Yields, dollar rise, stocks ease after solid US jobs report
US job growth data boosted Federal Reserve rate hike expectations. Treasury yields and the dollar strengthened after the positive jobs report. Major US stock indexes and global stocks experienced a broad selloff. Oil prices rose due to renewed attacks in the US-Iran war. Investors now await inflation data before the Fed's September decision.
U.S. job growth data surpassed expectations, leading to a rise in Treasury yields and the value of the dollar, while stock markets experienced a decline. The Federal Reserve is expected to raise interest rates in September, according to analysts. The U.S. nonfarm payrolls increased by 162,000 jobs, surpassing expectations of a 56,000 increase.
The unemployment rate remained unchanged. Short-term interest-rate futures suggested a 65% probability of a rate hike at the upcoming Fed meeting, down from 55% before the jobs report. Oil prices rose, contributing to the market's overall weakness. Major stock indexes, including the Dow, S&P 500, and Nasdaq Composite, all fell. The dollar index strengthened, while spot gold prices decreased.
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