US markets delivered a mixed performance overnight after non-farm payrolls rose just 57,000 against expectations of 114,000. The Dow gained 1.14% while the Nasdaq fell 0.80% as investors rotated out of technology stocks. The S&P 500 finished little changed. Gold was the standout performer, surging 2.31% as the weaker dollar and falling front-end yields boosted demand.
📊 Equities
US markets were mixed overnight following weaker-than-expected employment data, with non-farm payrolls rising just 57,000 against expectations of 114,000. The Dow Jones gained 1.14% to close at 52,900, supported by strength in more defensive sectors. In contrast, the Nasdaq fell 0.80% to 25,732 as investors trimmed exposure to high-growth technology names, while the S&P 500 finished little changed at 7,493.
🛢️ Oil
Commodity markets were relatively quiet. Oil prices were little changed, with Brent crude slipping 0.01% to US$71.56 per barrel and WTI crude adding 0.16% to US$68.69 per barrel.
🥇 Gold
Gold was the standout performer of the session, rallying 2.31% to US$4,122.87 per ounce as lower Treasury yields and a weaker US dollar boosted demand for the precious metal.
💵 FX & Bonds
Treasury yields were mixed, with the policy-sensitive 2-year yield declining 3.7 basis points to 4.137% while the 10-year edged 0.4 basis points higher to 4.483%. The softer payrolls data also weighed on the US dollar, with the Dollar Index falling 0.54% to 100.87.
| Market | Change | Close |
|---|---|---|
| Dow Jones | +1.14% | 52,900 |
| S&P 500 | — | 7,493 |
| Nasdaq | -0.80% | 25,732 |
| USD Index | -0.54% | 100.87 |
| US Treasury 2Y | -3.7 bps | 4.137% |
| US Treasury 10Y | +0.4 bps | 4.483% |
| Oil – Brent | -0.01% | $71.56 |
| Oil – WTI | +0.16% | $68.69 |
| Gold | +2.31% | $4,122.87 |
📌 Today’s Focus
Focus now shifts to a quieter end to the week with US markets closed for the Independence Day holiday. Thin trading conditions are expected, although speeches from ECB President Christine Lagarde and Bank of England Governor Andrew Bailey will be monitored closely for any fresh guidance on monetary policy. Any unexpected geopolitical developments also have the potential to generate outsized market moves in the absence of US participation.
🔹 ECB President Christine Lagarde Speaks
🔹 Bank of England Governor Andrew Bailey Speaks
🔹 All Day – US – Bank Holiday