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Stocks gain, Treasury yields climb after US payrolls report Reuters10-year Treasury yield jumps as unemployment rate unexpectedly declines CNBCUS Jobs Report to Test Bond Traders' Bets That Fed Is Done Raising Rates BloombergNovember Jobs Report: Bad for Bonds, Good for Stocks? RealMoney10-year Treasury rebounds off September low as traders await key jobs data CNBC
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U.S. stock futures are sliding Friday after November jobs data came in slightly hotter than expected, pushing back against the market's expectations that the Federal Reserve could cut interest-rates as many as five times next year. S&P 500 futures ES00 fell by 19 points, or 0.4%, to 4,569. Dow Jones Industrial Average YM00 futures were off by 120 points, or 0.3%, to 36,395. Futures on the Nasdaq-100 NQ00 were off by 113 points, or 0.7%, to 16138. The U.S. economy added 199,000 jobs in November, surpassing economists' forecasts for 190,000 jobs. The boost was helped by the conclusion of major auto-industry strikes, according to Barron's.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Treasurys sold off aggressively after Friday's nonfarm-payrolls report for November, pushing yields higher on everything from the 1-month bill to the 30-year bond. The rise in yields was led by 2- through 3-year rates, with the former jumping 12 basis points to 4.698%. Meanwhile, fed-funds futures traders pulled back on the likelihood of a Federal Reserve rate cut by March and now see a 47.5% chance of such a scenario unfolding — down from 64.5% a day ago, according to the CME FedWatch tool.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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