Phil Orlando, Chief Equity strategist at Federated Hermes, talks about the market’s asymmetric risks.
Stocks retreated as the US government veering toward a shutdown stoked anxieties about the possibly delayed release of key economic data the Federal Reserve needs to keep cutting interest rates.
The S&P 500 fell 0.2%. Gold’s record-breaking rally came to a halt. The Bloomberg Dollar Spot Index slid. Treasuries are headed for a third straight quarter of gains. Oil extended a sharp decline as OPEC+ considers boosting the pace of its output hikes in the coming months.
Even with Friday’s release of nonfarm payrolls data in doubt given a seemingly imminent US government shutdown, traders will still get some glimpses this week of how the labor market is faring.
(Source: Bloomberg)
www.bloomberg.com
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