Delayed Employment Data On Tap

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Getty Images Good morning! Here is the latest in trending:Major reset: Ford (F) expects to take a $19.5B write-down and will end production of several electric vehicles as "EVs just weren't selling," its CEO Jim Farley said.23/5 trading: Nasdaq (NDAQ) is reportedly submitting paperwork with the Securities and Exchange Commission to launch round-the-clock trading of stocks.Trump vs. BBC: President Trump has sued the BBC over its editing of his speech that was featured in a documentary, seeking $10B in damages. Slowdown expected Get ready for Jobs Tuesday, instead of the usual Jobs Friday that would have occurred on Dec. 5 if it hadn't been for the federal government shutdown. The Bureau of Labor Statistics will release partial data for October and its full set of November data this morning.Expectations: While it will be an unusual employment report, it's expected to show an overall softening labor market. November nonfarm payrolls are expected to increase by 40K vs. +119K in September, and the unemployment rate is expected to tick up to 4.5%, according to the consensus of economists' estimates. Average hourly earnings are expected to increase 3.6% Y/Y, decelerating from 3.8% in September. There could still be some residual technical distortions in the November data as the BLS resumes its data collection from its 43-day shutdown, Federal Reserve Chair Jerome Powell mentioned during his post-FOMC press conference last week. The October unemployment rate won't be published because it's more difficult to collect household survey data than it is to collect information from businesses for the establishment survey, Wells Fargo economists explained in a note to clients. Thus, there will be a nonfarm payrolls number and unemployment rate for November, but just a payrolls number for October. Wells Fargo expects that October will show a loss of 60K jobs, while it expects 45K additions to nonfarm payrolls for November. The economists see the labor market as in a "tenuous position" as the unemployment rate ticks up to "a cycle high of 4.5%… If realized, we believe it will be increasingly clear that the 'maximum employment' side of the Fed's mandate is in jeopardy." Market impact: The jobs data is likely to be "more critical for equities' perception of interest rate policy going forward than last week's FOMC meeting," said Morgan Stanley's Mike Wilson. "With the equity return/interest rate correlation falling deeper into negative territory last week, we are now firmly back into a good is bad/bad is good regime," he noted. "This implies that moderate labor market weakness (as implied by recent 'alternative' jobs data) is likely to be received in a bullish context by equity markets. Conversely, the short-term risk around this print would be a hot number that reduces the cumulative probability of cuts next year." 5 Things To Consider In The Upcoming November Jobs Report Here's the latest Seeking Alpha analysis The 5 Dividend Stocks I'd Trust With Everything I OwnYou Better Start Rotating For 2026AI Isn't A Bubble, This Dip Is A BlessingS&P 500 Outlook: The Financial Prophet's Crystal Ball Predictions For 20267%+ Yields Every Retiree Should Own: Near‑Perfect Preferreds Hiding In Plain Sight What else is happening... WSB survey results: A lot of interest in investing in SpaceX (SPACE)Tesla (TSLA) directors earned over $3B through stock awards.PayPal (PYPL) applies to form a bank for small business lending.Details of delays at CoreWeave (CRWV) data center complex.Cognizant (CTSH), Infosys (INFY) hit hardest by $100K H-1B fee.Hassett's Fed chair odds dim amid concerns over Trump ties.Trump 'strongly' mulling executive order to reclassify marijuana.Lawsuits alleging GLP-1 drugs led to blindness to be centralized.Sony, LG, major TV makers sued by Texas AG for alleged spying.Energy transport emergency declared in four northeastern states. Today's Markets In Asia, Japan -1.6%. Hong Kong -1.5%. China -1.1%. India -0.6%.In Europe, at midday, London -0.4%. Paris -0.1%. Frankfurt -0.5%.Futures at 6:30, Dow -0.2%. S&P -0.3%. Nasdaq -0.4%. Crude -1.7% to $55.88. Gold -0.8% to $4,302.10. Bitcoin -3% to $87,149.Ten-year Treasury Yield unchanged at 4.18%.

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