Morning Bid: Nvidia calms the horses, Fed bets evaporate

The US economy added 119,000 jobs in September, but the unemployment rate reached a four-year high, complicating the Federal Reserve's decision on interest rates for the upcoming month. This mixed employment data presents challenges for policymakers as they assess the economic landscape.

Investors are focusing on the upcoming jobs report following a rally fueled by Nvidia's strong earnings. Nvidia's performance has exceeded expectations, positively impacting U.S. stock futures and international equities. The anticipation of the jobs report adds another layer of significance as it may influence market sentiment and expectations regarding Federal Reserve policies.

Initial jobless claims in the U.S. have unexpectedly risen, indicating potential challenges in the labor market. This development has led to a bearish outlook for the U.S. dollar, as investors react to the implications of increasing unemployment claims on economic stability.

Metrovacesa reported a revenue increase in its Q2 2025 earnings call, reflecting positive financial performance. The company highlighted its strategies that contributed to this growth, which has also resulted in gains in its stock price. The results indicate a strong market position and investor confidence in Metrovacesa's future prospects.

Atresmedia reported a revenue decline in its Q2 2025 earnings call, reflecting ongoing challenges in the market. The company attributed this downturn to various factors impacting its financial performance, raising concerns among investors about its future growth prospects.

Federal Reserve official Michelle Hammack has expressed concerns that further interest rate cuts could jeopardize financial stability. Hammack highlighted the risks associated with lowering rates too quickly, suggesting that such actions might lead to unintended consequences in the financial system. Her remarks come amid ongoing discussions about monetary policy adjustments as the Fed navigates economic uncertainties.

Federal Reserve official Hammack has cautioned against further interest rate cuts, highlighting potential inflation risks. Hammack's comments reflect concerns within the Fed regarding the impact of monetary policy on inflation, suggesting a more cautious approach moving forward.

US weekly jobless claims have decreased, indicating a potential improvement in the labor market. However, continuing claims have risen, suggesting that some individuals are remaining unemployed for longer periods. This mixed data reflects ongoing challenges in the job market as the economy continues to recover.