At-a-Glance
Today’s Top Highlights
There was a lot of anticipation today in many markets with Nonfarm payrolls and the employment rate being released, and volatility it what we got. Looking at the data, Nonfarm payrolls came in significantly higher than expected and the unemployment number was right in line with expectation. Many of the “risk-on” markets as of late, looking at the equities, precious metals, and crypto futures, all experienced significant selling pressure today as we wrapped up the week. The Nasdaq led the selling pressure in the equity space trading lower by over 5% while the Russell and the S&P were both lower by over 3%, which is downside pressure on a daily basis that we have not seen in a while.
Looking at other markets, Silver led the precious metals lower as it traded down over 8% on the day while Gold traded lower by about 3.5%. The difference between these and the equities is that the metals were already in a downtrend and are extending gains lower, where equities had been rallying higher to record highs and are now seeing the market start to turn. Bitcoin futures continued to see weakness as prices dropped to the lowest point since October of 2024, but were able to finish the day off of the lows, finishing the day down about 3.8%. Traders will be looking for headline risk over the weekend to see if the selling will continue on Sunday night or if we will see a reversal back higher.
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