November 6, 2018
In lagging data for September the JOLTS report showed the number of job openings declining significantly to 7.009 million, which may have subdued somewhat the inflation threat emblazoned in the August report but not by much, with the year-on-year increase at a still very high 12.5 percent, the number of jobs available still more than 1 million greater than the number of job seekers and the quits rate remaining at a 17-year high of 2.4 percent. But it was today’s mid-term elections that took center stage as an anticipated large voter turnout was expected to shake up the Congressional balance of power and at the same time serve as a nationwide referendum on President Trump’s presidency. With possible consequences that could impact a wide range of market-moving forces, from fiscal stimulus to additional tax cuts, the results, which will begin to trickle in at around 7:30 pm ET, are likely to percolate through the markets in the days to come.
The stock market began and ended on a bullish note, and despite a midday slump spent most of the day in positive territory, with the Dow closing up 0.7 percent to 25,635 and Nasdaq up 0.6 percent to 7,376. Bonds and the dollar were little changed while gold weakened by 0.4 percent to $1,228 per ounce and crude oil fell 1.5 percent to $62.16 per barrel.