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Wells Fargo economists remain confident that a 25-basis-point rate cut is warranted in December, pointing to easing inflation and labor market softness. Morgan Stanley economists take a different tack, believing stronger payroll data has offset the threat of rising unemployment and therefore no longer expecting a year-end 2025 interest rate cut. Instead they are predicting a trio of rate cuts next year across January, April, and June.
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The U.S. labor market is sending mixed signals. A delayed September jobs report showed U.S. non-farm payrolls grew by 119,000 in that month, more than double economist expectations. On the flip side, the unemployment rose to 4.4%, its highest level in five years, and earlier estimates for July and August were revised lower, signaling a cooling of the economy that could prompt the Federal Reserve to cut interest rates again.
This article will be updated throughout the day, so check back often for more daily updates.
Stock market gains have been unleashed. Nvidia (Nasdaq: NVDA) has carried the broader markets forward as investors had hoped. All three of the major stock market averages are off to the races on the heels of Nvidia’s blockbuster Q3 earnings report. CEO Jensen Huang dispelled any rumors of an AI bubble, revealing that demand for the company’s coveted chip processors are through the roof. In one fell swoop, technology single-handily became the tide that lifts all boats once again.
Nvidia stock price target revisions are pouring in from Wall Street on the heels of the company’s massive Q3 print. These include Evercore with a “buy” rating and $352 price target; Baird also with a “buy” and a $275 forecast; Barclays and Bernstein, both with “buy” ratings and $275 price targets attached. Citi with a $270 price target, BNP with a $260 price target and JPMorgan targeting $250 per share from $215.
On the economic front, existing homes sales inched higher last month, rising 1.7% compared with the year-ago period while housing inventories dipped lower compared with September levels.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 46,737.66 Up 601.34 (+1.3%)
Nasdaq Composite: 23,095.88 Up 529.67 (+2.3%)
S&P 500: 6,756.54 Up 115.4 (+1.7%)
Market Movers
Palantir (Nasdaq: PLTR) is contributing to the bullish market sentiment, rising 4.6% today after announcing an AI partnership involving the U.S. army.
Retailer Walmart (NYSE: WMT) stock is soaring by 6.1% today after reporting better-than-expected Q3 earnings.
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