Job openings surge as U.S. labor market remains robust

Bitcoin (BTC) tested $75,000, while gold (XAU) dropped below $4,050 after US Nonfarm Payrolls rose to 165,000 in October, exceeding expectations. Bitcoin is down 0.98% on the day, and gold has erased some weekly gains. The data suggests a resilient US economy, impacting market sentiment.

Ethereum (ETH) fell 6.4% to $2,236 after stronger-than-expected US jobs data increased Fed rate hike odds to 80%. The report showed 165,000 jobs added vs. 65,000 expected, with unemployment at 4.1%. Higher rates typically pressure risk assets like crypto. ETH spot ETFs saw $99.97M outflows. ETH is down 13% in 30 days, 33% in a year.

U.S. jobless claims fell to 189,000, matching a 57-year low, but markets dropped due to political risks. The S&P 500 (SPY) fell 4.4%, with AI and data center stocks leading declines. Productivity rose 3.6%, while labor costs fell 0.7%. Fed rate hike odds increased to 67%.

AI and tech stocks rebounded after a sharp sell-off, with the Nasdaq Composite up 1.23% and Nvidia gaining over 6%. The market decline was partly driven by concerns over AI regulation following Democrat midterm wins. US jobs data showed 165,000 new jobs in October, easing unemployment to 4.1%.

US investment-grade corporate bond sales hit a record $1.88T in 2023, up 18.7% YoY, driven by Big Tech firms funding AI investments. Amazon, Alphabet, Meta, Microsoft, and Oracle raised over $370.7B combined. Apple recently issued $7.5B in bonds. Rising interest rates and regulation concerns loom, with default insurance costs increasing for major AI spenders.

Santander, HSBC, and Nationwide will increase tracker mortgage rates by 0.25% following the Bank of England's rate hike to 4%. The change will affect homeowners with tracker or SVR mortgages, increasing monthly payments. Fixed-rate mortgages, which make up 87% of UK mortgages, remain unaffected until their current deal ends.