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NEW YORK/LONDON (Reuters) – Global stocks were lower while U.S. Treasury yields rose on Friday after a stronger-than-expected jobs data reinforced expectations that the Federal Reserve will likely keep interest rates elevated for longer than traders were betting on.
Wall Street’s main indexes were trading lower, with technology, financials, real estate and consumer discretionary stocks driving losses. Energy stocks were trading higher.
The Labor Department data on Friday showed that the U.S. economy created 256,000 jobs in December, beating analyst expectations of 160,000, according to a Reuters poll of economists.
“This one of those classic good-news-is-bad-news types of data point,” said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California. “When I think about the economic data that’s good for growth, but it certainly weighs on the yield picture and kind of puts a bit of a bind when it comes to lowering rates. And I think the market is trying to sort that out.”
Markets are now pricing in a single Fed rate cut no sooner than June. Prior to the jobs report, traders were expecting the Fed to cut rates as early as May with a 50% probability of another rate cut before year end, according to CME’s FedWatch tool.
The yield on benchmark U.S. 10-year notes rose 6.6 basis points to 4.747%. It had reached as high as 4.79%, its highest level since November 2023.
The Dow Jones Industrial Average fell 1.69% to 41,916.63, the S&P 500 fell 1.79% to 5,812.30 and the Nasdaq Composite fell 2.13% to 19,064.05.
Shares in small cap companies, which can be more vulnerable to fluctuations in interest rates, came under the most intense pressure, leaving the Russell 2000 down 2.5% on the session.
MSCI’s gauge of stocks across the globe fell 1.59% to 832.14. The pan-European STOXX 600 finished down 0.84%, dragged down by utilities, consumer non-cyclical, and real estate stocks.
“Bond yields are climbing today because the ability to cut further is going to be diminished after today’s report even though I always advise to look at January numbers with a grain of salt given seasonality issues that work itself out in the next couple of months,” St. Aubin added.
Government bond yields have jumped higher this week amid a broad market selloff that pushed long-dated borrowing costs to multi-year highs.
The turmoil in the fixed income market has hit UK government bonds particularly hard, pushing 30-year gilt yields to their highest since 1998, as investors grow increasingly worried about Britain’s finances.
The U.S. dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.45% to 109.69. It reached as high as 109.97, its highest level since November 2022.
The euro was down 0.59% at $1.0237, dropping to its lowest level since November 2022 on the session. The pound fell for a fourth day, dropping by as much as 0.91% to $1.2189, its lowest since November 2023. It last traded down 0.76% at $1.221.
Oil prices rallied nearly 3% to their highest in three months, as traders braced for supply disruptions from the broad U.S. sanctions package targeting Russian oil and gas revenue.[O/R]
Brent crude futures were up 3.4% to $79.55 a barrel, after its highest since October. U.S. West Texas Intermediate crude futures advanced 3.29% to $76.35, also a three-month high.
Gold prices rose and were on track for the fourth straight day of gains. Spot gold rose 0.98% to $2,696.33 an ounce. U.S. gold futures rose 0.98% to $2,710.00 an ounce.
(This story has been corrected to fix a typo in bullet point 5)
(Reporting by Amanda Cooper and Chibuike Oguh in New York; Editing by Kirsten Donovan and Chizu Nomiyama)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.