U.S. Futures Rise, Dollar Drops After Hiring Data: Markets Wrap


(Bloomberg) — U.S. futures pushed higher and the dollar fell after a pickup in hiring last month bolstered confidence in the economy, while a strong rise in hourly wages added to inflation worries.

Contracts on the S&P 500 advanced and 10-year U.S. Treasury yields fell to 1.6% after employers added 559,000 jobs last month, just below the average forecast. Investors are assessing what the report means for the strength of the U.S. economy and the Federal Reserve’s next steps with monetary policy.

AMC Entertainment Holdings Inc.’s wild week continued, with the shares declining in pre-market trading after tumbling 18% on Thursday.

With stocks largely tranquil of late, traders are assessing Friday’s data for clues on the Federal Reserve’s next steps with monetary policy. Strong services figures on Thursday highlighted the rapid recovery in business activity, as the world’s largest economy rebounds from the pandemic.

“This is the second month in a row where the number has missed,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, said after the jobs report. “This month the expectations were even lower, but we still missed. The short-term result is that the bond market will likely stay stable as there is less fear that the Fed will have their hand forced and the spillover effects should be a relatively stable stock market.”

Elsewhere, the Stoxx Europe 600 Index pared an earlier advance to trade modestly higher. Asia shares were mixed, as China’s markets weathered President Joe Biden’s order amending a ban on U.S. investment in Chinese companies. The order named 59 firms with ties to the country’s military or in the surveillance industry, including Huawei Technologies Co.

Crude oil edged up, with prices set for a second weekly advance. Bitcoin fell after a cryptic Elon Musk tweet hinting at a split with the token.

For market commentary, follow the MLIV blog.

These are some of the main moves in markets:

Stocks

Futures on the S&P 500 rose 0.4% as of 8:53 a.m. New York timeFutures on the Nasdaq 100 rose 0.5%Futures on the Dow Jones Industrial Average rose 0.3%The Stoxx Europe 600 rose 0.2%The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.3% to $1.2164The British pound rose 0.5% to $1.4177The Japanese yen rose 0.4% to 109.82 per dollar

Bonds

The yield on 10-year Treasuries declined one basis point to 1.61%Germany’s 10-year yield declined one basis point to -0.20%Britain’s 10-year yield declined two basis points to 0.82%

Commodities

West Texas Intermediate crude rose 0.6% to $69 a barrelGold futures rose 0.6% to $1,884 an ounce

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