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Economic Times
5 days ago
- Business
- Economic Times
Wall Street posts weekly gains, Treasury yields jump as upbeat jobs data ease economic fears
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel U.S. stocks closed sharply higher on Friday and U.S. Treasury yields jumped as a generally upbeat employment report and bounce-back in Tesla shares helped the indexes notch weekly three major U.S. stock indexes surged, while bitcoin jumped and crude prices settled at their highest level since mid-April."Stocks bounced back nicely today," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "It's a recent theme we've been seeing; the day after a red day has been pretty strong. That's another clue that the bulls are in charge."The U.S. economy added 139,000 jobs in May, topping analysts' expectations, while the unemployment rate held firm at 4.2%, the Labor Department said. The report also showed hotter-than-anticipated wage growth, which is unlikely to convince the U.S. Federal Reserve to cut its key policy rate in the near term."The headline number was solid, but clearly there is some deterioration and slowing when you peel back the onion," Detrick added. "The reality, though, is the labor market is still growing and the overall economy is still on fairly firm footing. That led to the relief rally to close out a solid week."Tesla stock rebounded 3.8% a day after a very public spat between U.S. President Donald Trump and his top advisor, billionaire Elon Musk, sent shares of Musk-helmed Tesla tumbling, which helped drag the indexes decisively falling out between the erstwhile allies revived concerns over Trump's "Big Beautiful Bill" of tax and spending plans and its effect on the growing negotiations between the U.S. and its trading partners remain fluid, with the European Union and India working toward ironing out deals, and further U.S.-China talks promised after Trump's phone call on Thursday with Chinese President Xi has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers amid emerging supply chain snags due to Beijing's export curbs on the materials. On the flip side, the United States has suspended licenses for nuclear equipment suppliers to sell to Chinese power plants, according to people familiar with the Dow Jones Industrial Average rose 443.13 points, or 1.05%, to 42,762.87. The S&P 500 climbed 61.06 points, or 1.03%, to 6,000.36 and the Nasdaq Composite advanced 231.50 points, or 1.20%, to 19, shares followed their U.S. counterparts higher after the jobs report, notching their second consecutive weekly gains, buoyed by upbeat U.S. employment data and waning worries over trade gauge of stocks across the globe rose 5.27 points, or 0.59%, to pan-European STOXX 600 index rose 0.32%, while Europe's broad FTSEurofirst 300 index rose 7.10 points, or 0.32%.Emerging market stocks rose 0.12 points, or 0.01%, to 1,182.80. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.1%, to 622.63, while Japan's Nikkei rose 187.12 points, or 0.50%, to 37, dollar rose against major currencies in the wake of the better-than-expected employment dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.51% to 99.18, with the euro down 0.42% at $ the Japanese yen, the dollar strengthened 0.87% to report also prompted a rally in cryptocurrencies. Bitcoin gained 3.80% to $104,334.11. Ethereum rose 3.7% to $2,487.77.U.S. Treasury yields also rode the wave of the upbeat jobs benchmark U.S. 10-year note yield rose 11.1 basis points to 4.506% from 4.395% late on 30-year bond yield rose 8.2 basis points to 4.9655% from 4.884% late on 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 11.7 basis points to 4.041%, from 3.924% late on prices registered their first weekly gain in three after Trump and Xi resumed trade talks, raising hopes of demand growth.U.S. crude rose 1.91% to settle at $64.58 per barrel, while Brent settled at $66.47 per barrel, up 1.73% on the prices dipped in opposition to the strengthening greenback, as the jobs report clouded the outlook for rate cuts from the Federal gold fell 1.27% to $3,310.58 an ounce. U.S. gold futures fell 1.23% to $3,309.50 an ounce.
Time of India
5 days ago
- Business
- Time of India
Wall Street posts weekly gains, Treasury yields jump as upbeat jobs data ease economic fears
U.S. stocks surged, fueled by a strong employment report and a Tesla rebound, leading to weekly gains across major indexes. The robust jobs data, coupled with rising wages, tempered expectations for near-term Federal Reserve rate cuts. Trade developments, including U.S.-China talks and EU negotiations, also influenced market sentiment, while Treasury yields jumped and the dollar strengthened. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stocks closed sharply higher on Friday and U.S. Treasury yields jumped as a generally upbeat employment report and bounce-back in Tesla shares helped the indexes notch weekly three major U.S. stock indexes surged, while bitcoin jumped and crude prices settled at their highest level since mid-April."Stocks bounced back nicely today," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "It's a recent theme we've been seeing; the day after a red day has been pretty strong. That's another clue that the bulls are in charge."The U.S. economy added 139,000 jobs in May, topping analysts' expectations, while the unemployment rate held firm at 4.2%, the Labor Department said. The report also showed hotter-than-anticipated wage growth, which is unlikely to convince the U.S. Federal Reserve to cut its key policy rate in the near term."The headline number was solid, but clearly there is some deterioration and slowing when you peel back the onion," Detrick added. "The reality, though, is the labor market is still growing and the overall economy is still on fairly firm footing. That led to the relief rally to close out a solid week."Tesla stock rebounded 3.8% a day after a very public spat between U.S. President Donald Trump and his top advisor, billionaire Elon Musk, sent shares of Musk-helmed Tesla tumbling, which helped drag the indexes decisively falling out between the erstwhile allies revived concerns over Trump's "Big Beautiful Bill" of tax and spending plans and its effect on the growing negotiations between the U.S. and its trading partners remain fluid, with the European Union and India working toward ironing out deals, and further U.S.-China talks promised after Trump's phone call on Thursday with Chinese President Xi has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers amid emerging supply chain snags due to Beijing's export curbs on the materials. On the flip side, the United States has suspended licenses for nuclear equipment suppliers to sell to Chinese power plants, according to people familiar with the Dow Jones Industrial Average rose 443.13 points, or 1.05%, to 42,762.87. The S&P 500 climbed 61.06 points, or 1.03%, to 6,000.36 and the Nasdaq Composite advanced 231.50 points, or 1.20%, to 19, shares followed their U.S. counterparts higher after the jobs report, notching their second consecutive weekly gains, buoyed by upbeat U.S. employment data and waning worries over trade gauge of stocks across the globe rose 5.27 points, or 0.59%, to pan-European STOXX 600 index rose 0.32%, while Europe's broad FTSEurofirst 300 index rose 7.10 points, or 0.32%.Emerging market stocks rose 0.12 points, or 0.01%, to 1,182.80. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.1%, to 622.63, while Japan's Nikkei rose 187.12 points, or 0.50%, to 37, dollar rose against major currencies in the wake of the better-than-expected employment dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.51% to 99.18, with the euro down 0.42% at $ the Japanese yen, the dollar strengthened 0.87% to report also prompted a rally in cryptocurrencies. Bitcoin gained 3.80% to $104,334.11. Ethereum rose 3.7% to $2,487.77.U.S. Treasury yields also rode the wave of the upbeat jobs benchmark U.S. 10-year note yield rose 11.1 basis points to 4.506% from 4.395% late on 30-year bond yield rose 8.2 basis points to 4.9655% from 4.884% late on 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 11.7 basis points to 4.041%, from 3.924% late on prices registered their first weekly gain in three after Trump and Xi resumed trade talks, raising hopes of demand growth.U.S. crude rose 1.91% to settle at $64.58 per barrel, while Brent settled at $66.47 per barrel, up 1.73% on the prices dipped in opposition to the strengthening greenback, as the jobs report clouded the outlook for rate cuts from the Federal gold fell 1.27% to $3,310.58 an ounce. U.S. gold futures fell 1.23% to $3,309.50 an ounce.
CNBC
29-05-2025
- Business
- CNBC
This market wants to go higher, Carson Group's Ryan Detrick
Ryan Detrick, Carson Group chief market strategist, joins 'Squawk Box' to discuss the latest market trends, state of the economy, where investors can find opportunity right now, and more.
CNBC
19-05-2025
- Business
- CNBC
Stock market futures are flat after S&P 500 extends winning streak to six days: Live updates
Stock futures were little changed on Monday evening as Wall Street waits to see if last week's market rally can find new momentum. S&P 500 futures dipped less than 0.1%. Nasdaq 100 futures were down 0.1%, while futures tied to the Dow Jones Industrial Average shed 15 points, or less than 0.1%. The moves in futures follow a relatively calm trading session on Monday that saw the S&P 500 grind higher by 0.09% for its sixth straight positive session. The Dow gained about 137 points, or 0.32%, while the Nasdaq Composite ticked up just 0.02%. While Monday's gains were marginal, they do add to what has been a rapid and sharp rebound for stocks over the past five weeks. The S&P 500 is now just 3% from its record high. The gains despite continued uncertainty around the impact of tariffs on the economy and worries about a potential U.S. recession. Investors even shrugged off the downgrade of the U.S. government's credit by Moody's Ratings. That backdrop has led to some skepticism about the rally, but Carson Group chief market strategist Ryan Detrick told CNBC that the rebound should be taken seriously. "All these worries and concerns are real. We're not ignoring everything that's out there. But are we listening to what the market's doing, right? The previous 27 trading days, the S&P 500 is up close to 20%. … That's not a bear market rally. That's not a short-covering rally," Detrick said Monday on "Closing Bell: Overtime." Earnings reports will provide some fodder for the debate about the U.S. economy on Tuesday. Home Depot is set to report its latest results in the morning, while homebuilder Toll Brothers will release its quarterly report after the market closes. Traders will also keep an eye out for commentary about the Federal Reserve's interest rate policy, as several central bank officials are scheduled to speak on Tuesday, including St. Louis Fed President Alberto Musalem. Stock market futures were calm when trading resumed at 6 p.m. in New York. S&P 500 futures were down less than 0.1%. — Jesse Pound
CNBC
19-05-2025
- Business
- CNBC
The profit cycle in the U.S. is peaking, says Richard Bernstein
Ryan Detrick, Carson Group and Richard Bernstein, Richard Bernstein Advisors, join 'Closing Bell: Overtime' to discuss whether investors should be defensive or stay bullish,
