BofA’s Hartnett sees risk-on rally if jobs data is as expected

Published On Oct 4, 2024, 4:31 AM

Bank of America strategist Michael Hartnett suggests a potential rally in risk assets if the upcoming US jobs report meets expectations. If the employment data shows an increase of 125,000 to 175,000 jobs, this could indicate a soft economic landing and prevent bond yields from spiking, making it an environment favorable for investments in stocks. Conversely, if the report details fewer than 75,000 jobs, it may hint at a recession. The report is crucial as it could impact the Federal Reserve's monetary policy and market sentiment.

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Given the potential rally in risk assets anticipated from a positive jobs report, investors may consider equities or ETFs that perform well in bullish market conditions.

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