Daily Market Snapshot: Employment Data Underwhelms, Stocks Fall, Yields Drop

The key US employment data did come in under expectations on Friday but was close enough that the market is now pricing in a much higher chance of a 25-basis point cut than before the data. US Stock indices took a hard hit, with tech stocks again taking the brunt of the move and the dollar rallied. 

Yields dropped with both the 2-year and 10-year hitting multi-month lows despite that change in rate cut expectations, moving higher for this month. Oil also dipped hard again to close out a tough week on fresh lows and Gold moved back down under the key $2,500 level.

It’s a relatively quiet start to a big trading week today with just major Chinese numbers on the cards in the Asian session that will have a significant impact on markets.

Market Change Close 
Dow -1.01% 40,345 
S&P -1.73% 5,408 
Nasdaq -2.55% 16,690 
USD +0.2% 101.20 
US Treasury – 2 Year -10.6 bps 3.646% 
US Treasury – 10 Year -2.8 bps 3.708% 
Oil – Brent -2.24% $71.06 
Oil – WTI -2.14% $67.67 
Gold -0.77% $2,497.41 

Today’s Events (AEST): 

Asian Session 

  • 11.30 am – China – CPI Data
  • 11.30 am – China – PPI Data
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