US Session: Strong NFP report prepares traders for another volatile session

Shortly before the open on Wall Street, futures pared early gains after a stronger-than-expected NFP release, average hourly earnings also posted a bigger-than-consensus increase and the unemployment rate fell to 3.7%. The data shows a stable labor market, which is at odds with investor expectations and rate cuts sentiment, with current sentiments for a continued hawkish Fed policy of “higher rates for longer” gaining strength.
DXY gains 0.36% boosted by NFP release influenced by market sentiment.

As of 15:45 Bulgarian time:
S&P500 reports growth of -0.08%
Nasdaq reports growth of -0.41%
Dow Jones reports growth of -0.07%

The S&P500 once again bounced off the upper end of the weekly range ($4,548 – $4,562), continuing the consolidation between horizontal resistance and support, trading close YTD.
-On a break of the resistance, the buy side influence will intensify, targeting a break of the annual high of $4,634.
-With a rejection from the resistance and a break of the support of the up channel, the price will test the break of the horizontal supp at the levels around $4,500.

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US Premarket and Q3 Earnings Highlights:
Bluebird Bio shares rose 3.1% after Morgan Stanley upgraded the gene therapy company to equal-weight from underweight ahead of the likely approval of its therapy to treat sickle cell disease.
Broadcom reported a 0.8% rise as analysts noted that AI computing power helped offset chip slowdowns. The company, which supplies chips to Apple and other big tech companies, reported its slowest sales growth since the early days of the pandemic, as corporate customers and telecommunications providers curbed spending.
DocuSign fell 0.5% after the electronic signature company gave a margin forecast that was considered cautious given its strong Q3 results.
HashiCorp reported a 24% drop as investors cut their targets for the software company after results showed a slowdown in key metrics such as revenue from the previous Q3, fueling worries about muted growth, especially towards 2025.
MBIA shot up as much as 60%, set for a record one-day gain, after the insurance financial guarantee provider declared an extraordinary cash dividend on MBIA common stock of $8.00 per share, amounting to approximately $409 million.

 Dealer Aleks Angelov

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