Major market averages trade mixed on Friday, a day after a favorable labor market report boosted hopes for interest rate cuts.
Early on and the S&P 500 (SP500) was +0.1%, the Nasdaq Composite (COMP:IND) was -0.1% and the Dow (DJI) was +0.3%.
The 10-year Treasury yield (US10Y) was up 4 basis points to 4.50%. The 2-year yield (US2Y) was up 4 basis points to 4.86%.
See how Treasury yields have done across the curve at the Seeking Alpha bond page.
The major market averages ended on a positive note on Thursday, buoyed by a rise in the number of Americans filing for initial jobless claims in the last week.
“Risk assets posted further gains yesterday, thanks to growing confidence that central banks would still cut rates this year. In part, that was because of the weekly initial jobless claims in the U.S., which hit an eight-month high and added to fears that the labor market was cooling further,” Deutsche Bank’s Henry Allen said.
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