The U.S. economy added 172,000 jobs in May, almost double economists’ expectations, strengthening the case for a Federal Reserve rate hike this year.
The unemployment rate remained stable at 4.3%, according to data released Friday by the Bureau of Labor Statistics.
Bitcoin remained under pressure following the report, trading below $62,000 as the broader crypto market saw sharp declines overnight.
The 10-year Treasury yield jumped to 4.52% following the report. U.S. stock index futures were also lower, with the Nasdaq 100 index down 1.2%. Oil prices fell slightly to $94 per barrel, while gold slipped 1.1% to around $4,400 per ounce.
Recent economic data continues to point to a resilient U.S. economy this week. Both the ISM manufacturing and ISM services indices exceeded expectations and remained in expansionary territory.
US stocks have had an incredibly strong performance, with the S&P 500 on pace to post gains for 10 straight weeks and rise about 10% year to date. However, some exuberance faded in the semiconductor sector following Broadcom’s earnings report, which disappointed investors with a weaker-than-expected outlook for demand for AI-related chips.
