The October jobs report is out, and the numbers massively beat expectations. Below is a snapshot of what markets are doing.
Top left is S&P 500 futures, followed by the dollar-yen and euro-dollar exchange rates.
The bottom three from left to right are gold, 10-year U.S. Treasury futures, and WTI crude oil futures.
Wall Street’s top strategists thought nonfarm payrolls number in excess of 150,000 could wreak havoc on markets, as it would move up the Federal Reserve’s timetable for tapering down quantitative easing in the minds of market participants.
Needless to say, today’s 204,000 reading, as well as positive upward revisions to the August and September reports, are doing just that.
Right now, S&P 500 futures are down 0.3%, 10-year U.S. Treasury futures are down 0.7%, and gold is down 1.3%.
The yield on the 10-year Treasury note is at 2.73%, up 13 basis points from yesterday’s close.