U.S. nonfarm payrolls (NFP) data released on Friday showed stock indexes testing new highs, but the figures failed to revive the cryptocurrency market, which has lost more than 5% of its market cap in the past 24 hours.
The June NFP figure was better than expected, with a 206,000 increase in jobs, compared to an expected 190,000, according to the U.S. Bureau of Labor Statistics. The unemployment rate rose slightly in June, reaching 4.1%, the first time it has topped 4% since November 2021.
Stock index rises after NFP announcement
Treasury yields fell along with the dollar index as bond traders reacted to today’s NFP data. Meanwhile, stock futures rose slightly, testing new highs. Dow Jones Industrial Average futures rose 0.033% and S&P 500 futures rose 0.013% in premarket trading.
Meanwhile, the main European stock indices were in the green in Friday trading. The European Stoxx 600 index rose 2.49 points to 519.33. In London, the FTSE 100 fell slightly after Britain’s Labour Party’s landslide victory, falling 12.07 points to 8,229.19.
However, Bitcoin’s price continued its downward trend, falling below the $56,000 mark in early morning trading on Friday. According to The Block’s price page, the price was down about 3% over the past 24 hours, sitting at $55,500 at 9:15 a.m. ET.
Meanwhile, the Chicago Mercantile Exchange (CME) FedWatch tool projected a 71% chance of a rate cut in September before today’s reading. After today’s reading, the September probability remains unchanged.
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