Fears over a wider Middle East conflict continue to mount as Iran-backed Houthi rebels in Yemen claimed responsibility for missile and drone attacks targeting a Red Sea shipping port in southern Israel yesterday. Israel claimed it killed the top two leaders of HAMAS.
As expected, the Federal Reserve left interest rates unchanged yesterday and Chairman Jerome Powell talked with a softer tone than in the past about how high interest rates may go and for how long.
ADP data shows 13 consecutive months of lower wages and in October, private payrolls increased 113,000, 27,000 less than expected.
Nela Richardson, chief economist at ADP said, "In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it is still enough to support strong consumer spending."
The Bullish Consensus on the S&P 500 Index is so low it indicates the S&P 500 will be up 15.5% over the next 12 months according to Bank of America.