Week InReview: April 5, 2024

Fedspeak continues today.

Market moves | Wall Street traders are gearing up for Friday's monthly US jobs report after weekly unemployment claims topped estimates. Bloomberg Economics predicts that 187,000 jobs were added in March and expects the unemployment rate to remain at 3.9%, higher than consensus expectations. The S&P 500 dropped 1.2%, wiping out earlier gains, as a rally in oil amid geopolitical tensions triggered a flight to the safest corners of the market. Brent crude oil climbed above $90 a barrel for the first time since October as Israeli Prime Minister Benjamin Netanyahu said his country will operate against Iran and its proxies and will hurt those who seek to harm it. President Joe Biden told Netanyahu on a call that US support for his war would depend on new steps to protect civilians. Bond yields dropped across the US curve.

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