Summary Of the Markets Today:
- The Dow closed down 69 points or 0.18%,
- Nasdaq closed down 1.16%,
- S&P 500 closed down 0.65%,
- Gold $2,185 up $19.70,
- WTI crude oil settled at $78 down $1.05,
- 10-year U.S. Treasury 4.079% down 0.013 points,
- USD index $102.74 down $0.080,
- Bitcoin $69,225 up $1,822 (2.69%), New Historic high 70,136.33
- Baker Hughes Rig Count: U.S. -7 to 622 Canada -6 to 225
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Significant job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing. Note that the aggregate weekly hours worked is only 1% higher than one year ago while non-farm total employment is up 1.8%. There is a huge discrepancy between the household survey (which shows employment dropped by 184,000) whilst the establishment survey (which showed the headlines’s 275,000 employment gain). The household survey is used to determine the unemployment rate, so the result of a drop in the employment level combined with the 150,000 gain in the workforce is the reason for the rise in the unemployment rate. Yah just cannot look to closely at the employment report because the disconnects will drive you crazy. Overall, the trend of smaller employment gains every month remains in play.
Here is a summary of headlines we are reading today:
- Iran’s Revolutionary Guards Capture Oil Tanker Amid Sanctions Dispute
- U.S. Oil, Gas Drilling Activity Dips
- State Utility Expects China’s Coal Imports to Stay Flat This Year
- Oil Prices Remain Rangebound Despite Extension of OPEC+ Cuts
- Nasdaq drops 1% Friday as Nvidia tumbles, Dow closes out worst week since October: Live updates
- TikTok takes center stage in 2024 elections as candidates try to ban app while some are using it
- Nvidia is one of the most overbought stocks on Wall Street after this week’s massive rally
- Bitcoin briefly rises above $70,000 to another new all-time high: CNBC Crypto World
- What Dollarization Says About Returning To The Gold Standard
- US jobless rate hits highest in two years
- Oil prices end lower after U.S. jobs report, posting a loss for the week
- Bitcoin bulls eye $100,000 as the next level before its halving. Here’s what’s driving the crypto’s rally.
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.