July 5, 2024 8:59 PM UTCWorld stocks rise, US yields dip amid...

July 5, 2024 8:59 PM UTC

World stocks rise, US yields dip amid jobs data, UK labor landslideSummaryS&P 500 and Nasdaq hit fresh closing highBenchmark 10-year Treasury yields dipPound firm after UK Labour election winU.S. dollar weakens, gold risesCrude oil prices settle lowerGlobal stocks rose while U.S. Treasury yields dipped on Friday after highly anticipated jobs data boosted market expectations of a Federal Reserve interest-rate cut.U.S. job growth slowed to a still-healthy pace in June, with unemployment rising to 4.1%, indicating that the Fed could begin cutting rates as inflation slows.MSCI's gauge of stocks across the globe (.MIWD00000PUS) rose 0.34% to 817.96, a record high. On Wall Street, all three major indexes finished firmer, with the S&P 500 and Nasdaq scoring all-time closing highs led by communication services, consumer staples, consumer discretionary and healthcare stocks."Our overall thesis for the economy right now is one that's cooling but not weak," said Keith Lerner, co-chief investment officer at Truist Advisory Services in Atlanta."I think this report confirmed this but also I think it is the 4% plus unemployment rate that will get the Fed's attention and probably provides them flexibility likely to start reducing rates. We think it's likely September," he added.