Overview
- ADP reported a 42,000 rise in private payrolls and ISM services strengthened, prompting traders to pare December Fed cut odds to roughly 60–67%, lifting Treasury yields and the dollar.
- Asia stocks rebounded on Thursday after the U.S. data boost, but U.S. indexes later fell as renewed pressure on large technology names dragged the S&P 500 and Nasdaq lower.
- Fresh private indicators muddied the labor picture, with Challenger tallying more than 150,000 October layoff announcements and Revelio Labs pointing to job losses, in contrast to ADP’s rebound.
- Supreme Court justices questioned the legal basis for President Trump’s sweeping tariffs, adding policy uncertainty as the administration posted changes to reciprocal tariff rates with China.
- Chicago Fed President Austan Goolsbee warned that the lack of official figures heightens caution on further cuts, underscoring how the prolonged shutdown has left the Fed and investors flying blind.