Main US indexes pulled back despite strong jobs report - 10.2.2020

Dollar strengthening intact

US stock market pulled back despite stronger than expected January jobs report. The S&P 500 lost 0.5% to 3327.71, rebounding 3.2% for the week. Dow Jones industrial dropped 0.9% to 29102.51. The Nasdaq slid 0.5% to 9520.51. The dollar strengthening continued as the US economy added above expected 225,000 new jobs in January. 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, rose 0.2% to 98.68 and is higher currently. Futures on stock indexes point to mixed openings today.

SP500 rallies above MA(200) 2/10/2020 Market Overview IFC Markets chart

FTSE 100 led European stock indexes retreat

European stocks ended lower on Friday on mixed report. Both GBP/USD and EUR/USD continued their declines on Friday with euro turning higher currently while Pound lower still. The Stoxx Europe 600 Index lost 0.26% led by mining shares. The DAX 30 slid 0.45% to 13513.81 Friday as data showed German industrial output registered its biggest drop in more than a decade in December. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 slumped 0.5% to 7466.70.

Nikkei leads Asian indexes retreat

Asian stock indices are mostly down today. Nikkei fell 0.6% to 23685.98 despite resumed yen slide against the dollar. China’s markets are mixed as authorities promised tax cuts and subsidies to farmers, makers of medical supplies and other companies: the Shanghai Composite Index is up 0.5% while Hong Kong’s Hang Seng Index is down 0.3%. Australia’s All Ordinaries Index slipped 0.1% with Australian dollar climb against the greenback resuming.