Stocks Gain, Dollar Slips Ahead of US Jobs Data: Markets Wrap

(Bloomberg) — Stock futures rose modestly while the dollar fell to its lowest level this month, as traders considered whether Wednesday’s US jobs report would prompt the Federal Reserve to speed up interest-rate cuts.

S&P 500 contracts advanced 0.2%. The dollar retreated for a fourth consecutive day, weakening against all major peers. Ten-year Treasury yields held near the lowest level in about a month after money markets raised the odds of a rate cut as soon as April. Gold hovered above $5,000 an ounce.

January’s payrolls report is due after US government officials, including National Economic Council Director Kevin Hassett, recently warned that investors should expect lower jobs numbers going forward. Analysts are also anticipating an annual revision to the jobs count, which is expected to reveal a markdown in the year through March 2025.

“We’re still in this sort of, not-really-hiring, not-really-firing mode. But we haven’t seen a clear breakout in either direction,” said Graham Secker, head of equity strategy at Pictet Wealth Management. “Everyone’s very aware of the kind of the K-shape dynamic within the US economy, and the US consumer in particular.”

Wealth managers in Europe tracked their US peers lower as fears over the disruptive impact of a new artificial-intelligence tool designed to create tax strategies sparked a sector-wide selloff. St James’s Place Plc slumped 10% in London, while investment platforms such as AJ Bell Plc and IntegraFin Holdings Plc were sliding as well.

Corporate News:

Elliott Investment Management has built a stake in London Stock Exchange Group Plc as the FTSE 100 index owner grapples with disruption from artificial intelligence and a plunge in listings, a person with knowledge of the investment said. Dassault Systemes SE fell the most since 2002, after the French software company published fourth quarter figures below expectations and issued weak guidance for this year. Heineken NV will cut about 7% of its global workforce, as the Dutch brewer contends with a drop in beer demand that is also affecting rivals as prices rise and consumers moderate their alcohol consumption. TotalEnergies SE trimmed its share buybacks to the lower end of its guidance range, aiming to keep debt in check as it adjusts to lower oil prices. Commerzbank AG’s improved outlook for this year failed to sway investors, underscoring the challenges for Chief Executive Officer Bettina Orlopp as she continues to defend the bank against a potential takeover. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 fell 0.1% as of 9:17 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.1% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 1% The MSCI Emerging Markets Index rose 0.9% Currencies

The Bloomberg Dollar Spot Index fell 0.3% The euro rose 0.1% to $1.1912 The Japanese yen rose 0.7% to 153.35 per dollar The offshore yuan was little changed at 6.9090 per dollar The British pound rose 0.3% to $1.3685 Cryptocurrencies

Bitcoin fell 2.6% to $66,828.13 Ether fell 3% to $1,947.79 Bonds

The yield on 10-year Treasuries was little changed at 4.13% Germany’s 10-year yield declined one basis point to 2.80% Britain’s 10-year yield was little changed at 4.50% Commodities

Brent crude rose 1.1% to $69.59 a barrel Spot gold rose 0.6% to $5,053.52 an ounce This story was produced with the assistance of Bloomberg Automation.

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