FILE - Trader Michael Milano, center, works with colleagues on the floor of the New York Stock Exchange on May 30, 2024. World stocks are mixed on Friday, June 7, 2024, after a steady day on Wall Street as markets anticipate key U.S. jobs data to be revealed later in the day. released Friday came in hotter than expected, while the euro fell after French President Emmanuel Macron dissolved the National Assembly following a setback in Sunday’s parliamentary election.
The yield on the 10-year Treasury jumped to 4.43% from 4.29% just before the jobs report was released. The two-year yield, which more closely tracks expectations for the Fed, jumped to 4.89% from 4.74% prior to the report’s release. A cooler economy can pull inflation lower and prompt the Fed to deliver the cuts to interest rates that traders desire. The danger is if the slowdown overshoots and turns into a recession, which would ultimately hurt stock prices.
Fed officials are expected to hold interest rates steady at their meeting later in this week. After the jobs report came out, investors took even more bets off the table that the Fed would cut rates at its July meeting, according to data from CME Group.
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Stock market today: Asian shares decline after a mixed post-holiday session on Wall StreetShares have fallen across Asia after a mixed session on Wall Street. Oil prices also rose. The International Monetary Fund raised its forecast for China's economic outlook, saying it expects the No. 2 economy to grow at a 5% annual pace this year. On Tuesday, the S&P 500 closed little changed, just below its record set a week ago.
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