Friday saw a decline in US stocks as a robust employment data suggested that markets may have underestimated the likelihood of Fed rate reduction.
November saw the economy add 199,000 jobs, more than expected (180,00). Market expectations were for the jobless rate to stay unchanged at 3.9% from October, but it actually decreased slightly to 3.7%. Investors were cautioned by those figures that rate-cut speculation could have gone too far.
Treasury rates increased by more than 10 basis points after the announcement, although they eventually pared gains.
According to Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, “it’s evident that the job market is still strong just when you think the economy is finally softening.”
According to Jim Rogers, when a recession gets closer, the bubbles in stocks, bonds, and real estate are all going to burst.
According to BlackRock, markets will see volatility until the economy climbs out of its “deep hole.”
By 2023, the richest households in the world had gained $1.5 trillion in wealth.
West Texas Intermediate increased 2.52% to $71.09 a barrel as oil prices increased. The global standard, Brent crude, increased by 2.50% to $71.06 per barrel.
An ounce of gold dropped by 0.38% to $2,038.
The yield on the 10-year Treasury increased by 9 basis points to 4.22%.
Bitcoin reached $43,590.39, up 0.77%.