Market Drivers – US Session, Nov. 3

Wall Street’s major indexes reached session highs after regaining their 50-day moving averages. The softer October payrolls report boosted stocks, with the Dow Jones Industrial Average holding a 0.9% gain. The S&P 500 rose 1.3%, while the Nasdaq led by 1.6%. Small-cap Russell 2000 surged 3%, while Innovator IBD 50 ETF rose over 2%.

The US Dollar has been moving into riskier assets and out of safe haven assets as a result of cooling US data, which supports the Federal Reserve’s decision to stop raising interest rates. The Reserve Bank of Australia is predicted to announce a 25-basis point hike next week, contributing to the markets’ expectation of a future cycle of rate cuts from the Fed.

Following the weaker Nonfarm Payrolls reading, the Australian dollar is trading above the 0.6500 handle, suggesting a change in the risk-on attitude of the market.

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