Treasury yields rise, stock falls pressured by stronger-than-expected US jobs data
By Chibuike
Oguh and Amanda
Cooper
Fri January 10, 2025 5:37 PM
It was another good news = bad news day as way above forecasted job numbers threw a very wet blanket on rate cut expectations and caused all the indexes to severely plunge at the outset and stay down all day, both the Dow and Nasdaq into serious 3-digit losses. It was yet another day when investors were far less interested in good economic news and much more in Fed action. The forecast for the next cut has now been moved from May to June (at earliest) added to doubts that there will another one before year-end.
But, aside from the healthy job market, there is good news per today’s expert, “I always advise [my clients] to look at January numbers with a grain of salt given seasonality issues that work itself out in the next couple of months.” If this is just seasonal, then better numbers lie ahead. But wasn’t there also supposed to be a Santa Claus rally? Volume was again way above average, per the CBOE, at 16.6 billion.
DJ: 42,635.20 +106.84 NAS: 19,478.88
-10.80 S&P: 5,918.25
+9.22 1/8
DJ: 41,938.45 -696.75 NAS: 19,161.63 -317.25 S&P: 5,827.04 -91.21 1/10
No comments:
Post a Comment