Stocks were mostly edging up but remained on track for weekly losses after the jobs report showed solid hiring in December.
The U.S. economy added 216,000 jobs last month, more than the 170,000 economists expected. The unemployment rate held steady at 3.7%. Hiring for October and November was revised down.
With uncertainty about when the Federal Reserve will begin cutting interest rates, investors are scrutinizing the data with an eye to the likelihood of a “soft landing.”
Stocks and bonds are poised to close the first week of 2024 with losses—a stark turnaround from the final weeks of last year. The tech-focused Nasdaq Composite in particular has been hit, falling more than 3% through Thursday.
The 10-year Treasury yield traded above 4%, up from 3.99% on Thursday. It inched up after the jobs report.
U.S. stocks were modestly higher. The S&P 500 and Nasdaq Composite pared some gains from earlier in the day, but were still in the green. The Dow Jones Industrial Ave was down. All three remained on pace to lock in weekly losses.
The yen extended its declines, weakening to around 144 a dollar. The Japanese currency has slid nearly 3% this week.
Oil prices ticked up, reversing Thursday’s losses. Brent traded around $78.75 a barrel.
Bitcoin traded around $43,500, down from Thursday’s 5 p.m. ET price.
European and Asian stock indexes mostly fell. Data showed a weaker-than-expected rebound in eurozone inflation.
Dig deeper into the jobs report:
