UAE Weekly
By Caroline Valetkevitch NEW YORK, Sept 4 (Reuters) - Treasury yields and the dollar rose, while stocks fell on Friday after stronger-than-expected U.S. job growth data boosted bets on a September interest rate hike by the Federal Reserve. All three of the major U.S. stock indexes ended lower in a broad selloff ahead of a three-day holiday weekend. A global stock index declined as well.
Nonfarm payrolls rose by 162,000 jobs last month after an upwardly revised rise of 21,000 in July. Economists polled by Reuters had forecast an increase of 56,000 after a previously reported drop of 23,000 in July. The unemployment rate held steady. Two-year yields, sensitive to monetary policy changes, led the rise in Treasuries, peaking at 4.4246%, the highest since January 2025. The yield on 10-year Treasury notes was up nearly 2 basis points around 4.78%.
Investors now see a 65% chance of a rate hike at the Fed’s September meeting, up from 55% before the report. Producer price inflation data is due on Thursday, and the consumer price inflation report is scheduled for Friday next week. Economists expect core CPI to ease to 2.4% on the year.
Renewed attacks in the U.S.-Iran war this week have sparked a jump in oil prices, adding to concerns about higher costs. Brent crude futures settled at $92.68 a barrel, up 76 cents, while West Texas Intermediate crude futures finished at $91.48 a barrel. The Dow Jones Industrial Average fell 271.86 points, the S&P 500 dropped 29.11 points, and the Nasdaq Composite fell 77.07 points. Adobe’s stock dropped 6.7% after announcing CEO Shantanu Narayen’s succession.
The dollar index rose 0.21% to 99.17, with the euro down 0.12% at $1.1611. Against the yen, the dollar strengthened 0.26% to 156.19. Spot gold fell 1.2% to $4,419.09 per ounce. The yen has surged this week as traders boost bets on more or faster Bank of Japan interest rate hikes, testing the 155.21 level.
Source: Euronext Markets: Real-time Stock Market Data | live
