Wall Street: employment figures cast doubt
Half an hour before the opening, futures contracts on New York indices lost between 0.9% and 1.1%, heralding a session start in the red.
According to official statistics published this morning, the US economy created 256,000 non-farm jobs last month, whereas economists were expecting only 170,000.000 non-agricultural jobs last month, compared with economists' forecasts of just 170,000.
These data could prompt the Federal Reserve to take a wait-and-see approach to rate cuts.
While a majority of investors previously expected the Fed to cut rates in June, the probability of further monetary easing this summer is now estimated at just 42%, according to the CME Group's FedWatch barometer.
The probability of a 'status quo' easing is now estimated at nearly 44%.
The prospect of the Fed cutting rates more slowly than previously anticipated logically favors a rise in US government bond yields.
Ten-year Treasury yields rose to over 4.78%, returning to their highest level since October 2023.
By reducing the likelihood of a sharp rate cut in the months ahead, the monthly US employment figures gave the dollar a boost.
The euro fell back to around 1.0250 against the greenback, its lowest level since November 2022.
Oil prices are heading for a third consecutive week of gains, buoyed by signs of vigorous activity, which are taking precedence over fears about interest rate trends.
The February contract for WTI climbed almost 4% to $76.9 a barrel.
For the week as a whole, currently reduced to three sessions due to the Jimmy Carter tribute day, the Dow Jones is down 0.2%, while the Nasdaq is down 0.7%.
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