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US stocks climb as bond yields edge up ahead of key jobs report

US stocks climb as bond yields edge up ahead of key jobs report
Trader NYSE
Andrew Kelly/Reuters
  • US stocks rallied as bond yields rose ahead of the Labor Department's jobs report on Friday.

  • Yields declined earlier this week as investors ramp up expectations for Fed rate cuts.

  • Oil prices rebounded a bit after plunging on Wednesday.

US stocks rose on Thursday as bond yields edged up ahead of the Labor Department's monthly jobs report on Friday.

Yields sank earlier this week as investors weighed softer-than-expected data on job openings and private-sector payrolls. That prompted markets to increasingly price in rate cuts next year from the Federal Reserve.

Wall Street expects to see more signs of a cooling labor market tomorrow. And Comerica's chief economist, Bill Adams, also anticipates easing in inflationary pressures.

"With slower turnover in the job market, workers who have taken on new jobs are more experienced and more effective, which is fueling productivity," he said in a note. "Higher productivity means that while businesses are paying more in wages, they're also getting more output per hour, which reduces the wage-price pressures in business cost structures and takes the edge off economy-wide inflationary pressure."

Here's where US indexes stood as the market opened at 9:30 a.m. on Thursday: 

Here's what else is going on: 

In commodities, bonds, and crypto: 

  • After crashing Wednesday, oil prices climbed on Thursday, with West Texas Intermediate up 1.54% to $70.42 a barrel. Brent crude, the international benchmark, moved higher 1.43% to $75.35 a barrel.

  • Gold edged up 0.28% to $2,053.10 per ounce.

  • The 10-year yield rose 2 basis points to hover at 4.146%.

  • Bitcoin dipped 1.46% to $43,300.

Read the original article on Business Insider