US Stocks Surge on Job Market Slowdown, Fed Rate Hike Speculation Eases

The US job market slowdown had an unexpected boost on stocks, as the S&P 500 hit an all-time high. The index rose by 0.6% after its best week since April.

Speculation that the Federal Reserve will not hike interest rates in the near future eased, contributing to the increase in bond yields and a decrease in short-term Treasuries.

The US job market saw a significant deceleration, with nonfarm payrolls falling by 23,000 last month. The unemployment rate decreased to 4.1% as labour force participation continued to decline, and wage growth decelerated.