Nonfarm Payrolls Disappointment Extends Stock Selloff

A surprise contraction in US February nonfarm payrolls (-92K vs Street +59K) has sparked another round of selling in US equities this morning.

US index futures are down 0.7% to 1.0% with the NASDAQ leading the way downward. European markets are also retreating this morning, with the DAX down 0.6% and the FTSE falling 0.5%.

The US Dollar is also retreating this morning as the employment numbers support the case for more interest rate cuts. Gold is up 1.0%, Silver is up 2.1%, and the Loonie is up 0.3%.

Crude Oil is soaring again as the Iran War continues. US Crude is currently up 6.0%, trading above $85.00/bbl. Natural gas is back above $3.00/mmbtu with a 2.9% gain. Copper is holding steady today.

US agencies continue to catch up on economic data releases. Retail sales for January were not as bad as feared, but still not great (-0.2% vs Street -0.3%).

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