Stocks Rise After Blowout Jobs Data, Guthrie Latest, More
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What surprising jobs data was released this morning?
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News when you want it with Bloomberg News Now. I'm Karen Moscow. We have breaking news on the jobs front this morning. Traders dialing back their bets on rate cuts from the Fed after a big upside surprise from the January jobs report. And Bloomberg's Jonathan Farrow has the numbers.
We have got a nice big upside surprise. 130, that is 130,000 payrolls. The estimate in our survey was 65. To work through the rest of the report, looking at monthly earnings, average hourly earnings month on month, that comes in at 0.4. That is also an upside surprise. The estimate in our survey was 0.3. And this is the right kind of downside surprise. The unemployment rate coming in at 4.3. The estimate was 4.4.
And that's Bloomberg's Jonathan Farrow, who says this report also includes annual benchmark revisions to the jobs numbers through last March. That adjustment subtracted 862,000 jobs, and that's more than economists expected. Traders are now shifting bets on the next rate cut from the Fed from June to July. So treasuries are declining after that stronger-than-expected reading on employment, and futures are rising, the dollar advancing. S&P futures there up for tenths of a percent. Dow futures up half percent. Nasdaq futures up about half percent now. Ten-year treasury yield at 4.19 percent. Now to some other stories we're following this morning. Authorities have released a man detained in connection with the disappearance of Nancy Guthrie, the mother of Today Show host Savannah Guthrie.
The man, who only wants to be identified as Carlos, said he was detained after a traffic stop. He said he did not know who Guthrie is or why law enforcement thought he might be connected to her kidnapping. We get more with Bloomberg's Laura Davison.
This really kind of goes to show just how difficult it has been to find suspects in this case. There was a slight breakthrough when the FBI released a video from a Nest camera on Nancy Guthrie's door that showed a masked individual with a backpack trying to dismantle the camera there. But it's unclear exactly how close they are to actually finding the perpetrator behind this incident.
And as Bloomberg's Laura Davis said, Nancy Guthrie was reported missing on February 1st. Authorities believe she was taken against her will with the suspect disconnecting the camera doorbell.
How are traders reacting to the latest jobs report?
There was a school shooting in northern British Columbia. It left seven people dead at the scene and more than 25 injured. Authorities say the suspect, a woman, was also found dead from a self-inflicted wound. The incident occurred at Tumbler Ridge Secondary School. Two more victims were found in a nearby home. School shootings are rare in Canada, which has strict gun control laws, and the motive remains unclear as the investigation continues. There may be fresh uncertainty around America's closest trading relationship. Bloomberg News has learned President Trump is privately asking about walking away from USMCA, the trade agreement with Canada and Mexico that he struck in his first term. We get the latest with Bloomberg's Laura Dozenski in Washington.
The USMCA agreement is up for a mandatory review this summer. July 4th specifically is the date that we're looking at. But right now we have reporting that Trump is privately talking about exiting the trade pact. This is obviously going to this is obviously quite significant news.
And that's Bloomberg's Laura Dozenski, who says the president has been pressuring Canada and Mexico on issues unrelated to USMCA, like migration, drug trafficking and defense. A White House official says U.S. Trade Representative Jameson Greer will recommend renewing the existing deal if input from industry stakeholders is included, like stronger rules of origin for industrial goods and enhanced collaboration on critical minerals, worker protections and dumping.
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