Daily digest market movers: Gold price retreats amid Mideast war
- The ADP National Employment Change for September came in at 143K, up from the upwardly revised 103K the previous month and surpassing forecasts of 120K.
- August Job Openings & Labor Turnover Survey (JOLTS) improved, exceeding estimates and tempering woes of the labor market.
- Nevertheless, business activity in the manufacturing sector measured by the ISM Manufacturing PMI for September remained steady at 47.2, unchanged from the previous reading, but fell short of estimates of 47.5.
- Market participants have placed the odds of a 25 bps Fed rate cut at 63.8%, while the chances for a larger 50 bps cut have diminished to 36.2%, according to the CME FedWatch Tool.
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