Mid-session market on the first day of November: Job report reduces hopes for FED Pivot

Stock market rises in last night's futures session with hopes that FED will slow the rate hiking process in the coming time, with SPY pushing to touch the 390 call wall early in the morning. Investors are preparing mentally for a 0.75% rate hike from FED tomorrow but all eyes are on the possibility that FED will officially outline the path for the pivot process - peak interest rates and the time to start cutting to the long-term target.

However, the US September job openings report surprisingly increased to 10.7 million job openings versus the expected 9.8 million and 10.3 million in August. This shows that inflationary pressure from the job market is still very hot and business demand has largely not been affected by financial conditions, largely extinguishing hopes of slowing the rate hiking process.