US Jobs Market Shows Unexpected Weakness, Stocks Rise

The US jobs market showed unexpected weakness last month, with employers cutting 23,000 jobs. This news weighed on oil prices earlier in the week but they rebounded to $83.55 a barrel, up 1.3%.

The yield on the 10-year Treasury fell to 4.66%, while the two-year Treasury's yield dropped to 4.20%. The Federal Reserve may have more time before raising interest rates to combat inflation, which is currently running at 3.5% in June and expected to rise slightly to 3.4% in July.

The stock market reacted positively to this news, with the S&P 500 rising 0.5%, the Dow Jones Industrial Average increasing by 120 points, or 0.2%, and the Nasdaq composite gaining 1.1%. Technology stocks led the way, with Nvidia jumping 1.6% and Broadcom rising 1.5%.

The jobs report comes after a week dominated by corporate earnings, with nearly 90% of companies in the S&P 500 having reported their results. Analysts expect profit growth of 50%, which has helped alleviate some concerns about the stock market's performance this year.