Before the heavyweight employment report, US stocks rebounded for a day, crude oil hit a new one-month low, and gold fell for the ninth consecutive time.

On Thursday, the US released data that showed a slight increase of 3,000 in initial jobless claims to 207,000, which was lower than market expectations by 3,000. Despite the increase, the number remains near historic lows, reflecting the resilience of the labor market. This disappointed investors who were hoping for unemployment data to indicate a weakening labor market and put an end to the upward pressure on bond yields that has been impacting US stocks.

Following the release of the unemployment data, US Treasury yields briefly rose and hit a daily high before quickly retreating. The yield on the benchmark 10-year US Treasury note did not reach an intraday high since 2007. The US dollar index also briefly rose before resuming its downward trend. US stocks opened lower and gave back the gains made after the release of the ADP employment report on Wednesday.

Although the upward momentum in long-term US Treasury yields has temporarily paused, the rebound in US stocks was short-lived. Traders are hesitant to make significant bets ahead of the release of the highly anticipated monthly non-farm payrolls report on Friday. Investors are eager to see if the employment report will strengthen expectations of a rate hike by the Federal Reserve in November. Currently, pricing of interest rate swaps indicates a one-in-four chance of a rate hike in November.

Some analysts believe that the employment report on Friday and the Consumer Price Index (CPI) inflation data to be released next week will determine whether the 10-year US Treasury yield will rise to 5% or fall back to 4.5%. If the report shows higher-than-expected employment numbers, it could trigger another wave of bond selling and buying of the US dollar.

In the foreign exchange market, following the short-term rise in the US dollar after the release of the unemployment data, various non-US currencies collectively hit daily lows but rebounded after the US dollar retreated. The Japanese yen did not continue to decline and hit a one-year low as it did on Tuesday, which was suspected to be due to intervention by the Japanese government. Offshore yuan against the US dollar briefly fell below 7.32, close to the daily low, after the US data was released, but then rebounded. It has maintained its momentum of consecutive days of rebound for the second day.

In the commodity market, despite the overall decline in the US dollar, gold and international crude oil rebounded unsuccessfully and fell during trading. Gold futures fell for nine consecutive trading days for the first time in nearly two months. After concerns about oil demand in a high-interest-rate environment intensified due to an unexpected increase in US gasoline inventories on Wednesday, crude oil futures further fell to a low point in over a month. Some reports recently suggested that the US and Saudi Arabia may reach a broad agreement, including energy, which could also impact market sentiment in the oil market.

The three major US stock indices all opened lower. The S&P 500 and Nasdaq Composite initially rebounded but then continued to decline, with the S&P falling nearly 0.9% and the Nasdaq falling over 1.1% when it hit a daily low in the morning session. The Dow Jones Industrial Average maintained its downward trend in the morning session, falling nearly 190 points or nearly 0.6% at one point, but then the decline narrowed and both indices briefly rebounded in the afternoon session.

Mini S&P 500 futures have been declining overall in recent weeks. After a rebound on Wednesday, they fell again on Thursday, but the decline narrowed in the afternoon session. In the end, all three major indices fell back after rebounding on Wednesday. Following a more than 1% decline on Tuesday, they collectively fell again on the second day of the week. The S&P 500 fell 0.13% to 4258.19 points, failing to continue its departure from the low point since June 1st set on Tuesday. The Nasdaq, which rose 1.35% on Wednesday, fell 0.12% to 13219.83 points, also failing to break away from the low point since May 31st set on Tuesday. The Dow Jones Industrial Average fell 9.98 points, or 0.03%, to 33119.57 points, marking the fourth consecutive day of decline in the past five trading days, but not approaching the closing low since May 31st set on Tuesday.

As of the close on Thursday, the S&P 500 has fallen cumulatively this week and is poised for its fifth consecutive weekly decline, marking the longest continuous decline since May last year.

The technology-heavy Nasdaq 100 index, which fell 0.36%, underperformed the broader market and began to approach the low point since September 26th set on Tuesday. The small-cap Russell 2000 index, which is dominated by value stocks, rose 0.14%, continuing to move away from the low point since May 4th set on Tuesday after three consecutive days of decline.

Among the major sectors of the S&P 500, only four saw gains on Wednesday. Real estate rose nearly 0.7%, healthcare rose about 0.5%, finance rose nearly 0.4%, and the IT sector, which includes Apple and Microsoft, rose nearly 0.3%. Among the seven sectors that fell, consumer staples, which includes Coca-Cola, fell nearly 2.1%, materials fell more than 1%, and the other sectors fell less than 0.7%.

The leading technology stocks that rebounded across the board on Wednesday mostly fell back. Tesla, which had the largest gain since September 11th with an increase of about 6% on Wednesday, fell more than 1% in early trading and closed down 0.4%, falling from the high point since September 20th set during the rebound on Wednesday. Among the six major FAANMG technology stocks, Netflix, which saw a slight increase on Wednesday, fell 1.1% and fell to a low point since May 25th; Amazon fell 0.8% and began to approach the low point since June 9th, when it fell nearly 3.7%; Meta, the parent company of Facebook, fell nearly 0.3% and did not continue to approach the high point since September 14th set during the rebound on Monday; Google's parent company Alphabet, which rebounded after the release of new products such as the Pixel 8 phone on Wednesday, fell more than 0.1% from the high point since September 19th; Apple rose 0.7% and rose for the second consecutive day to a high point since September 25th; Microsoft rose more than 0.1% and continued to approach the high point since September 19th set on Monday. On Wednesday, chip stocks that rebounded overall fell back, with the Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX both falling more than 1% in early trading, closing down about 0.5%, failing to continue to approach the high since September 19th, which was refreshed on Monday. At the close, AMD, Texas Instruments, and Arm all fell more than 1%, Intel fell 0.1%, Qualcomm fell slightly, while Micron Technology rose more than 1%, and Nvidia also rose more than 1%, potentially closing up for two consecutive days.

Most AI concept stocks continued to rebound. C3.ai (AI) rose 0.4%, SoundHound.ai (SOUN) rose 2.5%, Palantir (PLTR) rose 0.5%, while BigBear.ai (BBAI) remained flat, and Adobe (ADBE) fell nearly 0.4%.

Banking stocks outperformed the broader market, rebounding for two consecutive days after two consecutive declines. The overall banking industry index, the KBW Bank Index (BKX), which hit a low since May 16th on Tuesday, rose 0.5%; the KBW Nasdaq Regional Banking Index (KRX) and the SPDR S&P Regional Banking ETF (KRE), both of which hit lows since June 23rd on Tuesday, rose by about 2% and nearly 1.7% respectively. Large banks generally rose, but the gains were all less than 1%, with Wells Fargo rising nearly 0.9% leading the way.

Banking stocks outperformed the broader market on Thursday, with banking indices rebounding for two consecutive days.

Most popular Chinese concept stocks continued to decline. The Nasdaq Golden Dragon China Index (HXC) fell more than 1% in early trading, closing down nearly 0.3%, falling for four consecutive days, hitting a low since July 6th. The Chinese concept ETFs KWEB and CQQQ rose nearly 0.5% and 0.7% respectively. At the close, Li Auto fell more than 2%, NIO fell nearly 2%, Bilibili fell more than 1%, Alibaba fell about 0.5%, XPeng fell 0.1%, while Baidu and Tencent both rose more than 1%, JD.com rose 0.9%, and Pinduoduo rose 0.2%. NetEase rose less than 0.1%.

Among the stocks with larger fluctuations, household cleaning product manufacturer Clorox (CLX) fell 5.2% as its first-quarter guidance was lower than expected and it claimed to be affected by a cyber attack; electric vehicle manufacturer Rivian (RIVN) fell 22.9% after announcing plans to issue $1.5 billion in convertible bonds to raise funds and providing preliminary third-quarter revenue guidance that roughly met Wall Street expectations; while McDonald's french fry supplier Lamb Weston (LW) rose 8% after announcing quarterly revenue and earnings that exceeded expectations and raising its full-year guidance due to robust demand and favorable pricing environment; mortgage lender UWM Holdings (UWMC) rose 7.9% after being upgraded from neutral to buy by BTIG, believing that its valuation does not reflect the potential upside brought by the possible stabilization of interest rates. Biotech company Mirati Therapeutics (MRTX), which develops cancer treatment drugs, rose 88.5%.

In the European stock market, as the yields of US and European government bonds fell, selling pressure in European stocks decreased, and the pan-European stock index reversed its three-day decline and rose for the first time this week. The Stoxx Europe 600 Index, which had been hitting a six-month low for three consecutive days, is still expected to decline this week due to daily declines of more than 1% on Monday and Tuesday. Most major European stock indexes rose on Thursday, with the UK, Italy, and Spain rebounding after three consecutive days of decline, and the French stock market, which had a slight increase on Wednesday after two consecutive days of decline, fell back.

In terms of sectors, the tourism sector rose nearly 1.5%, achieving the largest increase in nearly two months. This was due to the decline in oil prices, which helped boost airline stocks. Air France-KLM rose 3.8% and IAG, the parent company of British Airways, rose 2.5%. The oil and gas sector, which had the largest daily decline in nearly three months on Wednesday, remained roughly flat.

In other individual stocks, jewelry retailer Pandora surged 12% after raising its growth target and seeing returns on investments in its brand and store network. This reached a year and a half high. French giant Alstom, which operates in the power and rail infrastructure sector, plummeted 37.6% after warning that its annual free cash flow would be negative due to accelerated production and some delayed orders. This reached an 18-year low.

After the unemployment data, the yield of the 10-year US Treasury bond briefly rose and then fell, failing to reach a new high since 2007 for the first time this week

European government bond prices rebounded for two consecutive days, and yields fell during the trading session, reflecting investors' acceptance of the expectation that central banks will maintain high interest rates in the long term and face the risk of increased bond supply.

At the end of the bond market, the yield on the UK 10-year benchmark government bond closed at 4.54%, down 4 basis points during the day, far from the intraday high of 4.66% on Wednesday, October 4, which was the highest since August 22. The yield on the 10-year benchmark German government bond closed at 2.88%, down 4 basis points during the day, breaking away from the high of 3.02% on Wednesday, July 2011. The yield on the 2-year German bond closed at 3.13%, down 4 basis points during the day, hitting a low since September 14 in the US stock market. The yield spread between the 2-year and 10-year German bonds narrowed to -20.9 basis points on Wednesday, the smallest inversion of the yield curve since March 20.

After the announcement of the number of initial jobless claims in the US last week, US government bond prices hit a daily low, and yields briefly rose but quickly fell back.

After the release of the US unemployment data, the yield on the 10-year US benchmark government bond quickly approached 4.78%, hitting a daily high and rising by about 4 basis points during the day. However, it quickly gave up the gains, with US stocks falling below 4.70% before the market opened, hitting a daily low, and falling by more than 3 basis points during the day. It fell by about 18 basis points from the high of 4.88% reached in August 2007, the highest level since August 2007. For the first time in the past four days, it did not reach a new intraday high since 2007. At the end of the bond market, it was about 4.72%. The interest rate was reduced by about 1 basis point during the day, after two consecutive days of increase and a cumulative increase of more than 10 basis points, it decreased for two consecutive days.

The 10-year US Treasury yield has been climbing overall for more than two weeks, but it fell back after hitting a new high since 2007 in the mid-week session.

The 2-year US Treasury yield, which is more sensitive to interest rate prospects, rose above 5.06% and hit a daily high after the release of unemployment data. The US stock market fell close to 5.01% in the morning, hitting a daily low. It decreased by about 4 basis points during the day, a decrease of nearly 17 basis points from the high point reached on September 21st, which was close to 5.18%, and it was far from the high point of nearly 5.20% reached in 2006. By the end of the bond market, it was about 5.02%, a decrease of about 3 basis points during the day, after two consecutive days of increase, it decreased for two consecutive days.

The US dollar index, which tracks the exchange rate of the US dollar against six major currencies including the euro, continued to decline overall on Thursday. It briefly rebounded in the Asian and European stock markets, rising above 106.80 when the European stock market hit a new high. It rose slightly during the day and was below 106.60 before the release of US unemployment data. It fell by about 0.2% during the day, but quickly erased the decline and turned positive after the data was released. However, it quickly fell again, and the decline continued to expand. The US stock market fell below 106.40 at the end of the day, a decrease of more than 0.4%, continuing to fall from the high point reached on November 22nd last year after rising above 107.30 on Tuesday.

At the close of the US stock market on Thursday, the US dollar index was below 106.40, down more than 0.4% during the day. The Bloomberg US Dollar Spot Index, which tracks the exchange rates of the US dollar against ten other currencies, fell by about 0.2%, continuing to fall from the ten-month high reached on November 29th last year, just like the US dollar index, it fell for two consecutive days after rising for two consecutive days.

Among non-US currencies, the yen rebounded and the US dollar against the yen fell throughout the day. It fell below 148.30 in the early Asian market, hitting a daily low, and then continued to rise. After the release of US unemployment data, it briefly rose above 149.10, erasing all the declines, but the decline quickly expanded again. The US stock market continued to fall and did not approach the 11-month high reached on Tuesday when it rose above 150.10. The euro against the US dollar quickly fell below 1.0500 after the release of US unemployment data, and then rebounded. It hit a daily high of 1.0540 in the US stock market, far from the ten-month low reached when it fell below 1.0450 on Tuesday. The British pound against the US dollar briefly fell below 1.2110 after the release of US unemployment data, but quickly rebounded. It approached 1.2190 when the US stock market hit a daily high, moving away from the nearly seven-month low reached when it fell below 1.2040 on Wednesday.

The offshore renminbi (CNH) against the US dollar fell after the European stock market opened, hitting a daily low of 7.3243 in the early European stock market. The US stock market briefly rebounded before the release of US unemployment data, but the decline expanded after the data was released. It once fell below 7.32, approaching the daily low. After the US stock market opened, it rebounded again and rose to 7.3032 at noon, recovering 7.31 for two consecutive days in the intraday session. The offshore renminbi against the US dollar reported 7.3064 yuan at 4:59 am Beijing time on October 6th, up 100 points from the New York closing price on Wednesday, marking a two-day consecutive increase after three days of decline.

Bitcoin (BTC) rose above $28,100 in early US stock trading, reaching a daily high and approaching the six-week high of $28,600 set on August 17th. However, it later fell back and dropped below $27,400 at one point during the afternoon session, a decrease of over $700 or nearly 3% from the daily high. At the close of the US stock market, it remained below $27,500, with a decrease of less than 1% in the past 24 hours.

Crude oil fell more than 2% and hit a one-month low for two consecutive days. International crude oil futures continued to decline overall after a brief rebound in European stock trading, while short-term gains were seen in early US stock trading. During the afternoon session, US WTI crude oil fell to $82.15, a decrease of nearly 2.5% for the day, while Brent crude oil fell to $83.84, a decrease of nearly 2.3% for the day.

In the end, crude oil fell for two consecutive days, marking the third day of decline this week. Although the decline was less severe compared to Wednesday, it still hit a one-month low.

WTI November crude oil futures fell 5.61% on Wednesday, marking the largest daily decline since September 23rd last year. It closed down 2.27% at $82.31 per barrel. After hitting a new low since August 31st on Wednesday, it refreshed the closing low since August 30th. Brent December crude oil futures fell 5.62% on Wednesday, marking the largest daily decline since July 12th last year. It closed down 2.03% at $84.07 per barrel. After hitting a new low since August 30th on Wednesday, it refreshed the low since August 23rd.

US WTI crude oil fell more than 5% on Wednesday, marking the largest decline in a year, but the decline was halved on Thursday.

US gasoline and natural gas futures fluctuated over the past three days. NYMEX November gasoline futures closed down 0.41% at $2.189 per gallon, hitting a new low since December 19th last year for two consecutive days and declining for three consecutive days. NYMEX November natural gas futures closed up 6.89% at $3.1660 per million British thermal units, hitting a new high since January 23rd and rising for three consecutive days.

Gold futures in New York rose to $1,843.5 in the Asian session, up nearly 0.5% for the day. After a decline in the European stock market, it rebounded multiple times. However, after the release of US unemployment data, it hit a daily low of $1,826.2 before the US stock market opened, down nearly 0.5% for the day. In the end, COMEX December gold futures fell 0.16%, closing at $1831.80 per ounce. After hitting a new low since March 10 for two consecutive days and a new low since March 9 for four consecutive days, it once again hit a new closing low since March 8, continuing to hit a new low for nearly seven months. This is the first time since August 13 that it has fallen for nine consecutive trading days.

London base metal futures fell for the third consecutive day on Thursday. London copper, aluminum, and zinc have fallen for four consecutive days, with London copper hitting a new low for over four months and closing below $7900 for the first time since late November last year. London aluminum fell to a two-week low, and London zinc hit a one-week low for two consecutive days. London nickel has fallen for three consecutive days, hitting a new low since October 2021, which was set last Friday. On the other hand, London lead rebounded on Wednesday, leaving behind the low set since mid-August on Tuesday, and London tin rebounded for three consecutive days to a one-week high.