US markets took another big step down on Friday after US employment data fell hard, the headline non-farms data came in 60k under expectation and the unemployment rate rose by 0.2% month-on-month.
US Stocks took another big hit to close out the week well on the back foot and treasury yields also dropped hard, with the 2-year now trading under 4% for the first time since May 2023. The dollar fell as did Oil as demand concerns increased after the US numbers added to global growth concerns.
Asian markets are set to open on the back foot on Monday and there is little on the event calendar to disrupt that sentiment. There are some key PMI numbers due out of the US later in the day but given the size of the moves experienced on Friday, traders feel that there would have to be some consistent strong data prints to halt the momentum.
| Market | Change | Close |
| Dow | -1.51% | 39,737 |
| S&P | -1.84% | 5,346 |
| Nasdaq | -2.43% | 16,776 |
| USD | -1.1% | 103.21 |
| US Treasury – 2 Year | -27.2 bps | 3.888% |
| US Treasury – 10 Year | -17.6 bps | 3.801% |
| Oil – Brent | -3.4% | $76.81 |
| Oil – WTI | -3.66% | $73.52 |
| Gold | -0.5% | $2,432 |
Today’s Events (AEST):
Asian Session
- Australia – Bank Holiday
US Session
- Canada – Bank Holiday
- 11.45 pm – US – Final Services PMI Data
- 12.00 am – US – ISM Services PMI Data
