"With all of Wall Street looking for a solid non-farm payrolls report of 65,000 jobs added, it came in at a very disappointing 92,000 jobs lost, and the unemployment rate bumped up to 4.4%. Combine that with soaring energy prices, an expensive stock market, worries over the progress of the war in Iran, and all of the ingredients were in place for more selling."
"The much-weaker-than-expected February jobs report and surging oil prices spurred high-volume trading on Friday, as investors balanced recession fears with inflation. Yields initially dropped on the weak labor data but later reversed, leaving the 10-year yield at 4.14% as traders adjusted bets on future Federal Reserve rate cuts."
"Once again, the focus for investors and traders on Friday was the energy complex, which saw another day of heavy volume as the Strait of Hormuz remained essentially shut down. Brent crude finished Friday at $92.97, up 8.85%, and West Texas Intermediate soared to $91.25, up a stunning 12.64%."
Markets experienced significant selling pressure following a weak employment report that showed 92,000 jobs lost instead of the expected 65,000 gain, pushing unemployment to 4.4%. All major indices closed lower, with the Russell 2000 down 2.33%, Nasdaq down 1.59%, S&P 500 down 1.33%, and Dow Jones down 0.95%. Treasury yields remained mixed as investors balanced recession concerns with inflation fears following the weak labor data. Energy prices surged dramatically due to Strait of Hormuz disruptions, with Brent crude up 8.85% to $92.97 and WTI up 12.64% to $91.25. Natural gas also gained 5.86% to $3.18. Futures continued trading lower Monday amid ongoing geopolitical tensions.
Read at 24/7 Wall St.
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