U.S. Markets Little Changed as Jobs Data Keep Fed Bets Alive
- Pound trims losses after tumbling 6.1% in early trading
- Oil drops below $50 as Russia sees no deal with OPEC next week
Harrison: Pound on 'Downward Path' on Way to Hard Brexit
The long-awaited U.S. jobs report did little to sway traders from bets the Federal Reserve will boost rates this year -- leaving stocks, the dollar and bonds little changed as investors turn their attention to the start of the earnings season and key data on the health of consumers.
U.S. equities pared losses in afternoon trading, while the greenback posted a weekly advance after data showing the U.S. labor market is settling into a pace that will support higher borrowing costs. Short-dated Treasuries outperformed longer maturities as investors reduced wagers that a hike would happen as early as November. Oil fell below $50 a barrel after Russia cast doubt over a deal any time soon with OPEC. The pound trimmed its decline after the biggest intraday slide since the Brexit referendum.