U.S. Stocks Slip, Treasuries Tumble on Jobs Data: Markets Wrap
- Hiring tops estimates in June diluting case for Fed cuts
- Government bonds edge lower; gold dips and crude oil falls
This article is for subscribers only.
U.S. stocks fell from all-time highs, Treasuries tumbled and the dollar rallied after a strong jobs report clouded the Federal Reserve’s rate plans. Gold retreated.
The S&P 500 Index fell in thin post-holiday trading to pare a weekly advance to 1.7%. The measure slumped as much as 0.9% after the jobs data signaled a vibrant labor market, but ground higher in the afternoon. Banks led the recovery after the 10-year Treasury yield retook 2% and two-year rates hit 1.85%. The dollar surged versus major peers. Gold fell toward $1,400 an ounce.