BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Dow Jones Retreats from Record High as Jobs Data Sparks Rate Cut Speculation
Dow Jones Retreats from Record High as Jobs Data Sparks Rate Cut Speculation
22
2
BTCCSquare news:
The Dow Jones Industrial Average surrendered early gains after touching an intraday record of 45,770.20, as August's disappointing jobs report amplified concerns about economic momentum. Nonfarm payrolls ROSE just 22,000 against expectations of 75,000, while June's figures were revised downward to show a 13,000-job loss—snapping a 53-month streak of employment growth.
Unemployment climbed to 4.3%, its highest since October 2021, as Fitch's Olu Sonola warned of intensifying labor market weakness. Markets now price an 88% probability of a 25-basis-point Fed rate cut this month, with overnight swaps briefly flirting with 11.8% odds of a more aggressive 50-point reduction.
By:
