Stocks Soar on Strong US Job Numbers

Both US Nonfarm Payrolls (147K vs Street 110K) and US weekly jobless claims (233K vs Street 240K) have come in better than expected, sparking a rally in US index futures, which are now up 0.2%-0.3%, heading into tomorrow’s US Independence Day holiday.

In other news, Trump’s ‘Big Bill’ continues to move toward a final vote in the House, and Service PMI reports have generally been better than expected. US ISM Service PMI (street 50.5) and US Factory Orders (street 8.2%) are due at 10:00 am EDT.

Indications of a robust job market, which can be seen as a positive sign for the economy, and easing pressure on the Fed to cut interest rates have the US 10-year Treasury note yield climbing toward 4.35%. The US Dollar is also rallying on the news sending the Yen down 0.8%, the Euro down 0.5%, and the Loonie down 0.1%. Bitcoin is down 0.5%, while Gold is flat. In commodity action, Crude Oil and Copper are both down about 0.1%.

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