Main U.S. indexes red; Nasdaq off most, down >2%
Jan U Mich prelim sentiment 73.2 vs 73.8 estimate
Euro STOXX 600 index off ~0.4%
Dollar, gold, bitcoin gain; crude surges >4%
U.S. 10-Year Treasury yield rises to ~4.73%
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S&P 500 INDEX TUMBLES, TESTS SUPPORT
The main U.S. indexes are sharply lower early on Friday after a better-than-expected jobs report fanned expectations that the Federal Reserve will take a measured approach to monetary policy easing this year.
January U Mich preliminary sentiment came in slightly below the estimate, but readings on inflation expectations increased vs last month's numbers.
Yields are jumping on Friday with the U.S. 10-Year Treasury yield US10YT=RR hitting its highest level since November 2023.
Nearly all S&P 500 .SPX sectors are lower with tech .SPLRCT and financials .SPSY, both off more than 2% each, taking the biggest hits.
Energy .SPNY is the sole gainer. This with NYMEX crude futures CLc1 surging more than 4% as traders focus on potential supply disruptions from more sanctions on Russia.
Small caps .RUT, FANGs .NYFANG, regional banks .KRX and chips .SOX are especially weak.
Meanwhile, traders are also watching the S&P 500 index, which is now around 5,820, vs its rising 20-week moving average $(WMA.AU)$, which is now just below 5,840.
Of note, since reclaiming the 20-WMA on a weekly closing basis in early November 2023, the SPX has not registered a weekly close back below it.
The 100-day moving average is around 5,820.
The November 6 gap requires a fall to 5,783.44 for a fill. The November 4 intraday low was at 5,696.51.
Here is an early trade snapshot from around 1010 EST:
(Terence Gabriel)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
U.S. STOCK FUTURES PRESSURED, YIELDS POP, AFTER JOBS DATA - CLICK HERE
SHORT SELLERS UP BETS ON EUROPEAN BANK M&A TARGETS; COMMERZBANK, MPS IN FOCUS - CLICK HERE
YEN INTERVENTION RETURNS TO 2025 BINGO CARD - CLICK HERE
INSURERS AND LUXURY - CLICK HERE
EUROPE BEFORE THE BELL EQUITY INVESTORS WATCH BONDS - CLICK HERE
MORNING BID: LOOMING PAYROLLS KEEP BOND BEARS HUNGRY - CLICK HERE
Earlytrade01102025 https://tmsnrt.rs/4hcfXOL
