U.S. stocks slip, Treasury yields rise and dollar sprints after strong U.S. jobs data

NEW YORK, Aug 5 (Reuters) – Wall Street stocks headed lower, Treasury yields rose and the dollar rallied after the U.S. July employment report blasted past expectations, raising the odds of continued monetary tightening from the Federal Reserve.

All three major U.S. stock indexes were red, while benchmark U.S. Treasury yields and oil prices headed higher as the stronger-than-expected payrolls data appeared to confirm the economy is not yet in recession. That increased the odds of further rate increases at the Fed’s next meeting in September.

Even so, the S&P 500 and the Nasdaq remained on course to notch their third consecutive weekly gains.

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The Labor Department’s employment report showed the U.S. economy added 528,000 jobs in July, more than double the 250,000 expected, while wage inflation remained hot and the participation rate edged lower. read more

“This is very hot employment data,” said…

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