Stocks Extend Record-Breaking Run After Jobs Data
The world’s biggest stock market headed toward all-time highs after US jobs data spurred bets on a December Federal Reserve rate cut.
Equities extended this week’s advance, with the S&P 500 set for its 57th closing record in 2024. This year’s surge is now approaching 30%, with the American benchmark on pace for its best annual return since 2019. Shorter-dated Treasuries — which are more sensitive to imminent policy moves — outperformed the rest of the curve. Swap traders priced in about 20 basis points worth of easing at the Fed’s December meeting.
US hiring picked up in November and the unemployment rate edged higher, pointing to a moderating labor market rather than one that’s significantly deteriorating. Nonfarm payrolls rose 227,000 last month following an upwardly revised 36,000 gain in October — a month constrained by storms and strikes.
The S&P 500 rose 0.2% to around 6,090. The Nasdaq 100 added 0.7%. The Dow Jones Industrial Average wavered. Meta Platforms Inc. and Alphabet Inc. climbed as TikTok’s Chinese parent company faces a ban in the US if it doesn’t meet a deadline to sell the app. Nvidia Corp. weighed on chipmakers, with Qualcomm Inc. also down as Apple Inc. prepares a modem rollout that will replace components from its longtime partner.
Treasury 10-year yields fell two basis points to 4.15%. The Bloomberg Dollar Spot Index rose 0.2%. Bitcoin stabilized just below the $100,000 level after briefly diving almost 7%.
Source : Bloomberg
