NEW YORK/LONDON, May 3 - Wall Street followed global shares higher on Friday after news that U.S. nonfarm payrolls grew less than expected last month, easing investor anxiety that tight labor markets and stubborn inflation would not let the Federal Reserve cut rates soon.
Traders increased bets in U.S. interest rate futures that the Fed could pivot to an easier policy in September. They now are pricing in two cuts of 25 basis points apiece this year, with a 78% chance of the first coming at the Fed's September meeting, compared with just one cut being forecast before the jobs numbers were released ahead of Wall Street's opening bell.
The yield on benchmark U.S. 10-year notes fell 6.7 basis points to 4.504%. The 2-year note yield, which typically moves in step with interest rate expectations, fell 9.4 basis points to 4.7827%. The MSCI All Country stock index , opens new tab extended gains to 1.133 after the U.S. data, though it was still down about 2% from its record high in March.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market news: Tech rally keeps stocks afloat amid mixed earningsStocks edged higher on Wednesday as a rally in technology shares kept benchmarks afloat after disappointing earnings in the European banking and luxury sectors.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Stock market news: Tech rally drives up stocks as earnings roll inA renewed rally in some of the world’s largest technology companies propped up the U.S. stock market, with traders weighing another big batch of corporate earnings.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Stock market news: U.S. futures sink before data as tech stocks retreatTechnology stocks dragged down U.S. equity futures on Thursday after a disappointing outlook from Meta Platforms Inc. cranked up the pressure on other tech giants in a high-stakes earnings week.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
A decade of pain and three months of 'beautiful times' - Steve de Jong on mining's long cyclesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Texas says digital gold depository is an illegal MLM schemeThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Chinese demand will continue to support the gold market after the sharp drop from record highs -Metals FocusThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »