By Oliver Gray
Investing.com - U.S futures remained little changed near record highs in early APAC deals Monday as strong jobs data boosted prospects of a robust economic recovery, while a rise in long term bond yields pushed investors away from growth stocks. In addition, U.S. President Joe Biden’s US$1 trillion bipartisan infrastructure package continues to move through the Senate while pressure for fresh debt-ceiling negotiations mount after the 2019 deal expired last month.
On Friday, Dow rose 144.26 points, or 0.4% to post a fresh record high of 35208.51, while the S&P 500 added 7.42 points or 0.41% to a record 4436.52. Meantime, the Nasdaq Composite, dipping 59.36 points or 0.4% to 14835.76.
Among data, Friday’s nonfarm payrolls report showed that the U.S. economy added 943k jobs in July, hitting an 11-month high and beating analysts’ expectations of 870k as vaccinations assisted in the economic reopening, despite rising infection rates of the Delta variant. The unemployment rate also dipped to the lowest level since March 2020, falling to 5.4% and beating expectations of 5.7%
On the bond markets, the United States 10-Year Teasury bond yield yield hit 2-week highs of 1.3%.