Jobs Data Damps Expectations for Monetary Easing, Gold Miners and Crypto Stocks Slump

Strong jobs data in the US sent shockwaves through markets on Friday, causing gold miners and crypto-linked equities to plummet. The Labor Department reported a massive surge in nonfarm payrolls last month, exceeding expectations with a gain of 162,000 jobs. This robust labor market signals economic strength, which has led traders to reassess their bets on monetary policy.

The implied odds of a Federal Reserve rate hike next week jumped to 60% from 52%, as investors now see a higher likelihood of tighter policy. However, market participants emphasize that the upcoming CPI data remains the ultimate decider before officials convene.

The prospect of sustained or higher yields rattled non-yielding assets, sending gold miners lower and pulling related equities down in tandem. Major producers such as Barrick Gold Corp (), Newmont Corp (), Agnico Eagle Mines (), Kinross Gold Corp (), Royal Gold Inc (), and Gold Fields Ltd () faced broad selling pressure.

Digital asset proxies also suffered headwinds, with Bitcoin treasury holder MicroStrategy Inc () and American Bitcoin Corp () dropping alongside digital asset platforms Coinbase Global Inc (), Galaxy Digital Inc (), and Bgin Blockchain Inc (). Pure-play bitcoin miners were heavily hit, with losses extending across MARA Holdings Inc (), Riot Platforms (), CleanSpark Inc (), Core Scientific Inc (), Hut 8 Corp (NASDAQ:HUT), Cipher Mining Inc (), IREN Ltd (), and Bitdeer Technologies Group ()