It was a frantic Friday for traders as another push higher in bond-market borrowing costs and the dollar sank stocks and oil prices jumped after OPEC and its allies opted against increasing supply for the time being. Nervy European shares started 0.7% lower, Asia had dropped, Wall Street’s S&P 500 had briefly gone negative for .
Dow Futures and Nasdaq Higher As Bond Yields Rise In Powell s Wake TheStreet 3/5/2021
The Friday Market Minute
Global stocks extend declines ahead of the Friday jobs report as markets re-price bond yields in the wake of Fed Chair Powell s dovish take on inflation.
Powell tells a WSJ jobs event that inflation pressures are likely temporary, noting the economy remains a long way from the Fed s goals on employment and price stability.
Benchmark 10-year notes edge higher, to 1.582%, in overnight trading while the dollar jumps to the highest levels in more than three months.
Senate clerks finish 11-hour reading of 628-page coronavirus stimulus bill, with amendments and tweaks expected to delay a full vote into the weekend.