Jobs Report Looms Large as Markets Eye Treasury Yields and Oil Prices
Markets are bracing for the release of September's nonfarm payrolls report on Friday, which is expected to set the tone for trading in the coming days. The Dow Jones consensus estimate stands at 84,000 jobs added after August's reading of 162,000.
The 10-year U.S. Treasury yield hit a multiyear high of 5.243% before easing later in the day, with municipal bonds offering yields above 7%. France's credit default swaps soared 52 basis points on Thursday, doubling its level from six months ago.
Oil prices are also contributing to market uncertainty, with West Texas Intermediate crude futures trading around $93 a barrel. This comes after a Wall Street Journal report that the U.S. will send a third aircraft carrier to the Middle East.
Individual stocks such as Meta Platforms and McDonald's are also in focus, with Meta facing a potential $200 billion penalty and McDonald's stock down 24% year-to-date in 2026.