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 stocks are mixed ahead of key U.S. jobs dataAsian stocks are mixed after a steady day on Wall Street as markets anticipate key U.S. jobs data to be revealed later in the day. U.S. futures and oil prices rose. Japan’s household spending grew for the first time since February 2023. The S&P 500 ended just barely lower Thursday, a day after setting a record high for the 25th time this year.
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