The US session is underway. Yields little changed. Stocks are higher.

The day after….no not the Super Bowl,..the US jobs report which had mostly strong. The Unemployment rate fell to 4%. The number of jobs added was less than expectations but the revisions were higher. However, benchmark revisions were lower for 2024. The earnings were higher but it could have been influenced by Wall Street bonuses.

Over the weekend, Pres. Trump went to the Super Bowl and while on the way he said:

• He would impose a 25% tariff on steel and aluminum imports into the U.S.
• He will announce recipricol tariffs on Tuesday or Wednesday which will take effect almost immediately
• Mentioned that tariffs remain an option to address trade deficits and auto tariffs are still being considered.
• China’s retaliatory tariffs against the U.S. will also begin on Monday

The USD is mostly higher with the largest gain vs JPY (+0.42%). The USD is unchanged vs the AUD. The dollar gapped higher, but came off the highs mostly.

The US stocks moved lower on Friday and that tipped the indices into the red for the week. Last week results showed”

• Dow industrial average fell -0.54%
• S&P -0.24%
• NASDAQ index -0.53%
• Russell 2000-0.35%

Today, the major indices are higher.

• Dow futures are implying a gain of 223 points
• S&P futures are implying a gain of 30.51 points
• Nasdaq futures are implying a gain of 163 points

In the US debt market, the yields are little changed:

• 2 year yield 4.274%, -0.4 basis points
• 5 year yield 4.331%, -0.3 basis points
• 10 year yield 4.484%, -0.2 basis points
• 30 year yield 4.695%, +0.5 basis points

In other markets:

• Crude oil is trading up one dollar at $72
• Gold has extended to a new record high and trades at $2903.85 up $43 on the day. The new all-time high price is at $2907.01
• Silver is up $0.45 or 1.36% at $32.20
• Bitcoin is trading up $1000 at $97,500

This article was written by Greg Michalowski at www.forexlive.com.