Franklin Templeton chief market strategist Stephen Dover joins Seana Smith and Brad Smith on Morning Brief to discuss what to expect as the market digests fresh economic data to be released this week and what it means for the Federal Reserve’s next move.

The Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday, followed by fresh non-farm payroll data on Friday, November 1. The market will also get the first cut of the US Gross Domestic Product (GDP) for the third quarter of 2024 on Wednesday.

There are “a couple [of] economic announcements coming out this week that are likely to be positive,” Dover tells Yahoo Finance.

“The elections hopefully will be settled within the next couple of weeks. I think just having those elections settled, whichever way it goes, would be positive. I think the market seems to be pricing in, or over the last week priced in, probably a Trump victory. If that doesn't happen, there's probably some unwinding around that,” he notes.

The strategist says that jobs data is likely to be “muddled” given the impact of Hurricane Milton and Hurricane Helene as well as the ongoing Boeing (BA) union strike.

Dover says, “I think we could have some volatility around the week as those numbers come in.” Along with new economic data, the market will also get quarterly results from Big Tech players, including Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), Meta (META), and Apple (AAPL).

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

This post was written by Naomi Buchanan.