A rough report on the US labor market is sending stocks and crypto lower as the week comes to a close.
The new employment outline from the Bureau of Labor Statistics shows 22,000 jobs were added last month, far below economists’ expectations of 76,500.
Meanwhile, the number of people holding multiple jobs has hit 8.785 million, jumping by 443,000.
That’s the largest increase since 2020 and a near record-high.
The numbers brought the market’s expectations of an incoming 25-point rate cut to 88.1%, according to the CME’s FedWatch tracker, with the odds of a 50-point cut jumping from 0% yesterday to 11.9% today.
The jobs report sent the Dow down 240 points at time of publishing, with the S&P 500 down 39 points and the Nasdaq down 51 points.
Bitcoin (BTC) is down $711 on the day, at $110,892.
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The post Rough US Jobs Report Sends Bitcoin, Dow, S&P 500, Nasdaq Lower, Increases Odds of Larger Incoming Rate Cut appeared first on The Daily Hodl.
