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S&P 500 falls, Treasury rates rise and dollar strengthens after strong US jobs report

The S&P 500 fell, Treasury yields rose, and the dollar rose Friday after the better-than-expected US jobs report for July raised the possibility of further monetary tightening by the Federal Reserve. Wall Street held back losses during the session. In the close, the Nasdaq joined the leading index in the red, while the blue chip Dow reversed course to end in positive territory.

The Labor Department`s employment report showed the U.S. economy added 528,000 jobs in July, more than double the 250,000 expected, while wage inflation remained hot and the participation rate edged lower. “The payrolls number are wonderful from a demand standpoint, more people being paid is great for the economy,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.

Benchmark U.S. Treasury Yields and Oil Prices Stronger-than-expected Employment Data Looks to Confirm the Economy Isn’t Still in a Recession, and the Fed Could Hike More Aggressively in September increased because it increased The jobs data “speaks to us that the Fed still has work to do on the interest rate policy front,” said Matthew Keiter, managing partner at Keeta Group, an asset management firm in Lenox, Massachusetts. “That was certainly the market`s initial reaction.”

Evidence of economic strength helped ease risk aversion as the week drew to a close. “The employment data raises the prospect of a soft landing,” Keator said, adding that Fed Chair Jerome Powell has “pointed to the fact that a strong labor market has not historically accompanied recessions.” The Dow Jones Industrial Average rose 76.65 points, or 0.23%, to 32,803.47, the S&P 500 lost 6.75 points, or 0.16%, to 4,145.19 and the Nasdaq Composite dropped 63.03 points, or 0.5%, to 12,657.56.

His 10-year bond on the benchmark fell 42/32 from 2.676% to 2.8287% late Thursday. The price of the 30-year bond fell 65/32 from 2.961% to 3.0662% late Thursday. The dollar rose against a basket of currencies on the jobs report. The Dollar Index rose 0.84% ​​for him and the Euro fell 0.63% to $1.0178 for him. The Japanese Yen fell 1.57% against the dollar to $135.02, with Sterling trading at $1.2067 and down 0.74% on the day. Oil prices rose on a strong demand outlook but ended the week near multi-month lows on fears of a prolonged recession. US crude rose 0.53% to $89.01 a barrel, while Brent rose 0.85% to $94.92 a barrel.

European shares fell after the U.S. jobs data stoked expectations of continued hawkish Fed policy. The Pan-European STOXX 600 Index fell 0.76%, while the MSCI score for global equities fell 0.20%. Emerging market equities rose 0.75%. MSCI’s broadest index of non-Japanese Asia-Pacific equities closed 0.61% higher. Yields on U.S. Treasurys rise and the high-profile segment of the yield curve hits its lowest reversal since August 2000 as the central bank raises the chances of another 75 basis point rate hike in September.

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  • S&P 500 falls, Treasury rates rise and dollar strengthens after strong US jobs report
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