Stocks rise and 10-Year Treasury yields retreat: Stock Market Today | November 6, 2023 Yahoo Finance |
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To get the latest market news check out finance.yahoo.com Stocks jumped and the yield on 10-year government bonds fell on Friday as investors digested new jobs data that showed slowing growth, an indicator that is closely watched by officials at the Federal Reserve, and one that suggest a pause on additional rate hikes. Fed Chair Powell acknowledged in a press conference on Wednesday that some slowing in the labor market will likely be required for inflation to continue its downward trajectory. Nonfarm payroll growth totaled 150,000 in October, data from the Bureau of Labor Statistics showed, while the unemployment rate rose to 3.9% from 3.8%. The unemployment rate now stands at its highest level since January 2022. The S&P 500 rose nearly 1% Friday, heading into the afternoon trading session, alongside gains for the other major indexes. Yields on the 10-Year fell to 4.539%, down 12 basis points and off its recent peak of 5%, in another sign that the market anticipates the Fed is done with raising rates. On Friday markets were pricing in a 95% chance the Fed doesn't raise rates at its next meeting, according to the CME FedWatch Tool, up about 15% from a day prior. |