The unemployment rate ticked up 0.1 percentage points to 3.9...

The unemployment rate ticked up 0.1 percentage points to 3.9%, slightly higher than the expected 3.8%. The jobs gain was 175,000, lower than the expected 240,000. The household data showed a positive trend, with full-time employment rising by 949,000 and part-time employment falling by 914,000. Wage data indicates that year-over-year wage growth has eased below 4% for the first time since June 2021, with a 3.9% annual increase in all private wages.

The reaction in bond yields is a significant decline, with yields "falling off a cliff", which may be due to the Federal Reserve's shift in focus towards the employment mandate as inflation concerns ease. Stocks rocket up at market open. This is the largest shift in sentiment from hawkish to dovish in awhile.