And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Katie Greifeld taking you through to that closing bell with a global simulcast. It starts now.Carol Massar and Tim Stenovec in the radio booth. Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube and S&P 500, with only 108 names in the green. But that's good enough to push the entire index into the green and to a record high.Is it amazing as we get ready for so ma ...

Core Insights - JPMorgan Chase & Co. reported third-quarter profit and adjusted revenue that surpassed Wall Street expectations, driven by a resurgence in dealmaking after earlier trade tensions slowed activity [1] - CEO Jamie Dimon highlighted labor market weakness and "complex forces" contributing to a more uncertain outlook [1] Investment Banking Performance - Investment banking fees increased by 16% year-over-year, with net revenue from the segment rising 17% to $19.88 billion [2] - Net income from the investment banking division climbed 21% to $6.9 billion, indicating strong performance despite geopolitical uncertainties [2] Market Division Success - The markets division achieved record revenue of nearly $9 billion, supported by stronger client engagement and financing demand [3] - Assets under management grew by 18% to $4.6 trillion, exceeding analyst estimates of $4.52 trillion due to continued net inflows and favorable market performance [3] Overall Financial Performance - Company-wide net income rose by 12% to $14.4 billion, with diluted earnings per share of $5.07 and adjusted revenue of $47.12 billion, both above analyst forecasts [4] - Net interest income increased by 2% to $24.1 billion, while provisions for credit losses rose to $3.4 billion from $3.1 billion a year earlier [4] - Dimon noted that "each line of business performed well," but cautioned about signs of softening in the U.S. economy, particularly in employment trends [4]

Economic Data and Market Reactions - The government shutdown has delayed key economic data releases, including jobless claims and the non-farm payroll (NFP) report, leading to increased focus on Federal Reserve commentary [1][2][4] - Market participants are anticipating Fed rate cuts, with over a 95% chance perceived for this month, as labor market weakness is expected to push equity markets higher [5][7] - The Challenger job cuts report showed a year-over-year drop of 25.8%, indicating a deceleration in layoffs, with reported job cuts at 54,064, significantly lower than the previous month's 85,975 [14][15] Federal Reserve Commentary - Fed members, including Logan and Goulsby, are expected to provide insights on alternative data sets due to the lack of official reports, with a focus on the ADP report and PMI data [3][11][12] - The ADP report indicated a loss of 63,000 jobs in the Midwest, reflecting a potential disconnect with the upcoming BLS data due to adjustments [9][16] - The Fed is likely to discuss the implications of the current labor market trends and their impact on inflation and economic outlook [10][11] Commodity Market Insights - Oil demand remains weak globally, with prices influenced by supply-side factors such as disruptions in Russian oil exports and refinery outages in the U.S. [21][22] - China's recent behavior of importing crude oil for storage rather than consumption suggests a weakening demand picture in the near term [22] - Seasonal trends typically lead to pricing weakness in oil and petroleum products during winter, but geopolitical risks, particularly related to Ukraine, could create upward pressure on prices [23][24]

Rick Santelli. Rick, kind of like the stock market, the bond market's probably used to it at this point, but at what point does it start to matter. >> You know, I can't even guess at what point it starts to matter, but as previous guests have been saying all morning, uh, pretty much we've seen this all before.It is a kabuki dance to some extent, but of course, if it lasts a a certain amount of time, and I'm not sure what that timeline is, the markets might pay some attention. But today they paid a whole lot ...

Core Insights - Private payrolls in the US unexpectedly dropped by 32,000 in September, marking the largest decline in two and a half years, which is significantly below the expected addition of 50,000 jobs [1][2][4] - This decline follows a revised decrease of 3,000 jobs in August, down from an initial estimate of a 54,000 job increase [2][5] - The potential government shutdown may delay the release of key economic data, including the Bureau of Labor Statistics' nonfarm payrolls report, which is considered more comprehensive than the ADP report [5][6] Labor Market Trends - The September job losses were somewhat offset by a 33,000 increase in education and health services, attributed to the reopening of schools and ongoing strong hiring in healthcare [11] - The leisure and hospitality sector experienced a loss of 19,000 jobs as the vacation season ended, while other sectors such as professional and business services, trade, transportation, and utilities also saw declines [12][13] - Companies with fewer than 50 employees shed 40,000 jobs, contrasting with companies that employ 500 or more, which added 33,000 jobs [13] Economic Implications - The weaker-than-expected payroll data increases the likelihood of the Federal Reserve issuing another quarter-point interest rate cut at their upcoming meeting, following a previous cut in the prior month [7][10] - Despite a strong economic growth rate of 3.8% in the second quarter, concerns over the labor market persist, with the unemployment rate remaining at 4.3% [8][10] - Wage growth has slowed, with job changers seeing a 6.6% increase in pay, the lowest in a year, while those remaining in the same role experienced a 4.5% gain [15]

ADP coming in weak this morning as the government shutdown gets underway putting in jeopardy the release of future data. So when it comes to employment that may be the number we get this uh this week at least down 32,000. Let's get over to Apollo Global Management Chief Economist Torstson Slack who joins us here at Post 9.Torston you write recently the US economy remains remarkably resilient. Uh does the ADP number change at all. Any of your view on that.Well, what really is important is that the LEO market ...

Core Points - The Federal Reserve lowered its benchmark interest rate by 0.25 percentage points and indicated two more reductions are expected this year due to pressure from the White House [1] - Chair Jerome Powell cited signs of weakness in the labor market as a reason for the rate cut, noting that job creation is below the break-even rate needed to maintain the unemployment rate [2] - The Federal Open Market Committee voted 11-1 to adjust the federal funds rate target range to 4%-4.25%, after maintaining rates steady for five consecutive meetings [3] Decision Dynamics - Governor Stephen Miran, who favored a larger half-point cut, was the only dissenting vote, highlighting a notable victory for Powell amid expectations of multiple dissents [4] - The committee's decision reflects a unified approach despite external pressures, with Powell emphasizing the need to manage inflation risks stemming from tariffs [5] - Powell described the Fed's future rate decisions as being made on a "meeting-by-meeting" basis, indicating a cautious outlook [6]

Group 1 - Bank of America has raised its minimum hourly wage to $25, fulfilling its 2021 pledge [1] - The bank has increased its minimum hourly pay by nearly 67% since 2018, with the previous minimum wage being $24 [1] - The new minimum annualized salary for full-time employees will exceed $50,000 [1] Group 2 - The wage increase comes amid a challenging U.S. labor market, characterized by slow job gains and rising unemployment [2] - Lower-income households are particularly affected by labor market weaknesses, with their after-tax wages rising at the slowest pace since 2016 [2] Group 3 - The higher starting salary aims to support employees in developing long-term careers at Bank of America [3] - The increase will take effect in early October and will apply to all full-time and part-time hourly positions in the U.S. [3]

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