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Stocks Fail to Sustain Post-NFP Gains as Surging Yields Counter

EQUITIES
  • Nonfarm payrolls initially proved supportive of equity markets, with the e-mini S&P surging alongside other indices on the back of the softer-than-expected Average Hourly Earnings read and the subsequent weight in Fed pricing.
  • These gains failed to be maintained beyond the mid-point of the session, however, as the reversal higher in US yields and re-steepening of the curve working against risk appetite.
  • Energy names led the industry breakdown in the S&P 500, with the surge in the WTI and Brent crude price supporting oil and gas producers. Banks and financials also received a tailwind from the steeper US yield curve, although the headline index failed to hold gains above 4,541.25, printed shortly after the cash open.
  • Consumer discretionary and staples were the poorest performers, as a steepening curve knocked sentiment, and a series of price cuts at Tesla weighed on the stock.
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