Reserve

Gold

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">The US economy added 336,000 jobs in September, crushing the Dow Jones consensus estimate of 170,000, according to <a aria-label=" (opens in a new tab)" href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">non-farm payroll (NFP) data</a>. The report triggered a decline in US stock market futures as investors’ concerns over an even more hawkish Federal Reserve grew.&nbsp;</p>
<h3 id="job-growth-smashes-estimates">Job Growth Smashes Estimates&nbsp;</h3>
<p>The latest non-farm payroll report on Friday showed that job growth was vastly stronger than expected in September, underscoring the US economy’s resilience despite record-high interest rates and labor market struggles.</p>
<p>Notably, nonfarm payrolls rose by 336,000 last month, nearly twice the Dow Jones consensus projection of 170,000. Sector-wise, leisure and hospitality fueled the growth with 96,000 new job additions, followed by government at 73,000 and healthcare at 41,000, among others.&nbsp;</p>
<p>Meanwhile, wage growth was slower than anticipated, with average hourly earnings climbing 0.2% in September and 4.2% year-over-year, compared to the respective estimates of 0.3% and 4.3%. The unemployment rate stood at 3.8%, higher than the estimated 3.7%.&nbsp;</p>
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<h3 id="stock-futures-dip-on-nfp-report-while-yields-rise">Stock Futures Dip on NFP Report, While Yields Rise&nbsp;</h3>
<p>The report added to the late bearish sentiment among investors, pushing stock market futures into negative territory while already sky-high Treasury yield soared even further.&nbsp;</p>
<p>The S&amp;P 500 futures fell more than 0.9% to 4,251, while Dow Futures slipped 0.66% to 33,085. Nasdaq Futures also slid more than 1.21% to 14,681.&nbsp;</p>
<p>At the same time, the yield on the 10-year Treasury jumped to as high as 4.85%, marking its fresh 17-year high. Gold prices declined 0.35% to 1,814 an ounce, down 2.96% on the week and 5.47% from one month ago.&nbsp;</p>
<p>The negative market reaction came as investors grew increasingly anxious that a continuously strengthening US economy could force the Federal Reserve to <a href="https://tokenist.com/oil-drops-to-88-as-markets-brace-for-high-interest-rates-to-stay-longer/" rel="noopener noreferrer nofollow" class="deco-link">keep interest rates higher for longer</a> and perhaps even introduce new hikes to rein in the stubborn inflation and cool down the <a href="https://abcnews.go.com/US/wireStory/sign-us-job-market-remains-hot-after-us-103686653" target="_blank" aria-label="red-hot labor market (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">red-hot labor market</a>.&nbsp;</p>
<p>Fed’s unprecedented hawkishness has pushed bond yields with longer maturity dates to historical highs, leading to concerns that the <a href="https://tokenist.com/bonds-with-10-years-maturity-have-plunged-46-since-may-2020-as-rout-continues/" rel="noopener noreferrer nofollow" class="deco-link">bond market rout</a> could soon spill into other sectors, <a href="https://tokenist.com/with-sovereign-bond-yields-rising-banks-likely-to-feel-the-heat-again/" rel="noopener noreferrer nofollow" class="deco-link">most notably banking</a>.</p>
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<p><em><strong>Do you think the new NFP report can lead to at least one more rate hike this year? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/stock-futures-dip-as-nfp-data-shows-labor-market-still-hot/">Stock Futures Dip as NFP Data Shows Labor Market Still Hot</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stock Futures Dip as NFP Data Shows Labor Market Still Hot

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