Elections, Jobs, Bond Selloff: There’s a Lot to Worry Markets

Everything in markets is kicking into high gear. The US election is days away. Bond vigilantes have perked up on the other side of the Atlantic. Big tech earnings are fueling volatility, spurring an October wipeout in stocks.

Next up: the all-important jobs report. Traders are bracing for jobs data that will be tougher than normal to dissect after hurricanes disrupted business operations and a strike rocked Boeing. Estimates in a Bloomberg survey of economists vary widely, from a 10,000 decline to a 180,000 gain. The median projection of a 110,000 increase in October payrolls would be one of the smallest since the end of 2020 and less than half the advance in September.

All these kinds of cross currents are adding to a sense of angst. Take a look at the Citigroup’s gauge of global risk factors, which tracks price swings in different assets, that’s risen to an 18-month high.