The U.S. added 29,000 jobs last month, far short of expectations. Today’s report signals that the labor market remains steady but might not be able to deliver consistent and sizable employment gains like it did in the past. The unemployment rate was 4.2%, up slightly from the previous month. The Nasdaq rallied 1.2%. The Dow added 0.5%, or 250 points, while the S&P 500 gained 0.7%.
Treasury yields drifted back higher to end another chaotic week. The 10-year yield was near 5.3%—not far below the 24-year highs it first reached two days ago. Yields, which move in the opposite direction of bond prices, initially fell after Friday’s softer-than-expected jobs report, but quickly reversed course. France continues to worry bond investors, with yields on its two-year debt jumping to their highest level since 2008.
U.S. crude oil futures fell 1.9% to $91.11 a barrel. The Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from their emergency stocks together with allied nations, seeming to end the threat of a U.S. ban on diesel exports. The global market for diesel has never been under so much pressure due to wars in the Middle East and Ukraine. The crunch has sent prices surging in the U.S. and around the world, squeezing businesses, farmers and households.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing