Stocks Extend Record-Breaking Run After Jobs Data: Markets Wrap
- Hiring rebounds, but rising unemployment keeps Fed cut alive
- Swaps price in about 80% chance of December rate reduction
This article is for subscribers only.
The world’s biggest stock market hit all-time highs after US jobs data spurred bets on a December Federal Reserve rate cut.
Equities extended this week’s advance, with the S&P 500 notching its 57th closing record in 2024. This year’s surge is approaching 30%, with the benchmark on pace for its best annual return since 2019. Shorter-dated Treasuries — which are more sensitive to imminent policy moves — outperformed the rest of the curve. Swap traders priced in a roughly 80% chance of a quarter-point easing at the Fed’s December meeting.