economists.
If the sub-index measuring consumers’ evaluation of their expectations deteriorates to 71.6, compared to 76.9 last month, the one which evaluates their judgment of their current situation jumps to 77.7, after 63.9 in november.
