A stronger payrolls report has failed to support stocks in afternoon trading, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
Session turns ‘risk off’ despite better jobs report
US futures had reacted positively to news that payrolls had been stronger than expected, but the potential for a delay to rate cuts seems to have weighed more heavily on investors as the full trading session got underway on Wall Street. Once more the FTSE 100 is the safe haven among stock markets, supported by rising commodity prices. Still, with overall US market breadth hitting a record high, the overall situation points towards further upside in the medium-term, even if the journey seems destined to be a bit more volatile.
Bitcoin selloff resumes
Cryptocurrencies have resumed their slide lower after last week’s bounce. There still seems no appetite to go dip-buying in the asset class, which hit fresh multi-month lows last week. In a world filled with AI and where gold continues to shine, bitcoin’s appeal is firmly on the wane at present, and if this selloff is like the others, we could be in for a long period of declines before it finally hits a sustainable low.
Source: https://www.fxstreet.com/news/stock-shed-ground-following-payrolls-202602111710
