"Futures are trading higher after a wild Wednesday that saw the market rally hard on the open on the non-farm payrolls print that blew away estimates, despite a significant decline in government jobs. However, the "buy the rumor, sell the news" cliche came in fast and strong, quickly turning the rally into a big sell-off. While stocks rallied off late-morning lows, all major indices ended the day just modestly lower."
"Yields were higher across the entire Treasury curve except the very short T-bills. Needless to say, the huge beat on the jobs number tells the bond market straight up, that is, no rate cuts are coming in 2026, until the summer, if then. The 30-year bond closed at 4.81%, while the benchmark 10-year note was last at 4.17%. After today's volatility on the jobs numbers, you can bet traders will be anxiously awaiting the consumer price index report tomorrow morning."
"The price of oil continued to rise as concerns about a confrontation with Iran have overshadowed the mounting inventory glut. Brent Crude closed the session at $69.74, up 1.37%, while West Texas Intermediate closed at $64.98, up 1.59%. Natural gas joined the energy rally, closing at $3.20, up 2.83%. Gold had another solid day on Wednesday, closing up 1.09% at $5,077."
Strong non-farm payrolls produced a volatile market session, with an early rally reversing into a sizable mid-day sell-off and major indices finishing modestly lower. The Dow closed at 50,121 (-0.13%), the S&P 500 near 6,941 (flat), the Nasdaq at 23,066 (-0.18%), and the Russell 2000 at 2,669 (-0.38%). Treasury yields moved higher across the curve, with the 30-year at 4.81% and the 10-year at 4.17%, reflecting diminished odds of 2026 rate cuts. Oil and gas prices advanced amid Iran tensions and inventory concerns. Gold rose strongly while crypto experienced a pullback. Traders await the upcoming CPI report.
Read at 24/7 Wall St.
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