U.S. unemployment rate drops to 5.8% as economy generates 559,000 new jobs
Like a pinball stuck in a machine, markets have been wedged in. The S&P 500 SPX, -0.36% hasn’t seen a move greater than 0.4% in either direction for the last seven consecutive sessions. If the stock market were to close for the entire rest of the year, a 12% rise in the S&P 500 certainly wouldn’t be a bad result, but it’s worth examining why there’s so little movement right now.
Compared with the 2013 taper tantrum, IIF’s economists led by Robin Brooks say it’s notable how few Fed rate hikes are priced in. The knee-jerk market reaction was a rise in U.S. stock futures ES00, +0.44% NQ00, +0.63%, on the view the Federal Reserve won’t rush a decision to curtail its bond-purchasing program. The yield on the 10-year Treasury fell to 1.62%, and the dollar fell vs. the Japanese yen USDJPY, -0.54%.
Bill Ackman’s special-purpose acquisition company, Pershing Square Tontine Holdings, PSTH, +0.56% is nearing a transaction with Universal Music Group that would value the world’s largest music business at about $40 billion. Universal is currently held by French media conglomerate Vivendi VIV, -0.82%, which had previously said it was considering an initial public offering for the unit.
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