US pre-open: jobs miss lifts futures, yields slide, gold firm
A weaker-than-expected September jobs report is driving the tape. S&P futures and Nasdaq futures are higher, the US 10-year yield is 5.18, dollar-yen is 157.18, WTI crude is 89.44, Brent is 99.7, and gold is 4239.4.
S&P 500 futures +0.78%Weak September payrolls and softer wage growth
Nasdaq futures +1.0817%Jobs miss reduced pressure for further Fed tightening
US 10-year yield -1.1648%Rate expectations eased after the payroll report
Gold +0.8828%Lower yields and softer dollar backdrop
Lead: A weaker September jobs report is setting the tone. Payrolls rose 29,000 versus 90,000 expected, unemployment was 4.2%, and average hourly earnings rose 0.1%. Session narrative: S&P futures are up 0.78% and Nasdaq futures 1.0817% as traders pare further Fed tightening bets. The ten-year yield is 5.18, the dollar index is 101.92, and dollar-yen is 157.18. Cross-asset check: WTI is 89.44, Brent is 99.7, gold is 4239.4, and the VIX is 15.58. Themes & continuing stories: Fed-dated swaps no longer price one full rate hike this year. Eurozone CPI remains above forecast at 3.8% year on year and 0.6% month on month. What’s ahead: watch the cash open for follow-through in futures, yields, and the dollar.