Treasuries Soar as Jobs Fuel Bets on Jumbo Fed Cut: Markets Wrap
- Yield curve briefly turns positive after weak economic data
- Nvidia says it has ‘not been subpoenaed’ by Justice Department
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Treasury yields tumbled as data showing a slowdown in the US labor market boosted Wall Street’s bets on Federal Reserve rate cuts. Stocks fell as Nvidia Corp. extended its two-day selloff to 11%.
Just a few days ahead of the payrolls report, a reading on job openings known as JOLTS trailed estimates and hit the lowest level since 2021. The figures sparked an immediate reaction in the bond market, pushing the US two-year note’s yield briefly below the 10-year note as traders built up wagers on a super-sized rate reduction this month.