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 in about a month after money markets raised the odds of an April rate cut. June was seen as a more likely date for a move at the start of the week. Gold hovered above $5,000 an ounce.
Several government officials, including National Economic Council Director Kevin Hassett, have 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.
“These changes may make January payrolls appear very weak,” wrote Anna Wong and Chris G. Collins at Bloomberg Economics. “That rather dire picture of the labor market will pressure the Fed to lower rates.”
The swaps market has boosted its pricing of a third quarter-point rate cut this year, with two almost priced in by the September meeting. That’s up from a week ago, with Tuesday’s weaker-than-expected retail sales data adding to the dovish momentum shift.
Corporate News:
Heineken NV will cut 5,000 to 6,000 jobs as the Dutch brewer contends with a slump in demand for alcohol. Commerzbank AG lifted its guidance for profit this year as Chief Executive Officer Bettina Orlopp moves to show that her strategy of boosting profitability and payouts is sustainable. Activist investor Ancora Holdings Group has built a position in Warner Bros. Discovery Inc., according to people familiar with the matter. Ford Motor Co. expects profit to jump in 2026 after being saddled with a surprise tariff bill at the end of last year. A slide in EssilorLuxottica SA shares has raised the stakes ahead of Wednesday’s results from the Ray-Ban maker, signaling concern that margin pressures may blur a growth story amplified by smart glasses. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.2% as of 8:34 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 0.1% The MSCI Asia Pacific Index rose 0.9% The MSCI Emerging Markets Index rose 0.8% Currencies
The Bloomberg Dollar Spot Index fell 0.3% The euro rose 0.2% to $1.1914 The Japanese yen rose 0.7% to 153.26 per dollar The offshore yuan was little changed at 6.9098 per dollar The British pound rose 0.3% to $1.3681 Cryptocurrencies
Bitcoin fell 2.5% to $66,890.57 Ether fell 2.9% to $1,949.44 Bonds
The yield on 10-year Treasuries was little changed at 4.14% Germany’s 10-year yield declined one basis point to 2.80% Britain’s 10-year yield was little changed at 4.51% Commodities
Brent crude rose 1.1% to $69.57 a barrel Spot gold rose 0.5% to $5,048.38 an ounce This story was produced with the assistance of Bloomberg Automation.
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