• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Investing Leon Cooperman shares market outlook following monthly jobs report
Investing

Leon Cooperman shares market outlook following monthly jobs report

by January 6, 2023
by January 6, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

S&P 500 is in the green this morning even though the Bureau of Labour Statistics reported a better-than-expected growth in nonfarm payrolls for December.

Notable figures in the monthly jobs report

Nonfarm payrolls went up by 223,000 last month – a slight decline from 256,000 in November but meaningfully more than 200,000 that economists had forecast.

Continued strength of the labour market suggests the Fed still has more to do in its ongoing fight against inflation. According to Leon Cooperman – the billionaire chairman of Omega Advisors:

Labour seems to have the upper hand. There’s 1.7 jobs available for everyone looking for a job. That’ll be difficult for profit margins. So, going into a new bull market anytime soon makes no sense to me.

Versus its record high, the benchmark index is currently down roughly 20%.

Cooperman sees downside risk to low 3,000s

Also on Friday, unemployment rate was reported to have declined to 3.5% – 20 basis points below expectations.

Average hourly earnings in December gained 0.3% versus the prior month and 4.6% on a year-over-year basis. Economist had called for 0.4% and 5.0%, respectively. Speaking with CNBC’s Scott Wapner, Cooperman added:

I have low expectations from the market. In 2023, I’d say 50% chance that we stay in the range of 3,600 to 4,400. 5.0% change only of going above the 4,400 level. And a 45% chance that we could go into the low 3,000s.

A day earlier, a Piper Sandler analyst also said the S&P 500 could sink another 16% from here as the Fed pursues its signalled terminal rate of 5.1% as Invezz reported here.

The post Leon Cooperman shares market outlook following monthly jobs report appeared first on Invezz.

You Might Also Like
  • Jefferies analyst reveals his top two biotech stocks for 2023
  • Elon Musk: here’s why Tesla stock continues to sell-off
  • 40+ Spotify statistics 2022: SPOT stock, revenue and performance
  • Coupa Software extends gains on reports of a potential buyout
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Shell warns of a $2.0 billion tax hit in the current quarter
next post
Analyst reveals a ‘rare retailer with momentum’ to own in 2023

You may also like

Amazon Web Services will take a further hit in 2023:...

December 5, 2022

Aston Martin Lagonda: Will this fallen angel recover in 2023?

December 6, 2022

SteadyOptions 2022 – Year In Review

January 16, 2023

Bed Bath & Beyond stock opened 25% down today: what...

January 5, 2023

Peloton is on a path to penny stock status in...

December 28, 2022

Silvergate CEO says short-sellers spreading misinformation

December 6, 2022

Gamma Scalping Options Trading Strategy

September 14, 2023

Blackstone vs Blackrock: Better buy after a tough 2022

December 26, 2022

Dow Jones, the S&P 500, and Nasdaq price forecast after...

December 31, 2022

Please Follow Me Inside The Insiders

March 6, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    How to play the market after...

    January 12, 2023

    S&P 500 price forecast and why...

    December 27, 2022

    Pinterest stock price forecast: Piper Sandler...

    December 13, 2022
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here