Main US indexes pulled back despite strong jobs report

February 10, 2020

By IFCMarkets

Dollar strengthening intact

US stock market pulled back despite stronger than expected January jobs report. The S&P 500 lost 0.5% to 3327.71, rebounding 3.2% for the week. Dow Jones industrial dropped 0.9% to 29102.51. The Nasdaq slid 0.5% to 9520.51. The dollar strengthening continued as the US economy added above expected 225,000 new jobs in January. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% to 98.68 and is higher currently. Futures on stock indexes point to mixed openings today.

FTSE 100 led European stock indexes retreat

European stocks ended lower on Friday on mixed report. Both GBP/USD and EUR/USD continued their declines on Friday with euro turning higher currently while Pound lower still. The Stoxx Europe 600 Index lost 0.26% led by mining shares. The DAX 30 slid 0.45% to 13513.81 Friday as data showed German industrial output registered its biggest drop in more than a decade in December. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 slumped 0.5% to 7466.70.

Nikkei leads Asian indexes retreat

Asian stock indices are mostly down today. Nikkei fell 0.6% to 23685.98 despite resumed yen slide against the dollar. China’s markets are mixed as authorities promised tax cuts and subsidies to farmers, makers of medical supplies and other companies: the Shanghai Composite Index is up 0.5% while Hong Kong’s Hang Seng Index is down 0.3%. Australia’s All Ordinaries Index slipped 0.1% with Australian dollar climb against the greenback resuming.

A Brent down

Brent futures prices slide continues today. Prices fell on Friday: Brent for April settlement fell 0.7% to $54.47 a barrel Friday.

Gold up

Gold prices are extending gains today. April gold gained $4.3 to $1574.30 on Friday.


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