US Stocks, Bonds, and Dollar Fluctuate Amidst Job Market Uncertainty
Traders anticipate the release of the US jobs report, a crucial factor in determining the trajectory of interest rates. The report is expected to reveal approximately 175,000 new jobs in January, a decline from the previous months' advancements. This moderation may signal a gradual cooling of the labor market.
Stock Market Outlook
S&P 500 futures remain stable, poised for a 0.7% weekly gain. The stock market may benefit from signs of easing in the job market, providing a potential boost to equities. However, a surge in hiring could reignite concerns about inflation.
Individual Stock Movements
Amazon.com Inc. declined in after-hours trading due to a weaker-than-anticipated outlook. Expedia Group Inc. surged nearly 10% in premarket trading after surpassing expectations in its fourth-quarter results.
Bond and Currency Markets
Treasury 10-year yields hovered around 4.43%. The Bloomberg Dollar Spot Index remained unchanged, with the euro and British pound exhibiting minimal fluctuations.
Cryptocurrency Performance
Bitcoin and Ether experienced modest gains, rising 0.8% and 1.6%, respectively.
Other Market News
US Treasury Secretary Scott Bessent expressed his preference for a strong dollar and dismissed plans to alter the government's debt-issuance strategy.
Upcoming Economic Events
* US nonfarm payrolls, unemployment rate, and University of Michigan consumer sentiment data (Friday)
* Speeches by Fed officials Michelle Bowman and Adriana Kugler (Friday)