August Payrolls Surge 162K, Lifting Rate-Hike Odds and Yields
IXIC sits 28% above its 52-week low of $20,690.249.
Summary
The August jobs report blew past expectations with 162,000 new payrolls versus a 56,000 consensus, while the unemployment rate held at 4.1%. July's figure was revised up to +21,000 from -23,000, erasing the prior month's apparent weakness. The strong data pushed the probability of a Fed rate hike this month to 59% from 52%, sending Treasury yields higher across the curve—the 2-year rose 7.6 bps to 4.41% and the 10-year added 3.2 bps to 4.792%. Nasdaq futures were up 0.2% ahead of the open, but the yield move pressures growth stocks. This follows a week of mixed economic signals, including a weak ADP print and strong ISM services, making today's official data the key input for Fed policy. Next week's CPI and PPI reports will determine whether the rate-hike expectation holds.
At the time of this announcement, IXIC was trading at $26,584.06 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.