WS #14705
The US labor market remains surprisingly resilient with jobless claims falling to 197,000, the lowest since mid-July, supporting the Fed's cautious stance. However, small caps are breaking below their 50-day moving average as high rates and weak consumer demand weigh on the sector. In crypto, Bitcoin spot ETFs recorded $2.06 billion in weekly inflows, the strongest since October 2025, indicating strong institutional accumulation despite the broader macro uncertainty.
Macroeconomic Divergence
The US labor market remains surprisingly resilient with jobless claims falling to 197,000, the lowest since mid-July, supporting the Fed's cautious stance. However, small caps are breaking below their 50-day moving average as high rates and weak consumer demand weigh on the sector. In crypto, Bitcoin spot ETFs recorded $2.06 billion in weekly inflows, the strongest since October 2025, indicating strong institutional accumulation despite the broader macro uncertainty.