S&P 500 Breaks Through 5,000, Canada Jobs Beat Expectations

US equities continue to climb at a moderate pace. Building on yesterday’s US major index gains of 0.1%-0.2%, US index futures are up 0.1% to 0.3% this morning. Having peeked above 5,000 briefly yesterday, S&P futures are trading clearly above the 5,000 level this morning. Indices are essentially flat in Europe this morning.

Treasury yields continue to climb with the US 10-year yield approaching 4.2% and the 10-year German Bund yield approaching 2.4%. Canada reported strong job growth (37K vs street 15K). Wage inflation pressures started to ease (5.3% vs previous 5.7%), but overall the report indicates a strong economy and not enough progress on wage inflation to tip central banks away from their current neutral stances, likey keeping them in “higher for longer” mode.

Major currencies are quiet, gold is down 0.2%. Bitcoin is up 3.2% suggesting a healthy appetite for risk among investors in some markets. In commodity action, US Crude Oil is up 0.6%, but Natural Gas is down 2.2% and Copper is down 0.6%.  

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