Futures remained sharply lower even after a blowout jobs report.Posted on March 6, 2020
The U.S. economy added 273,000 jobs in February, beating expectations of 175,000 new payrolls last month. The unemployment rate also fell back to 3.5%, matching its lowest level in more than 50 years.
The declines in futures came as the benchmark 10-year Treasury yield tumbled to below 0.7% for the first time ever. Investors continued to seek safer assets amid fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. Another haven asset gold is on track for its best week since 2008.
The premarket moves came amid a roller-coaster trading week on Wall Street, which saw the 30-stock Dow swing 1,000 points or higher twice within three days earlier this week. Friday’s declines extended a deep rout for stocks, adding to a 969-point loss for the Dow in the previous session.