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Non-Farm payrolls surprises markets
The Non-farm payrolls rose to 353K above expectations of 187K
Tech sentiment improves after Meta announces dividend payments.
Initial USD decline reversed post a strong NFP report.
Oil prices remained stable with a 5% weekly loss expected as OPEC+ maintained output policies.
On the Market Watch!
Market sentiment responded positively to strong earnings in the big tech sector, with Meta taking center stage as it soared 17% following Thursday evening's announcement of the company paying out its investors with its first ever dividend.
On Friday, the US dollar initially began on a downward trajectory as markets considered the Federal Reserve's stance on potential rate cuts, but it rebounded after the release of a robust Non-Farm Payrolls (NFP) figure.
NFP
The US non-farm employment change rose to 353K bs 187K expected and 333K previous (revised).
Gold prices remained steady throughout the day, hovering near a two-week high around $2050, but experienced a sharp decline to $2034 following the news.
Oil Prices
Oil prices continue treading water, set for a weekly loss of approximately 5%. WTI fell 0.2% to $73.6, while Brent hovered close to $78.
On Thursday, OPEC+, opted to maintain its existing oil output policy. This decision is expected to keep the oil supply tight throughout the first quarter of the year. However, this decision failed in pushing prices higher, coinciding with ongoing efforts in the Middle East to reach a resolution to the conflict.
The group is scheduled to reconvene in March to determine whether to prolong the voluntary oil production cuts currently in effect for the initial quarter.
