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Market Commentary - Foreign Markets

Markets saw gains with Nasdaq up 0.7%, S&P 500 rising 0.6%, and Dow up 0.5%, despite weaker-than-expected job growth in February. Semiconductor, utilities and telecom stocks led the rally while airline and retail sectors struggled.

Nasdaq, S&P 500 and Dow Gain Amid Mixed Jobs Report and Sector Shifts

10-Mar-2025, 10:07
The Nasdaq advanced 126.97 points (0.7%) to 18,196.22, the S&P 500 climbed 31.68 points (0.6%) to 5,770.20 and the Dow rose 222.64 points (0.5%) to 42,801.72.

Labor Department released a report showing employment in the U.S. increased by slightly less than expected in the month of February post which Wall Street became volatile. The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January. The report also said the unemployment crept up to 4.1% in February from 4.1% in January while economists had expected the unemployment rate to remain unchanged.

Semiconductor stocks substantially turned around, with the Philadelphia Semiconductor Index surging by 3.2%. Utilities and telecom stocks performed well, , driving both the Dow Jones Utility Average and the NYSE Arca North American Telecom Index up by 2.0%. Oil producer stocks too were considerably strong amid a notable increase by the price of crude oil, while significant weakness remained visible among airline and retail stocks.

Asia-Pacific stocks moved mostly lower. Japan's Nikkei 225 Index dove by 2.2%, while Hong Kong's Hang Seng Index fell by 0.6%. Most European stocks moved downwards while German DAX Index slumped by 1.8%, the French CAC 40 Index slid by 0.9% and the U.K.'s FTSE 100 Index closed just below the unchanged line.

In the bond market, treasuries came under pressure after early move to the upside, extending their recent pullback. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 3.1 bps to 4.31% after hitting a low of 4.21%.