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Thursday’s NFP report revealed higher than expected jobs numbers for June, with 147k new positions compared to the theorised figure of 110k. Unemployment also fell below expectations with a drop to 4.1% compared to 4.2% previously. Not only that, but the figures for May and April were also revised to the upside, bumping up the combined total by an extra 16k jobs. The data are in stark contrast to the ADP employment change published the day prior, which suggested a loss of 33k jobs in June. The reasons for the huge discrepancy are not entirely clear.
US stocks were thrilled with the report. The Dow Jones rose around 0.8% following the publication, closing within 200 points of its record high established back in December 2024. The S&P 500 and Nasdaq Composite meanwhile are already in unchartered territory, with both indices notching their third record high close of the week. Crowning achievements came in thick and fast yesterday as Nvidia (NVDA) and Microsoft (MSFT) both hit record highs and the question being asked among investment circles is which company will hit a $4 trillion valuation first.
Renewed strength in the US labour market does not bode well for an interest rate cut any time soon. Interest rate traders slashed expectations for a rate cut during the next Federal Reserve meeting at the end of the month, although odds of an adjustment in September remain favourable. The shift in expectations provided some buoyancy to the Dollar yesterday, allowing the DXY to close back above 97. Gold meanwhile underwent a minor selloff to bring the precious metal down to $3,326 an ounce by Thursday’s close. Very little on the agenda this Friday, particularly with US markets closed for the day. Many traders have already turned their attentions to next week.
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