Global Market Surge: Stocks Reach New Highs on Robust U.S. Jobs Report
Global stocks reached a new high as U.S. payroll data exceeded expectations, reducing the likelihood of Federal Reserve rate cuts. The S&P 500 and Nasdaq hit record levels driven by technology gains, notably Nvidia. The strong jobs report also bolstered the dollar, affecting global currency and bond markets.
Global stock markets continued their upward trajectory, setting new records spurred by a robust U.S. payroll report. The report, indicating an increase of 147,000 jobs in June, surpassed economists' forecasts and led to a rally in the U.S. dollar.
The data prompted a shift in expectations for future Federal Reserve interest rate cuts, with market betting on a rate cut in July falling dramatically. Meanwhile, technology stocks like Nvidia propelled the S&P 500 and Nasdaq Composite to unprecedented heights.
Currency markets also reacted to the news, with the dollar gaining against major currencies. Bond markets saw fluctuating yields with the 10-year U.S. Treasury note rising. The global stock rally mirrored gains in major indices, including the STOXX 600 in Europe, highlighting the broader economic optimism.
(With inputs from agencies.)
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