Nasdaq, S&P, and Dow advance after a mixed payrolls report hits
Major market averages moved up on Friday morning as they received the latest nonfarm payroll jobs report and unemployment data.
Early on and the Nasdaq Composite (COMP:IND) was +0.6%, the S&P 500 (SP500) was +0.4%, and the Dow (DJI) was +0.3%.
The U.S. jobs report for February added 275K jobs in a robust report that topped analyst expectations of 190K. At the same time though, the unemployment rate moved to 3.9% versus the forecasted 3.7% figure.
The report comes after Wall Street received the ADP jobs report earlier in the week which highlighted that U.S. private sector employment increased by 140K in February, while for the week of March 2, jobless claims were unchanged at 217K.
“Labor force participation rate for prime age workers rebounded in the past month – good news for the economy that workers are finding jobs,” Kathy Jones, Chief Fixed Income Strategist at Charles Schwab stated.
“The US Unemployment Rate has now been below 4% for 25 straight months, the longest streak since the late 1960s,” Charlie Bilello, Chief Market Strategist at Creative Planning said. However, Bilello also added: “The US Unemployment Rate moved up to 3.9% in February, the highest since January 2022.”
Looking towards the Treasury market and yields have dipped with the shorter end U.S. 2 Year Treasury yield (US2Y) falling by 5 basis points to 4.44%. At the same time the longer end U.S. 10 Year Treasury yield (US10Y) moved down by 2 basis points to 4.07%.
See how other yields trade across the entire yield curve here.
In other market related news shares of DocuSign (DOCU) surged 10% following upbeat 4Q24 results as the stock indicated an 8% Y/Y increase in subscription revenue. See some of Wall Street’s other big movers on Friday.