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US stocks trading mixed after the mixed (also) jobs report

Started by forex4you, Jul 06, 2024, 06:44 am

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US stocks trading mixed after the mixed (also) jobs report

The major US stock indices are trading mixed after the mixed US jobs report. Non-farm payroll jobs rose 206K versus 190K, but permanent revisions were lower by over 100 K. The unemployment rate rose to 4.1% from 4.0%.  Moreover, government jobs added 70K mile and education and health added another 82K which cared for 74% of the job gains.  That is certainly not a broad swatch.

As result yields are lower:

  • 2-year yield 4.632%, -6.0 basis points
  • 5-year yield 4.249%, -6.0 basis points
  • 10 year yield 4.299%, -7 basis points
  • 30-year yield 4.492%, -2.7 basis points

A snapshot of the US major indices 7minutes into the US open shows:

  • Dow Industrial Average average -51 points or -0.13% at 39257.57
  • S&P index +4.47 points or 0.08% at 5541.25
  • NASDAQ index of 49 points or 0.28% at 18239

The small-cap Russell 2000 is trading down -7.7 points despite the lower yields or -0.38% at 2028.99 as markets worry about slower growth.

Bitcoin is another story today as it trades sharply lower to its lowest level since February 26. The low price today reached $53,550. The current price back higher at $55,838. The high price today reached $57,500. From the most recent high on June 7 the price moved down 25 57% to the session lows today. With the S&P and Nasdaq trading at new all-time highs, the talking point that Bitcoin rises with the risk on flows, is debunked. I know it's geopolitical risks of the "sell the fact" of the "halving" . Grayscale bitcoin trust is trading down -7.98% today.

Crude oil is trading near unchanged at $83.79. Gold is up $23.66 or 1.01% at $2381 as it reacts to lower yields and a lower dollar (or mixed dollar)



                This article was written by Greg Michalowski at www.forexlive.com.

Source: US stocks trading mixed after the mixed (also) jobs report

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