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Daily Market Update: US Markets Surge Higher on Strong Jobs Data

US markets surged higher again on Friday as jobs data came in a lot higher than expected indicating a resilient US economy with the Dow once again hitting record levels. The data has pulled back higher rate cut expectations which led to a surge in US treasury yields as well as another move higher for the dollar.

Oil prices locked in their biggest weekly gain in over a year as war fears in the Middle East increased and Gold fell in line with the stronger dollar.

The macroeconomic calendar is much more subdued this week and there is little of note scheduled across all three trading sessions today, however traders are accepting more moves in the market after Friday’s US jobs update and the geopolitical risks that we are seeing out of the Middle East. Both Australian and Chinese markets are on holiday today which could lead to some liquidity issues in the Asian session.

Market	Change	Close
Dow	+0.81%	42,352
S&P	+0.90%	5,751
Nasdaq	+1.22%	18,137
USD	+0.6%	102.52
US Treasury – 2 Year	+22.5 bps	3.925%
US Treasury – 10 Year	13.7 bps	3.981%
Oil – Brent	+0.6%	$78.05
Oil – WTI	+0.9%	$74.38
Gold	-0.2%	$2,649.69

Today’s Events (AEST):

Asian Session

All Day – Australia – Bank Holiday

All Day – China – Bank Holiday

Last Updated: October 7, 2024

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