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When it comes to the Federal Reserve, the worse news the better.
With key interest rates sitting at 5.5%, the U.S. central bank has pushed rates to their highest level in 22 years. And the only way to stop their ascent is bad news demonstrating Americans and the economy are starting to buckle under the weight.
There are several vital government data releases the Fed watches like a hawk (or a dove) each month. And one of those is U.S. nonfarm payrolls, which we'll receive in roughly 60 minutes.
Unfortunately, the news here has largely been good for the last 19 months. Businesses keep hiring - as we saw with the ADP numbers on Wednesday - and that's pushed the Invesco QQQ ETF (QQ) lower 13 of the last 19 jobs days.
Remember, tech stocks are most exposed to higher rates. That means, if we do see a dip tomorrow morning, it's not time to panic. It would actually be par for the course.