U.S. stocks rose and Treasury yields fell Friday after the July jobs report showed the economy lost 23,000 jobs, far below the 83,000 gain economists had expected. Revisions to May and June payrolls subtracted an additional 103,000 jobs from those months, while the unemployment rate edged down to 4.1%. The data prompted traders to scale back rate-hike expectations, with the probability of a September Federal Reserve increase dropping to 43% from 55% before the report, according to CME Group data. U.S. stock indexes are headed for their biggest weekly gains in months, and oil prices edged higher with Brent crude futures around $83.75 a barrel as investors awaited updates from Iran-Oman talks on managing traffic in the Strait of Hormuz.
CME Group IncCooler jobs data reduces rate-hike odds, lowering demand for CME's rate derivatives.
Weaker jobs data lowers rate-hike expectations, pushing Treasury yields down.
