The Nasdaq rallied 1.2% after the U.S. added 29,000 jobs last month, far below expectations. The unemployment rate rose to 4.2%, signaling a cooling labor market that may curb consistent employment gains. The Dow gained 0.5% (250 points) and the S&P 500 rose 0.7%, while Treasury yields edged higher, with the 10-year yield near 5.3%.
Bond markets remain volatile, particularly in Europe, where France and Italy have seen sharp increases in 10-year bond yields due to high debt levels. Oil prices fell 1.9% to $91.11 a barrel as the G-7 announced a coordinated release of 100 million barrels of crude and diesel from emergency stocks, easing fears of supply disruptions. The global diesel market faced extreme pressure from wars in the Middle East and Ukraine, which blocked shipments from major exporters and drove prices to record highs.
While the G-7 move ends the threat of a U.S. diesel export ban, analysts say the release likely won’t fully stabilize prices. This email was written by David Wainer for Heard on the Street, The Wall Street Journal.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing