Hot Jobs Data – US Market Wrap

The world’s biggest bond market got hammered as a solid US jobs report made traders dial back their bets on Federal Reserve rate cuts.

A selloff in Treasuries drove yields up over 10 basis points, with swaps no longer pricing in a Fed reduction before December. Nonfarm payrolls advanced 272,000 – beating estimates – and wages accelerated. The unemployment rate increased to 4%. Equities closed well off session lows as the data helped quell fears about an economic slowdown that could hurt Corporate America.

The S&P 500 fell 0.1%, with banks up and most tech megacaps down. GameStop plunged after Keith Gill’s appearance on the “Roaring Kitty” stream on YouTube – as well as the video-game retailer’s unexpected earnings report and plans to sell up to 75 million additional shares.

Treasury 10-year yields jumped 14 basis points to 4.43%. The dollar climbed the most since January. Gold, silver and copper tumbled. Oil also fell. Bitcoin sank below $70,000.