Market This week: Fed Speakers, A Looming government Shutdown - And A Packed Jobs Calendar

Bitcoin Miners Catch Up

Bitcoin miners are running hot as datacenter demand for compute accelerates. Google signing up with Cipher Mining (NASDAQ: CIFR) sent the stock flying early before it reversed on capital raise headlines, while IREN (NASDAQ: IREN) remains the next big name the market is waiting on.

Canaan designs the chips behind the biggest names in Bitcoin mining. The industry's top ASIC designer, delivering the performance that drives the future of crypto.

The narrative is clear: miners are no longer just about Bitcoin hash rate. They're carving out a role in the AI cloud infrastructure trade, turning excess power and capacity into compute rentals. It's a volatile pivot, but one that keeps the sector front and center.

Fed Speakers All Around

This week is packed with Fed commentary, and Powell's recent remarks are still echoing. The market wants clarity on the pace of cuts, but it's unlikely we'll get a clean answer. Multiple officials are set to speak, and each one could tilt sentiment for a session.

Layer on the looming government shutdown, and policy risk is back in focus. Short-term volatility often feeds on this type of uncertainty, especially with markets stretched near highs and liquidity thinning.

Macro Events: Unemployment and Consumers

The real weight this week comes from the jobs calendar. Unemployment and NFP on Friday will anchor expectations for both the Fed and markets going into October.

Here's the lineup:

Tuesday
• JOLTS Job Openings (Aug): Est: 7.150M | Prev: 7.181M
• CB Consumer Confidence (Sep): Est: 95.3 | Prev: 97.4

Wednesday
• ADP Nonfarm Employment Change (Sep): Est: 53K | Prev: 54K
• S&P Global Manufacturing PMI (Sep): Est: 52.0 | Prev: 52.0

Thursday
• Initial Jobless Claims: Est: 229K | Prev: 218K

Friday
• Nonfarm Payrolls (Sep): Est: 51K | Prev: 22K
• Unemployment Rate (Sep): Est: 4.3% | Prev: 4.3%

This is the type of week where the market can swing on a single data point, especially with the Fed already signaling a cautious path.

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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.