Wall Street Gains Despite Disappointing 12,000 Jobs Added in October

In October 2024, the U.S. labor market saw a drastic slowdown as employers added only 12,000 jobs. This figure was considerably lower than analysts' expectations of 115,000 and marked a significant drop from September’s gain of 223,000 jobs. The weak job growth was linked to factors such as worker strikes and the impact of hurricanes. This unexpected data typically would raise concerns in the market; however, investors exhibited a surprising resilience. Amazon, a key player in the retail sector, mitigated some of the negative sentiment by announcing robust quarterly profits. Their earnings report showed a profit of $15.3 billion in the third quarter, well above projections, leading to a notable 7.3% increase in their stock price. This positive news overshadowed broader labor market concerns and helped maintain investor confidence. In contrast, technology giant Apple saw a 1.7% decline in its stock even after beating sales and profit expectations, largely due to a forecast suggesting potential revenue growth issues during the critical holiday season. Additionally, major oil companies like Exxon Mobil and Chevron reported stronger-than-expected quarterly results, further buoying investor sentiment. Overall, while job growth figures painted a grim picture of the employment landscape, the performance of large corporations hinted at underlying economic strength, suggesting a complex but potentially stable market environment heading into the holiday season.