Dow Jumps More Than 400 Points as Bond Yields Fall on Weak Jobs Data

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4▲1 ▼4Impact / 5
Summary · why it matters

The Dow Jones Industrial Average surged more than 400 points today, buoyed by a decline in U.S. Treasury yields after the release of lackluster employment figures, which is expected to support the Federal Reserve in holding interest rates steady at this month's monetary policy meeting. As of 8:48 p.m. Thailand time, the Dow Jones Industrial Average was up 453.47 points, or 0.89%, at 51,380.03. The U.S. Labor Department reported that nonfarm payrolls rose by only 29,000 in September, below analysts' forecast of 89,000, while the unemployment rate rose to 4.2%. The Labor Department also revised August payrolls to an increase of 133,000 from the previously reported gain of 162,000. The yield on the 30-year U.S. Treasury bond fell to 5.570% after earlier surging to its highest level since 2002. The yield on the 10-year Treasury note fell to 5.180%, and the 2-year yield fell to 4.730%. Most recently, the CME Group's FedWatch Tool indicated that investors now assign an 83.9% probability to the Fed holding rates at 3.75-4.00% at its October meeting, up from just 35.8% a week ago.

Impact on assets 5

Carbon Removal (DAC)▲ · 1 stocks
CME Group Inc
CME
▲ PositiveMonetaryrelevance

CME's FedWatch Tool is cited showing rate-hold odds jumped to 83.9%, highlighting demand for its rate-probability products amid the weak-jobs/steady-Fed narrative.

Others▼ · 4 stocks
％Effective Federal Funds Rate
EFFR
▼ NegativeMonetaryrelevance

Weak September payrolls (+29k) and rising unemployment raise expectations the Fed holds rates steady, pushing the effective fed funds rate outlook lower.

％US Government Bond 2Y
US-2Y
▼ NegativeMonetaryrelevance

2-year Treasury yield fell to 4.730% after weak payrolls data boosted odds of the Fed holding rates.

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