The U.S. economy added 172,000 jobs in May, nearly double economists’ expectations, bolstering the case for rate hikes by the Federal Reserve this year.
The unemployment rate held steady at 4.3%, according to data released Friday by the Bureau of Labor Statistics.
Bitcoin remained under pressure after the report, trading below $62,000 as the broader crypto market tended to steep declines overnight.
The 10-year Treasury yield rose to 4.52% after the report. US stock index futures were also lower, with the Nasdaq 100 index down 1.2%. Oil prices fell modestly to $94 a barrel. barrel, while gold fell 1.1% to around $4,400 a barrel. ounces.
The latest economic data continues to point to a robust US economy this week. Both the ISM Manufacturing PMI and the ISM Services PMI came in above expectations and remained in expansionary territory.
US stocks have had an incredibly strong run, with the S&P 500 on pace for 10 consecutive weeks of gains and up around 10% year-to-date. However, some exuberance has disappeared from the semiconductor sector following Broadcom’s earnings report, which disappointed investors with a weaker-than-expected outlook for AI-related chip demand.
