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Stocks fall after U.S. jobs report, yields spike; oil hits 7-year high

Friday February 4, 2022. 03:32 PM , from Mac Daily News
U.S. stocks fell following the stronger-than-expected monthly U.S. jobs report. as bond yields moved higher on the view that the jobs data strengthens the case for more aggressive tightening from the Federal Reserve.

FOX Business:

Stock futures turned lower as the yield on the 10-year Treasury moved to 1.877%. U.S. employers added 467,000 workers in January, more than expected, while the unemployment rate ticked up to 4%. [It was 3.9% in December.]
Oil ticked higher, trading around $92 per barrel – a seven-year-high.
In earnings, Amazon shares moved higher after strong quarterly results. Wall Street had expected EPS of $3.44, but the retailer delivered a staggering $27.75.
Higher inflation is behind a price hike for monthly Prime memberships, which will go from $12.99 to $14.99, and annual memberships will be hiked to $139 from the current $119. The price change will go into effect for new members starting Feb. 18, and existing members will see their fees go up on the date of their next renewal after March 25.

MacDailyNews Note: The unemployment rate edged up to 4.0%, but remained only slightly above the pandemic-era low of 3.9% from December, which had been the lowest since February 2020, and the U.S. labor force participation rate unexpectedly improved to 62.2%, or the greatest level since March 2020, just prior to the COVID-19 disruptions that continue in some parts of the country even today.
U.S. Federal Reserve officials have signaled that it will likely begin raising interest rates at their March policy meeting, with a number of additional rate increases to come over the balance of the year. The Fed also signaled it would eventually begin quantitative tightening, removing nearly $9 trillion in assets currently on the central bank’s balance sheet.
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The post Stocks fall after U.S. jobs report, yields spike; oil hits 7-year high appeared first on MacDailyNews.
https://macdailynews.com/2022/02/04/stocks-fall-after-u-s-jobs-report-yields-spike-oil-hits-7-year-h...
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