Stocks & indices
Nasdaq 100 closes at record after soft jobs data, but bond yields reverse higher
NDXA weak US jobs report on Friday initially cheered stock buyers, sending the Nasdaq 100 to a record close.
Payroll growth missed expectations and earlier months were revised lower, prompting traders to cut bets on an October Fed rate hike. Treasury yields initially fell but reversed higher by day's end.
For beginners Weak economic data can sometimes support stocks if investors think it lowers the chance of a central bank rate hike, but the bond market's reaction can be less one-sided and reverse within the same day.