Stocks down after Wall Street dipped following strong jobs report - 10.6.2024

The Dollar strengthening is intact currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.8% higher on Friday.

Both GBP/USD and EUR/USD reversed their climbing on Friday while data showed German industrial production continued declining in April albeit at slower rate. Both Pound and euro are lower against the Dollar currently. USD/JPY reversed its sliding while AUD/USD reversed its advancing on Friday with the yen lower against the Greenback currently and the Australian dollar higher.

US stock indexes futures are lower currently after ending down on Friday. The three main US stock benchmarks recorded daily losses in the range from -0.2% to -0.1% after the Bureau of Labor Statistics report showed US economy added 272,000 new jobs in May, significantly above expectations even as unemployment rate inched higher to 4%.

European stock futures are down after closing lower on Friday led by utilities shares. Asian stock indexes futures are mostly retreating today in thin trading with Nikkei defying the trend as markets in Australia, China and Hong Kong are closed for public holidays.

Brent is retracing up currently. Prices ended lower on Friday after strong US jobs data for May which lowered expectations that the Federal Reserve will cut interest rates soon. US West Texas Intermediate WTI slipped two cents but is higher currently. Brent lost 0.3% to $79.62 a barrel on Friday. For the week, Brent fell 2.5% while WTI lost 1.9%.