The economic and financial news report ended on January 10, the US stock market recorded a sharp decline. The Dow Jones index fell 1,63%, stopping at 41,938.45 points. The S&P 500 fell 1,54% to 5,827.04 points, while the Nasdaq Composite fell 1,63%, to 19,161.63 points. The major indexes have been in a downtrend since the beginning of 2025.
On the same day, world gold prices increased slightly. Spot gold contracts increased by 0.5%, reaching 2,688.40 USD/ounce, while gold futures contracts increased more strongly, adding 1% to 2,717.60 USD/ounce.
The US economy added 256,000 jobs in December 2024, far exceeding economists' forecasts, which had expected an increase of only 155,000 jobs. The unemployment rate fell to 4.1%, lower than the forecast of 4.2%.
The backwardation market structure of Brent crude oil shows growing concerns about the risk of a supply shortage, while demand remains strong.
Following the report, the yield on the 10-year US Treasury note rose to its highest level since late 2023. The US dollar also strengthened. Current forecasts suggest the US Federal Reserve may cut interest rates by only 30 basis points in 2025, lower than the 45 basis points expected before the new jobs data.
Brent crude futures rose 3.69% to $79.76 a barrel. WTI crude rose 3.58% to $76.57 a barrel. Both crude futures hit their highest levels since October 2024.
The Biden administration has stepped up pressure on Russia and boosted aid to Ukraine ahead of President-elect Donald Trump's inauguration.
