ATFX ► Market Analysis ► Market Snapshot ► Employment Data Underwhelms, Stocks Fall, Yields Drop

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

Last Updated: September 9, 2024

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